What is the Shiba Inu (SHIB)?

The Shiba Inu (SHIB) is a cryptocurrency created in August 2020 by  Ryoshi , an anonymous person. This project is what is known as a  meme coin , a particular cryptocurrency initially associated with jokes coming from the internet like memes. At first glance, therefore, it is difficult to take memecoins as serious projects with Meme Token.

Yet the past few years have proven to us that some meme coins aren't just jokes . Dogecoin ( DOGE ), for example, has proven this by entering the top 10 most valuable cryptocurrencies on the market in 2021 and even enjoying the support of personalities like the richest man in the world, Elon Musk. The same year, the new meme coin Shiba Inu also proved it when it saw its price explode to reach a valuation of several billion dollars with Hokk Finance Meme Tokens.

Like its rival Dogecoin, the Shiba Inu was created after the internet's most popular canine breed, the Shiba Inu . Memecoins have gained a lot of popularity in recent years thanks to the success of Dogecoin and Shiba Inu and many other meme coins have since been created in hopes of replicating their successes.

The Shiba Inu differs from the Dogecoin mainly from a technical point of view. Indeed, the SHIB operates as an ERC-20 token on the Ethereum blockchain, which means that Shiba Inu allows the use of smart contracts .

DOGE, on the other hand, operates on consensus Proof of Work (PoW), and runs on its own blockchain.

The Shiba Inu (SHIB) describes itself as a project totally governed by its community , it particularly insists on this aspect thanks to a decentralized autonomous organization (DAO). In this regard, its founder Ryoshi, says:

The Shiba Inu community is called the ShibArmy and it rests on three foundations:

It's a project that started from nothing, with nothing;

It is a project that is not founded by an already existing community or a previously formed team. Individuals from diverse backgrounds have come together to become part of the ShibArmy and work on the project;

The community loves Shiba Inus.



The ShibArmy notably supports the Shiba Inu Rescue Association , an organization that rescues and cares for dogs of the Shiba Inus breed. To support this initiative, the community calls on its members to use Amazon Smile every time they make a purchase on Amazon, which allows them to donate 0.5% of the amount of their basket to the association.

The Shiba Inu (SHIB) Ecosystem

The very ambitious goal of the Shiba Inu project is to develop the best decentralized ecosystem in the cryptocurrency industry. For this, the Doggy DAO and ShibaSwap were created, as well as two other tokens: the Bone ShibaSwap (BONE) and the Doge Killer (LEASH).

Doggy DAO

The Doggy DAO is a decentralized autonomous organization governed by the ShibArmy. At the center is the BONE token which functions in particular as a means of governance in the DAO, it thus offers the community the means to guide the Shiba Inu ecosystem in agreement with the majority.

To be able to vote and therefore participate in the governance of the Doggy DAO, you must own BONE tokens and then stake them on ShibaSwap. In return, you will receive tBONE tokens which can be used to vote on proposals submitted by the DAO .

The Bone Shiba Swap (BONE)

In addition to its involvement in the Doggy Dao, the BONE token also serves as rewards for most features on the decentralized exchange ShibaSwap (staking, liquidity pools).

There are 250 million BONE tokens in total, and this token splits the ShibArmy a bit since some feel that instead of the BONE token, the SHIB token should have been used for all of these roles.

The founder of the project, Ryoshi, as well as Shytoshi Kusama the project manager of Shiba Inu, both defended the use of the BONE token by explaining that it prevents large exchanges or whales holding a lot of SHIB tokens from having too much influence in the decisions. of the Doggy DAO.

Doge Killer (LEASH)

When it was created, it was an  algorithmic token that replicated the price of Dogecoin at a rate of x1000 (so 1000 times the price of a DOGE token). However, the role of this token has changed as it has become a simple ERC-20 token functioning as a store of value with only 107,647 LEASH tokens in circulation.

Thus, the unit price of LEASH is relatively high due to its low supply in circulation, which contrasts with the unit price of SHIB which is very low due to its huge supply in circulation.

The LEASH token can be used in the decentralized exchange Shiba Swap for staking or liquidity pools.

Shiba Swap

Launched in July 2021, Shiba Swap is the native decentralized exchange (DEX) of the Shiba Inu project. It was developed without budget, only by developers from the Shib Army community. This DEX logically runs on the Ethereum blockchain and focuses on ERC-20 tokens.