The Shiba Inu token (SHIB), is a decentralized memecoin based on the Ethereum network.
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What Is a Shiba Inu Token?
The Shiba Inu token (SHIB), is a decentralized memecoin based on the Ethereum network. It was initially launched as a joke to compete against Dogecoin, another memecoin. The name comes from the Japanese breed of dog as inspiration, which was the original logo for Dogecoin at its creation. The Shiba Inu token is a community-driven effort that has become a multi-billion dollar project.
There is a difference between coins and tokens. While Dogecoin is a coin (a cryptocurrency that runs on its own blockchain), Shiba Inu is a token (a cryptocurrency created on top of an existing blockchain). There are a few components that separate Shiba Inu from competitors such as its multi-token ecosystem which consist of three tokens: Shiba Inu (SHIB), Leash (LEASH), and Bone (BONE). The Shiba Inu ecosystem also supports other utilities like NFTs and DeFi platforms. Users also have access to ShibaDEX, a non-custodial multi-coin wallet and cross-chain decentralized exchange rolled into one app. ShibaDEX runs on the chain-agnostic AtomicDEX API and provides greater scalability within the growing Shiba community. Users can trade across multiple blockchains via atomic swaps. For example, ShibaDEX users can trade SHIB with BTC, ETH, BNB, MATIC, and many other assets natively across their respective blockchains.
Another unique feature is how this token has received a lot of attention on social media. After Elon Musk tweeted about getting a Shiba Inu dog, the SHIB token price increased by ~300%.
One challenge with a meme token like Shiba Inu is high volatility. Shiba Inu boasts a market cap beyond $6 billion and has a total circulating supply of 549 trillion (and growing). Its value largely depends on its relevance in pop culture rather than technological progress.
The Shiba Inu token was created by an anonymous user called Ryoshi in August 2020. Not much is known about Ryoshi other than the fact they sent 50% of Shiba tokens to Ethereum Co-founder Vitalik Buterin in 2021. Famously, Buterin burned around $6.7 billion in SHIB. He also donated around $1 billion in SHIB to a COVID-19 relief fund for India.
Author: Kadan Stadelmann, CTO of Komodo, a leader in blockchain interoperability and atomic swap technology.
Kadan Stadelmann is a blockchain developer, operations security expert, and Chief Technology Officer of Komodo, an open-source technology provider that offers all-in-one blockchain solutions for developers and businesses. Komodo works closely with organizations that want to launch their own custom decentralized exchanges, DeFi platforms, and independent blockchains. Its flagship technology and end-user application is AtomicDEX – a mobile and web-compatible non-custodial multi-coin wallet and atomic swap-powered DEX rolled into one dApp. Kadan strongly identifies with Komodo’s open-source vision and ideology. His dedication to the Komodo project is founded on an unwavering desire to make the world a better place. In addition to cryptography, blockchain technology, and development, Kadan is interested in literature, mathematics, astrophysics, and traveling.