Shiba Inu (SHIB) is an Ethereum-based crypto asset that gained significant attention in 2021, the same year that Dogecoin (DOGE) achieved substantial price highs and popularity. SHIB is an ERC-20 token with a surrounding ecosystem. The project calls community members the “ShibArmy.”
The Shiba Inu crypto world
Shiba Inu came into existence in 2020 — the result of the work of a pseudonymous entity going by the name Ryoshi. Starting as a memecoin — or meme token, rather — Shiba Inu later transformed into a mini world of its own within the greater crypto space — a Shiba Inu ecosystem.
The Shiba Inu project prioritizes decentralization and community, with the project run by the community. The SHIB token started with a 1 quadrillion maximum supply. Ryoshi, however, transferred half of those tokens to Ethereum co-founder Vitalik Buterin, while the other 50% was locked up in Uniswap.
The India Covid Relief Fund received a donation of 50.7 trillion SHIB tokens from Buterin, valued at about $1 billion at the time. Buterin later also burned 410.24 trillion SHIB tokens.
The Shiba Inu ecosystem includes a number of components, including ShibaSwap, an Ethereum-based decentralized exchange (DEX). The Shiba World has two key assets other than SHIB called LEASH and BONE. LEASH has a token supply of 107,647, while 250,000,000 BONE tokens exist.
ShibaSwap is an automated market maker (AMM) that allows staking, also known on the platform as “burying,” and the ability to provide liquidity, called “digging.” Keeping up with the dog theme, users can bury and dig SHIB, LEASH and BONE.
Wondering where to buy Shiba Inu? Numerous crypto exchanges facilitate SHIB trading.
Shiba Inu price
Given its massive token supply, the price of SHIB is much lower than that of Bitcoin (BTC), although the price of SHIB still fluctuates daily. For Shiba Inu’s price today, see the top of the page which includes a SHIB-to-USD live price. In addition to SHIB’s price live, chart data for SHIB is also available here on Cointelegraph’s SHIB price index below the live price.
