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What is SHIB?

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Hey crypto friends!

In one of the previous posts, you could read about Dogecoin – the king among the memecoins. Today, we are going to talk about the second most popular cryptocurrency inspired by a Doge – Shiba Inu. We continue to get to know the future leaders of the market. Are we ready to go through the SHIB path?

What is SHIB?

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Shiba Inu is a Meme Coin that is named among other memecoins that are created for the fun purpose to copycats social trends and popular memes. In the case of SHIB, it is inspired by the Japanese breed Shiba Inu which is depicted in the currency symbol as well. By the end of 2021, Shiba Inu became quite popular as a high-risk, high-reward choice for traders. From late October to early November last year, this coin grew by more than 150%.

There is an important difference between Bitcoin and Shiba Inu – the first has a fixed issuance limit while the second does not industry. At its inception, 1 quadrillion SHIB tokens were created. A large part of them, however, were taken out of circulation. Half of the first 1-quadrillion created was sent to Vitalik Buterin, an Ethereum co-founder who burnt a significant part of them and transferred the rest to charity.

By burning, the overall amount of Shiba Inu coins was reduced. By the coin’s policy, however, this amount can be increased over time. Today, however, there is no sign of such an approach. 

How does the $SHIB token work?

The $SHIB, also known as Shiba Inu, is an Ethereum-based ERC-20 token. It is a “decetralized meme token that grew into the vibrant ecosystem.” The token has shortly been called a “Dogecoin killer” because of Dogecoin’s community’s sensitivity to memes and canines. Here is how it may work:

  • Community and decentralization: SHIB is just a piece of the entire Ethereum-based meme tokens ecosystem, including SHIB, LEASH, and BONE. It is made based on the absence of CEOs or investors, and the total amount of SHIB is decreasing over time.
  •  Amount and allocation: The whole supply of the coin reached quadrillion. Half of it has been placed into an Uniswap pool for the buyers, and another one has been shared between Vitalik Buterin. He burned most of the received SHIB, leaving only a small amount for the charity.
  • De Fi capacity: It can be exerted to swap the coins on ShibaSwap , where buyers can exchange them, provide liquidity, or earn in staking and farming protocols. Users can also stake SHIB and get prizes in BONE and LEASH.
  • Speculative investment: Due to its popularity and large community, $SHIB is subject to significant price volatility, driven by market trends and social media influences.
  • Incineration process: The ecosystem includes mechanisms to burn $SHIB, reducing its total supply in an effort to increase value and control inflation.

The Shiba Inu ecosystem and use cases

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Contrary to what many believe, SHIB is not the only component of the Shiba Inu ecosystem but rather a network of tokens designed with unique use cases that complement each other and are inspired by the Shiba Inu dog breed. These are: 

Shiba Inu (SHIB): The main token, aiming to be an alternative to Dogecoin on the Ethereum blockchain. Half of its supply was burned, and the other half is locked in the Uniswap liquidity pool.

Leash (LEASH): Originally designed to track the price of Dogecoin, it now has a fixed supply of 107,566 tokens, known for its scarcity and volatility, making it attractive to traders.

Bone (BONE): Serves as the governance token on ShibaSwap, a DEX that facilitates token exchange, liquidity provision, and rewards. BONE has a total supply of 230 million tokens, with only a small fraction available initially.

ShibaSwap (SHIBASWAP): It is the DEX of the ecosystem, allowing for token swaps, staking, and liquidity provision with SHIB, LEASH, BONE, and other ERC-20 tokens. It also includes Shiba Art, an NFT art incubator for artists to create and sell their works.

Tokenomics of Shiba Inu

Overview 

  • Token Symbol: SHIB

  • Blockchain: Ethereum

  • Utility: SHIB is used primarily within its ecosystem for transactions, rewards, and governance through the ShibaSwap platform, its native decentralized exchange.

Allocation and Supply

  • Total Supply: 1 quadrillion SHIB, with a significant portion burned.

  • Circulating Supply: Approximately 589 trillion SHIB.

  • Supply Allocation: Half of the total supply was locked in Uniswap, and the other half was initially sent to Ethereum co-founder Vitalik Buterin, who burned a significant amount and donated another portion to charity.

Utility and Rewards

  • In-Blockchain Use: SHIB is used for transactions and payments within the ShibaSwap platform, and it also supports various decentralized finance (DeFi) activities.

  • Staking: Users can stake SHIB on ShibaSwap to earn rewards.

  • Governance: SHIB holders can participate in governance decisions within the ecosystem through the decentralized exchange.

Economic Model

  • Deflationary Mechanisms: A significant amount of SHIB has been burned to reduce supply and potentially increase value.

  • Reward Distribution: Rewards are distributed to users who stake their SHIB in liquidity pools on ShibaSwap.

Market Performance

  • Current Price: Around $0.00002390 to $0.00002420.

  • Market Cap: Approximately $13.43 billion to $14.28 billion, varying with market fluctuations.

  • All-Time Low: $0.000000000056.

  • 24h Volume: Typically around $600 million to over $1 billion.

  • All-Time High: $0.000088​

Manage SHIB with the Klever Wallet

Did you keep an eye on the Shiba Inu? With the Klever Wallet, you can easily send, receive, swap, and buy SHIB using credit or debit cards, PIX, and online payment methods like Apple Pay or Google Pay.

Don’t wait any longer, download the Klever Wallet and add SHIB to your portfolio now.

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