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Shiba Inu (SHIB) is a cryptocurrency that runs on the Ethereum network and forms part of the Shiba ecosystem. It consists of three tokens – SHIB, BONE and LEASH – that users can stake, trade, or add to liquidity pools on ShibaSwap, a decentralized exchange, to earn rewards and interest.
SHIB is often viewed as a meme currency similar to other dog-themed cryptocurrencies like Dogecoin and has a strong online following of over 1.2 million Twitter users. The price of SHIB regularly makes headlines, known for its sharp gains and steep losses.
SHIB had an initial supply of 1 quadrillion tokens. In May 2021, the creator of SHIB, known as “Ryoshi”, transferred half of the total supply to Vitalik Buterin, a co-founder of Ethereum. Buterin burned 90% of the tokens, permanently removing them from circulation and donating the remaining 10% to charity. There is no mechanism in place to reduce the SHIB supply further.
SHIB has been highly volatile in 2021. Its price rose 1,953% from $0.00000172 to $0.00003532 in May, but quickly dropped to $0.00000793 within three weeks. After a period of sideways trading, SHIB’s price rose from $0.00000766 to $0.00002913 in October, reaching an all-time high of $0.000089 on Oct 28.
The market for SHIB is largely influenced by Tesla CEO Elon Musk, who has also driven the price of Dogecoin. His interest in Dogecoin fuels excitement for SHIB, as seen in market surges when Musk mentions the currency or acquires a Shiba Inu puppy, named Floki Frunkpuppy.
Shiba Inu (SHIB) is a unique meme currency that offers more than just being a humorous representation. It has a thriving community supporting the rescue of Shiba Inu dogs and a decentralized ecosystem featuring the ShibaSwap exchange, where users can trade SHIB and other cryptocurrencies, provide liquidity, and earn rewards through staking the three tokens in the ecosystem (SHIB, BONE, and LEASH).
BONE is a governance token with a limited supply of 250 million and allows holders to vote on changes to the Shiba protocol through the Doggy DAO, as well as receive rewards for providing liquidity on ShibaSwap.
LEASH, also known as “DogeKiller,” originally had its supply adjusted to maintain a 1:1000 ratio with dogecoin. However, its rebasing mechanism has been removed, and it now serves as a store of value coin in the Shiba ecosystem with only 107,647 coins in circulation. ShibaSwap offers a variety of functions, including a liquidity pool, token redemption, staking, swapping, analytics, and even Shiboshi NFTs – 10,000 unique cartoon Shiba Inu tokens.
