Shiba Inu (SHIB) launched in August 2020 and positions itself as an enhanced, Ethereum-based follow-up to Dogecoin (DOGE), the well-known meme coin. The community sometimes labels the project as the “Dogecoin Killer”. It’s designed to be a fully decentralized, community-driven cryptocurrency, and the founder has said that the team did not hold any reserved tokens. In practice, the creators of the Shiba Inu coin transferred half of the total supply to Ethereum’s founder Vitalik Buterin, while keeping the other half in a locked Uniswap position, with the key discarded. 

While Bitcoin is built around scarcity, SHIB is intentionally offered in abundance, with a circulating supply of one quadrillion. The Shiba Inu Token ecosystem backs initiatives including an NFT art incubator and the creation of a decentralized exchange called Shibaswap.

What are SHIB key features and how does it work?

Even though Shiba Inu is often compared to Dogecoin, there are major structural differences. Dogecoin is a currency that runs on its own blockchain, whereas Shiba Inu is a token built on and powered by the Ethereum network. As a result, SHIB is compatible with the broader Ethereum ecosystem. It can be held in any Ethereum wallet and may be incorporated into Ethereum-based applications, including NFT marketplaces and DeFi services. It’s also commonly traded on decentralized exchanges such as UniSwap.

What is noteworthy about Shiba Inu?

Unlike many other “memecoins,” Shiba Inu’s roadmap includes elements typically associated with more standard cryptocurrency projects. One example is that its ecosystem features a decentralized exchange, ShibaSwap. The DEX is meant to let users swap Shiba Inu tokens without an intermediary or the need to rely on a centralized exchange like Binance. This approach is intended to keep fees low and support liquidity within the network.

ShibaSwap’s decentralized exchange activity centers on three tokens: SHIB, LEASH, and BONE. Each token has distinct traits and uses on the platform. BONE functions as the network’s governance token and has a total supply of 250,000,000. Holding BONE gives users the ability to participate in the DAO. LEASH has a total supply of 107,647 tokens and is an ERC-20 token in practice. It was originally intended to be a rebase token with its price linked to Dogecoin, but that plan was later removed and the rebase function was taken out.

ShibaSwap also supports staking, token liquidity provision to earn BONE, and a marketplace for buying, trading, and selling unique Shiboshis NFTs.

Where can you buy SHIB?

SHIB tokens are widely accessible. You can buy them on Uniswap, and they’re also listed on many other exchanges as shown here. 

Binance and CoinBase Pro are among the best-known choices.