What is Shiba Inu coin? Everything you need to know about SHIB

In the crypto world, we’ve seen lots of new trends related to memes (an image, video, piece of text, etc., typically humorous), culture, and even animals. This diversifies the crypto market reflecting the real world. Everybody can make new tokens on their own and name them at will.

Recently, the price of the Shiba Inu token has skyrocketed over 10 times, surprising the crypto market. With over $38B in market cap, it surpassed Dogecoin to be listed in the top 10s in the crypto space.

The article below will provide all detailed information about Shiba Inu, including:

• What is Shiba Inu? How does it work?
• What is Shiba Inu coin (SHIB)? How to get and buy SHIB tokens?
• Roadmap and details about the team, investors, partners.
• Is Shiba Inu a good investment?

Let's explore the power and the potential of Shiba Inu!

What is Shiba Inu?

Shiba Inu is a decentralized ecosystem that is originally named after a breed of hunting dog from Japan. It might seem to be funny but Shiba Inu is a serious crypto project since it leverages the power of blockchain technology and the community.

The Shiba Inu ecosystem consists of the following connected components:

• ShibaSwap: The core of Shiba Inu.
• The token system: SHIB, LEASH, and BONE.
• Rewarding System: Staking and Liquidity Providing.
• The Shiba Incubator.
• Community with over +500k members.

How does Shiba Inu work?

Initially, similar to other most animal memecoins, Shiba Inu was nothing but a token, it has no specific purpose or detailed roadmap. Investors had no clue of what the product was aiming to do. However, the Shiba Inu released its plan and completed its products, shocking the market.

ShibaSwap is the strategic product of Shiba Inu that is an AMM DEX with other DeFi services running on the Ethereum blockchain. The platform uses words related to dog things to describe the functionalities as follows:

• DIG: Provide liquidity to the platform to earn BONE tokens. The Liquidity Providers will receive SSLP (ShibaSwap Liquidity Provider) tokens representing the provided liquidity. To earn BONE tokens, they need to deposit SSLP tokens into the allocated pair at WOOF.
• NFTs: Trade 10,000 unique Shiboshis NFTs only on ShibaSwap.
• BURY: Stake (Bury) SHIB, LEASH, BONE tokens to earn additional BONE tokens. While staking those tokens, users will receive xSHIB, xLEASH, and tBONE tokens representing their proportional share in the stake pool. They can claim 33% of the returns weekly but the rest will be locked for 6 months.

• SWAP: Swap tokens for other tokens directly on ShibaSwap. This is the primary function of the platform where users can swap their ERC20 tokens for others. Shiba Inu seems to be like other namecoins following the trend but it aims to release an ecosystem of different DeFi products including swap service.

• BONEFOLIO: ShibaSwap Analytics.

• WOOF: Deposit SSLP tokens to earn BONE rewards and monitor the cumulative rewards.

The Shiba Inu team encourages the community to use sime.amazon.com to place orders and select Shiba Inu Rescue Association (non-profit). The purpose of this is that the team will donate to the organization corresponding to the purchases, helping and saving Shibs in need. The Shiba Inu project shows the concern for the current situation of this Japanese dog breed.

What is Shiba Inu coin (SHIB)?

Shiba Inu has a token system that includes 3 tokens:

• SHIB: The SHIB token is the base currency of the Shiba Inu ecosystem that can be traded and staked on the platform.
• LEASH: The LEASH token is the incentivizing token on the Shiba Inu platform that benefits its holders as they stake on ShibaSwap.
• BONE: The BONE token is the governance token that grants its holder the right to vote on proposals on Doggy DAO.

Detailed information about SHIB Token

SHIB Key Metrics

• Token Name: Shiba Inu.
• Ticker: SHIB.
• Blockchain: Ethereum.
• Token Standard: ERC20.
• Contract: 0x95ad61b0a150d79219dcf64e1e6cc01f0b64c4ce.
• Token Type: Utility and Governance.
• Max Supply: 1,000,000,000,000,000 SHIB.
• Circulating Supply: 549,153,003,135,127 (54.92%).

SHIB Token Allocation

The total supply of the SHIB token was over 1,000,000,000,000,000 causing the price number of SHIB to have multiple decimal 0 numbers. However, the founder Ryoshi locked 50% of the supply in Uniswap and sent the other half to Vitalik Buterin for safekeeping. 

The Ethereum co-founder donated SHIB to India COVID Relief Fund and sent SHIB tokens to dead blockchain addresses to remove his SHIB from circulation. To summarize, Vitalik Buterin is now owning only over 3M SHIB in his wallets according to the Ethereum scan. Therefore, the community doesn't need to worry that he will sell his SHIB to dump the market.

SHIB Token Sale

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SHIB Token Release Schedule

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SHIB Token Use Case

Shiba Inu has 3 tokens: SHIB, LEASH, and BONE. The team announces that each token will have a specific functionality but now the tokens can be used as follows:

• Staking: Users can stake SHIB, LEASH, and BONE in BURY to earn more BONE tokens.
• Governance: BONE token holders can participate in the governance process to vote on proposals on Doggy DAO. However, this feature has not been released yet.

How to get SHIB Token

You can buy SHIB tokens on various CEXs and DEXs such as Uniswap, SushiSwap, Binance, Coinbase, etc.

How to buy SHIB tokens on Coin98 Exchange

Coin98 Exchange is a decentralized exchange (DEX), a Multi-chain liquidity aggregator that offers users a wide variety of DeFi services (swap, stake, lend, borrow,...) through intuitive and simple interfaces.

You can buy SHIB token by clicking the swap button at the bottom of this article and following these steps below:

Step 1: Connect Coin98 Extension Wallet.

Step 2: Select Uniswap.

Step 3: Choose coins/tokens for trading:

• Search SHIB.
• If the result does not come up, you can paste the contract of SHIB into the search box: 0x95ad61b0a150d79219dcf64e1e6cc01f0b64c4ce;

Step 4: Adjust the amount you want to swap.

Step 5: Adjust the gas fee, then click Approve.

How to store SHIB Token

You can store, send, receive SHIB tokens on Coin98 Wallet with a few single steps. The guides on how to make transactions with SHIB on Coin98 Wallet are as follows.

Step 1: Open Coin98 Wallet & click Receive on the home screen.

Step 2: Search SHIB Token.

Step 3: Click on the correct result, copy the wallet address and send SHIB to this address.

Roadmap & Updates

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Team, Investors, and Partners

Team

The Shiba Inu project was created by an anonymous person known as “Ryoshi”.

Investors

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Partners

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Is Shiba Inu (SHIB) a good investment?

The SHIB token has increased multiple times since the release. It was a small project following the memecoin fever then became one of the top-10 projects in the crypto world. This incredibly showed the potential of the project, as well as memes, which are contagious. 

Therefore, Coin98 Insights will give the following key highlights along with information that might be helpful to readers:

The initial total supply of SHIB was a quadrillion, causing the price of SHIB to look small with many decimal numbers. However, as mentioned above, the team decided to remove half of the total supply by sending it to Vitalik Buterin (then he sent his SHIB to dead blockchain addresses). The price of SHIB is still relatively small but it’s now visible. This is the visual strategy of the Shiba Inu team since the small price might affect the viewers’ investment judgments.

Referring to technologies, the working model of ShibaSwap is quite popular nowadays. It’s more like a functioning fork of Uniswap and SushiSwap with some adjustments. However, the highlight is that the SHIB token has the utility on ShibaSwap while other similar memecoins have little or no utility at all.

Besides the meme aspect, let’s take a look into the performance analysis of ShibaSwap, we can see that in the beginning, the TVL (Total Value Locked) was unrealistic then it had a strong correction. In just one month after Oct 2021, the TVL has doubled to over $500M which put SHIB in the leading position among other memecoins. Moreover, in Oct 2021, we witnessed the trading volume of ShibaSwap peak 2 times $430M and $470M respectively.

⇒ ShibaSwap has a performance comparatively higher than other meme coins

Shiba Inu’s biggest opponent’s price exploding is Dogecoin which currently receives huge support from tech billionaire Elon Musk. However, Shiba Inu has surpassed Dogecoin recently, showing the supportive strength of the community. Shib Twitter has over 1.7 million followers, ranking among the most influential Tweeters in the crypto world. The Shiba Inu community is supportive and strong.

In terms of market cap, Shiba Inu is ranking in the top-10 crypto projects above Dogecoin and below Polkadot (a third-gen blockchain platform). What makes Shiba Inu acquire that much market share is the same as Dogecoin. Both SHIB and DOGE are originally about memes that are easy to go viral over the internet. 

Meme + DeFi, why not? Memes (or NFTs) is an effective and contagious marketing tool combined with DeFi applications. This creates a strong duo. Dogecoin is an example of pure memecoin, it barely has any utility for holders. Another example is OpenSea, which is the largest NFT marketplace in the crypto space, but it has tons of NFTs that have low liquidity that means it is hard to sell. Therefore, memecoins/NFTs should have more utility for holders to increase the liquidity.

The meme is like a tip of an iceberg where there are tons of other factors affecting the outcome of the trend.

And as usual, whether it is worth investing or not, Do Your Own Research before buying and be responsible for your investment.

Similar Projects

In the crypto world, the memecoin trend is getting heated since multiple celebrities and KOLs on the internet are tweeting and posting about those animals. It’s easy to duplicate a memecoin but not easy to capture value for it.

Shiba Inu has Dogecoin as its primary competitor. Notably, from November 2nd, 2021, Binance supports the trading pair SHIB/DOGE on the trading platform. This will increase the total volume of the two tokens and capture more attention to this emerging trend.

Conclusion

Shiba Inu shocked the market since it’s from the memecoin to the crypto project that has users, millions of TVL, and daily trading volume. Therefore, we can expect many things to come in the future.

That is all you need to know about Shiba Inu and its SHIB token. I hope you’ve gained helpful insights to understand the potential behind Shiba Inu.

If you want to know further about Shiba Inu, please leave a comment below and join Coin98 Community for further discussions about Crypto.