![]() ![]() Shiba Inu coins first entered circulation in 2020 through a decentralized exchange offering on Uniswap at an initial Shib price of $0.0000000015. In addition to its blockchain properties and various DeFi-oriented use cases, Shiba Inu is arguably the best known for its active community, referred to as the “SHIBARMY.” The official Twitter channel of the Shiba Inu token was established in early 2021 and quickly amassed millions of devout followers. Upon its inception, half of all SHIB tokens to ever exist was liquidity locked to decentralized exchange Uniswap, while the other half was sent, or better said “burned,” to Ethereum co-founder Vitalik Buterin. Shiba Inu started with a supply of 1 quadrillion in 2020. There is no public information available about the project’s founder Ryoshi, which is in a way similar to the pseudonymous identity of Bitcoin founder Satoshi Nakamoto. The creation of Shiba Inu is shrouded in mystery. “We are an experiment in decentralized spontaneous community building,” wrote the project’s anonymous founder Ryoshi in the white paper. The Shiba Inu cryptocurrency project was conceived with a simple premise in mind - how to not only decentralize cryptocurrency itself but its community as well. The token burning portal plays an important role in managing the supply and demand dynamics by putting deflationary pressure on the value of SHIB coins. In addition to DEX and NFTs, the Shiba Inu ecosystem features the Shib Burning Portal as well, which lets users burn their tokens in exchange for cryptocurrency rewards. ![]() Ethereum’s smart contract functionality allows Shiba Inu users to provide liquidity with the networks’ trio of tokens and earn interest on their deposits. Shiba Inu runs on Ethereum, which means that it uses the Proof-of-Work mechanism of its parent blockchain platform. In the few short years since its founding, the platform expanded to include ShibaSwap (a native DEX product), Shiba Inu Incubator (a digital get together for digital artists looking to share their artwork with the community), and Shiboshis (an NFT collection of 10,000 unique digital items with various utility properties). SHIB started off as the community-led decentralized equivalent to the popular memecoin Dogecoin, but quickly evolved into a more well-rounded cryptocurrency platform. The cryptocurrency project is named after a Japanese breed of dog called the Shiba Inu, which is the hunting dog breed depicted in Dogecoin’s logo symbol. Shiba Inu is a decentralized blockchain ecosystem powered by a trio of native tokens - namely SHIB, BONE, and LEASH.
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