Welcome to the Shiba Inuverse: Keeping Up with SHIB
The meme token of the moment has everyone wanting to know more. Favored by multimillionaires, the hype surrounding this altcoin seems to have spurred out of nowhere, so let's go over the basics to understand what's all the fuss about.
What is Shiba Inu?
Shiba Inu (SHIB) is an Ethereum-based token, or ERC-20, inspired by the dog breed with the same name and created in August 2020 by a mysterious person publicly known as Ryoshi. The asset is considered a meme coin since, like Dogecoin, the emblem Japanese breed dog of Shiba Inu ignited a nonstopping trend of memes. The altcoin was designed to introduce a cryptocurrency run entirely by its community.
How does SHIB Work?
The Shiba Inu ecosystem is made up of the tokens Leash (LEASH), Bone (BONE) and Shiba Inu (SHIB). Of the 1 quadrillion of SHIB's total supply, half is held in a liquidity pool on Uniswap and the rest was given to Vitalik Buterin, Ethereum's co-founder who burned a significant amount and donated the rest to a Covid Relief Fund in India. As mentioned before, SHIB depends solely on its community and is very susceptible to fads. So much so that, to get the token into Robinhood, a popular trading app, SHIB's followers signed a petition on the platform Change.org that's about to hit half a million signs. The hype around this altcoin is so high that by November 2021, Shiba Inu was among the top 10 largest market-valuated digital assets in the world.
What are the main differences between SHIB and DOGE?
SHIB and DOGE rely on different technology. DOGE is based on Litecoin while SHIB is an Ethereum based altcoin. The supply of DOGE and SHIB is quite different. DOGE has an unlimited supply of units. SHIB, on the other hand had in the beginning, 1 quadrillion units and 40% of these were burned by Vitalik.
What is Shibaswap?
Shibaswap is the decentralized exchange for Shiba Inu. The team behind Shibaswap has created a program that makes it easy for newcomers and veterans alike to participate in cryptocurrency. Not only does Shibaswap’s interface follow familiar conventions—such as buying and selling via an app—it also allows users to earn cryptocurrency through proof-of-swap and proof-of-earn schemes.