Shiba Inu (SHIB) was created in August 2020 and aims to be an Ethereum-based improved version of Dogecoin (DOGE), the popular meme coin. The project even refers to itself as the “Dogecoin Killer”. It is intended as a 100% decentralized community-run cryptocurrency project, with the founder even claiming that no tokens were reserved for its team. Indeed, the creators of the Shiba Inu coin sent half of the total supply to Ethereum’s founder Vitalik Buterin, while the other half was locked on Uniswap, with the key thrown away. 

Unlike Bitcoin, which is designed to be scarce, SHIB is intentionally abundant and has a circulating supply of one quadrillion. The Shiba Inu Token ecosystem supports projects such as an NFT art incubator and the development of a decentralized exchange called Shibaswap.

What are SHIB key features and how does it work?

Although Shiba Inu is comparable to Dogecoin, it has some fundamental differences. Firstly, where Dogecoin is a currency and operates on its own blockchain, Shiba Inu is a token and, as mentioned, the project is built on and powered by the Ethereum network. This means that SHIB is compatible with the expansive Ethereum ecosystem. It can be used with any Ethereum wallet, and has the potential to be incorporated into Eth-based applications, such as NFT marketplaces, or DeFi applications. It is also widely available on decentralized exchanges such as UniSwap.

What is noteworthy about Shiba Inu?

Contrary to other “memecoins” Shiba Inu’s roadmap contains aspects that a normal cryptocurrency project would pursue. For example, Shiba Inu’s ecosystem consists of a decentralized exchange, ShibaSwap. The DEX will allow users to trade their Shiba Inu tokens without a middleman or having to use a centralized exchange such as Binance. This means that fees will be minimal, and it will also add liquidity to the network.

The ShibaSwap DEX revolves around the three tokens that the project is creating. These are SHIB, LEASH, and BONE. The three tokens have different characteristics and utilities on the platform. The BONE token serves as the network’s governance token and has a total supply of 250,000,000. Owning BONE allows a user to take part in the DAO. The LEASH token has a total supply of 107,647 tokens and is essentially a regular ERC-20 token. It was initially meant to be a rebase token with its price tied to Dogecoin, but that decision was later changed and the rebase feature was removed.

ShibaSwap also allows users to stake tokens, provide liquidity to earn BONE, as well providing a place to buy, trade, and sell unique Shiboshis NFTs.

Where can you buy SHIB?

SHIB tokens are widely available. They can be purchased using Uniswap, but you can also buy them from dozens of other exchanges as listed here. 

Binance and CoinBase Pro are two of the most popular options.