What is Shiba Inu?
Shiba Inu is a decentralized ecosystem centered on the ERC-20 standard SHIB meme token. Is it dedicated to a dog? Let’s read and find out together!
The Ethereum-based project includes a non-custodial crypto-exchange ShibaSwap. The functionality of the latter is implemented using BONE and LEASH tokens.
The project’s community has over 500,000 members. Shiba Inu are known for having a tight-knit group of followers. The community has no leader, and its members refer to themselves as ShibArmy.
The community has its own set of rules. According to them, the project must be created from the ground up and remain decentralized. According to the white paper, each member of the community is expected to use their talents and skills to promote Shiba Inu.
The project’s symbol is a Shiba Inu dog. It is similar to Dogecoin. The project, however, differs significantly from the inspirer in its technical implementation.
Who created Shiba Inu and when?
The project began in August 2020. It was created by a person or a group of people using the alias Ryoshi. He or she did not reveal their true identity. The project’s goal was to experiment with the formation of a spontaneous decentralized community. The creator compares Shiba Inu to bitcoin.
Unusual events have distinguished the project. For example, its organizer sent 505 trillion SHIB to Vitalik Buterin. The coins were burned in this manner, according to the white paper.
The remaining tokens were blocked on Uniswap in the liquidity pool with ETH. This action allowed anyone in the market, including the creator, to freely purchase the tokens.
According to Ryoshi, the pool was created with 10 ETH donated to the project by one of his friends. Following that, the keys that allowed the funds locked in the smart contract to be released were destroyed.
At the start of the project, there was at least one other person. Ryoshi first met him in 2019 at the Devcon conference in Osaka. He is known to be a successful entrepreneur, and the sum specified is insignificant to him.
How is the Shiba Inu ecosystem structured?
The SHIB token is a critical component of the ecosystem. The original issue was one quadrillion coins, but a significant portion has already been burned. As of this writing, less than 60% of the tokens are in circulation.
The ecosystem also makes use of the Leash Dogecoin Killer (LEASH) and Bone ShibaSwap (BONE) coins. They appeared much later than SHIB. The LEASH offering consists of 107,647 coins, all of which are in circulation. BONE is a token with a total supply of 250 million tokens. More than 6 million coins are currently in circulation as of this writing.
BONE is a management token. It will be used to vote on ShibArmy proposals in 2022. The weight of each vote is determined by the number of coins available.
The benefits of Ethereum enabled ShibaSwap to be highly decentralized. The platform has been developed in collaboration with experts from various fields. The developers intend to make it the most popular and largest in terms of trading volume on the network. A Web3 wallet, such as MetaMask, will be suitable for interacting with the non-custodial trading platform.
The site features the following sections:
- SWAP. Allows tokens to be exchanged only on the Ethereum network. The most liquidity exists in pairs with the project’s coin.
- DIG. You can add assets to liquidity pools in this section. When funds are deposited, LP-tokens are issued in exchange. Users earn money from their WOOF investments.
- BURY. The section for stacking SHIB, BONE, and LEASH.
- WOOF. You can invest LP-tokens. You can also get accumulated rewards in this section. BONE tokens are used for all payments.
- NFTS. This section contains information on SHIBOSHI tokens that cannot be exchanged.
- BONEFOLIO. Contains analytical data about the platform’s indicators.
Rewards on the platform are paid every 14 days in one block. The distribution is performed between liquidity providers according to the BPB (BONE Per Block) parameter. Initially, the reward is 1000 BPB. Over time, it decreases according to the schedule below.
A portion of the BONE tokens are sent to a multisignature wallet, resulting in the formation of a special fund. The funds are distributed to a group of OG administrators. These administrators are ShibArmy “veterans.” They have contributed to the project’s development and have protected it from threats. The admins are the development team’s managers. They interact through various channels to create a safe environment in which to build a community.
Funds from the fund will be used to reward community members who have worked hard to develop the project. They will also be compensated for their contribution to the ecosystem. A portion of the funds will be used for marketing.
Who contributed to the success of Shiba Inu?
According to the project white paper, Vitalik Buterin is a friend of Shiba Inu. “There is no greatness without a vulnerable point,” the creator believes, and “as long as vB doesn’t hurt us, SHIBA will grow and survive.” Consequently, half of the issue was sent to Buterin. As a result of this, the meme-token gained popularity.
Buterin gave 50 trillion SHIB to charity in May 2021. He later burned 410 trillion SHIB, which was worth more than $6.5 billion at the time, for security reasons. This reduced total supply by more than 40%, which boosted the price.
Elon Musk’s tweets influenced the market more than once in 2021. His attention has been drawn to the Dogecoin meme, which is what sparked the development of similar projects. Coins with Dogecoin symbols respond favorably to Elon Musk’s tweets.
SHIB was initially not in high demand, but after several mentions by Elon Musk, interest in the coin increased significantly.
How is Shiba Inu different from Dogecoin?
The mascot of both projects is a dog. Despite the same symbolism, they are significantly different.
Dogecoin is a cryptocurrency that was created spontaneously. Technically, it is similar to Litecoin. Individuals who are at the project’s inception and make improvements are well-known. A team of developers is in charge of the cryptocurrency’s development. Dogecoin’s price success can be attributed to Elon Musk’s tweets.
Shiba Inu is built on the Ethereum network’s SHIB token. Shiba Inu is known for a certain closeness. The detailed roadmap is classified. Community leaders are only identified by aliases. Communication takes place in small groups with limited access. Only real people who have been vetted can join.
What are the Shiba Inu clone projects?
The success of Shiba Inu has exceeded all expectations. In 2021, the value of the asset increased 777 thousand times. At a certain point, SHIB’s capitalization, according to CoinGecko, exceeded that of Dogecoin. This stimulated the emergence of many clone projects.
Tokens appeared with names that include Ryoshi’s names, as well as references to Elon Musk. Some projects are trying to copy the proposed concept.
Shiba Inu’s roadmap is classified, which generates speculation about future development paths.
At the time of writing, the popular meme cryptocurrencies are:
- Kishu Inu (KISHU). An ecosystem has been built on the token, including a non-custodial cryptocurrency exchange. The coin is present on various trading platforms. Uniswap and ShibaSwap account for a large volume of exchange transactions.
- Akita Inu (AKITA). The project is actively developing, the developers plan to integrate it with Avalanche. The token is traded on different exchanges, including Uniswap.
- Floki Inu (FLOKI). The token has appeared recently, but it has already had an active advertising campaign. It is present on decentralized trading floors.
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