The Shiba Inu (SHIB) coin is quickly becoming one of the largest cryptocurrencies in the market. It was created and launched in August 2020 by an anonymous person who uses the alias Ryoshi. The SHIB coin is a decentralized community-building cryptocurrency developed within the SHIBA INU ecosystem that was built on top of the Ethereum Blockchain Network. It started out as an experiment that toys with the idea of decentralized community building and how collective decentralization can build stronger structures than centralized structures.
Why Shiba?
Shiba Inu was intended to be an altcoin of Dogecoin, an established meme coin and altcoin for the Bitcoin. Eventually, the SHIB coin became a rival of the Dogecoin. It aims to retain its value under a dollar but still outpace the Dogecoin.
Source: Crypto.com
The Shiba Inu supply is distributed in this way: 50% of the coin supply is in Uniswap and the remaining 50% was donated to Vitalik Buterin (VB), one of the co-founders of Ethereum, for safekeeping.
Recently, the Shiba Army, the community of developers that power the SHIB, launched the SHIB Swap. The Swap is a platform where SHIB coins can be swapped with two other Shiba tokens—the leash and the bone. The Leash was initially set to be a rebase token for the DogeCoin. However, the rebase was removed and Leash became a regular ERC-20 token with a supply of only 107,646 tokens. The bone is a governance token with a supply of 250,000,000. The bone gives stakers voting rights on upcoming proposals on the Doggy DAO, like new Shib tokens and projects.
Source: shibatoken.com
SHIB coins have a skyrocketing popularity. A large reason for the boom is that Elon Musk posted a picture of his Shiba Inu. The SHIB coin also has a few charity projects, like the Shiba Inu Rescue Program in collaboration with Amazon Smile.
