Shiba Inu (ticker: SHIB), also known informally as Shiba Token, is a decentralized cryptocurrency created in August 2020 by an anonymous person or persons known as “Ryoshi”.

Shiba Inu (柴犬) is a Japanese term for a breed of dog; it is the dog that is depicted in Dogecoin’s symbol, which itself was originally a joke cryptocurrency based on the Doge meme.

Shiba Inu was created in August 2020, dubbing itself the ‘dogecoin killer’. On 13 May, Vitalik Buterin donated more than 50 trillion SHIB (worth over $1 billion at the time) to the India COVID-Crypto Relief Fund.

The cryptocurrency notably surged in early October 2021. Initially up over 55% after rumors of the launch of a decentralized exchange,[4] its value continued rising with an increase of 240% over the week. 

Shibaswap is a decentralized exchange released by the creators of the SHIB token.  Upon launch, the total volume surpassed 1.5 billion dollars in two days.  The anticipated launch barely impacted the price. The security company Certik rated the exchange an 89 out of 100 security score. Another company, DeFi Safety, gave Shibaswap a low score of 3 percent.

Historical Price Movement (in INR)

Shiba Inu is an ERC-20 token created on Ethereum by an anonymous individual known as Ryoshi. Shiba Inu’s website says that the coin is a decentralized meme token that is growing into a vibrant ecosystem.  

SHIB is an experiment in decentralized spontaneous community building. SHIB token is our first token and allows users to hold Billions or even Trillions of them. Nicknamed the DOGECOIN KILLER, this ERC-20 ONLY token can remain well under a penny and still outpace Dogecoin in a small amount of time (relatively speaking).

The token’s whitepaper says that the intention is to build an ecosystem consisting of three tokens with different supplies.  

SHIB is the ecosystem’s foundational currency with a max supply of one quadrillion. LEASH is the second token created and has a supply of 107,646 tokens and the third token is BONE with a supply of 250,000,000 tokens.

The team behind the tokens has also created a decentralized exchange known as ShibaSwap, that allows users to “dig” (provide liquidity), “bury” (stake coins), “fetch” (retrieve tokens from Uniswap or SushiSwap) and swap coins. This exchange is similar to others on the Ethereum network, like SushiSwap and Uniswap.

BREAKDOWN OF HOW NATIVE TOKENS IS USED IN THE ECOSYSTEM:

It’s a meme coin.  SHIB is an Ethereum-based ERC-20 token that is transitioning from proof-of-work to proof-of-stake.

And the shib token is used as utility in the shiba swap and other features on shibaswap

According to the SHIBA INU website, they “threw away the keys!” after locking 50% of the total token supply on Uniswap. The remaining 50% was “burned to Vitalik Buterin.”

In response to the “gift” from the Shiba Inu team, Vitalik Buterin contributed 50 trillion SHIB tokens to India’s Covid Crypto Relief Fund, which was worth $1 billion at the time. Buterin then used a dead wallet to burn 40% of the entire supply.

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