Shiba Inu is an Ethereum-based meme coin following the already existing dog-themed cryptocurrencies and developed its own decentralised exchange called ShibaSwap.
What is Shiba Inu?
The Shiba Inu token is created with the ERC20 token standard on the Ethereum blockchain. Using Shiba Inu, a Japanese breed of hunting dog as its symbol, the project supporters are claiming SHIBA to be dogecoin killer.
- Shiba Inu project is also developing an NFT called The Shiboshis that is at the time of writing standing at a floor price of 1.39 ETH with 10,000 total supply.
- The main idea behind Shiba Inu creation from its founder is to become a token that is fully run 100% by a decentralised community. The project now has more than 500,000 members in their community at the time of writing.
- ShibaSwap, a decentralized exchange built by the Shiba Inu project is able to accommodate token staking, liquidity mining, DeFi farming, NFT launchpad, and decentralized token exchange (swap) service.
- Besides SHIB, ShibaSwap, and The Shiboshis, Shiba Inu ecosystem consist of several other supporting products and features, such as:
- LEASH: A secondary token on the ecosystem with a total supply of 107,646
- BONE: A governance token on the ecosystem to vote on upcoming proposal
- Shiba Inu Incubator: An incubation platform for NFT artist to prepare their artworks to be auctioned, displayed, or sold on the ShibaSwap
|Token Name||Shiba Inu|
|Total Token Supply||589,738,956,207,004|
|Current Circulating Supply||See Coinmarketcap|
|Market Capitalisation||See Coinmarketcap|
|Token Creation Date||July 2020|
|Can it be mined?||No|
Who is behind Shiba Inu (SHIB)?
Shiba Inu was originally developed by the pseudonym Ryoshi. Some analysts argue that Black Hole Capital Ltd. might be related to the project based on the naming similarity with the burning address and the majority transaction behavior in the recent price surge that seems likely to be coming from institutional players.
What is the purpose of Shiba Inu?
SHIB token can be used on the ShibaSwap decentralized exchange to earn a yield on the platform. Besides that, token holders could also use SHIB to purchase NTFS on the Shiba Inu ecosystem including The Shiboshis.
The power of meme tokens lies dominantly in their community support. We could see that -despite not being backed by public figures like Elon Musk on Dogecoin, and Vitalik (despite 50% of the SHIB total supply being deposited to his address, he decided to burn and donate them), Shiba Inu community -ShibArmy- is one of the strongest among other projects. If the community power holds up, this token could be more than just a token, but a movement that contributes to some cause.
- Tracing token transaction flow, there is a relatively high possibility that SHIB token ownership is highly concentrated in the large holder’s wallet.
- Point number one is also supported by Certik audit findings that found 8 major issues including centralization/privilege. Even though the issue has been resolved now, there is no assurance that these issues have completely disappeared.
- ShibaSwap centralisation risk also brings another additional issue related to security of the platform. Private keys could be more vulnerable to cybersecurity threats that could make users’ locked funds at risk.
News and Updates
- One of SHIB’s largest holders moved his token on Nov. 4th making retail investors worried.
- There has been a significant amount of SHIB token movement across wallets in the last few days in the first week of Nov. 21, that is signaled to be an intention of profit taking by large holders.
- Vitalik donated a portion of the SHIB token that was sent to his address to India Covid Relief Fund.
- Bloomberg strategist, Mike McGlone calls Shiba Inu a brilliantly designed speculative asset.
- A petition to ask Robinhood to list SHIB token has reached almost 500,000 votes (493,750 at the time of writing).
All investment is speculative and involves substantial risk and uncertainty. Investors should understand the nature of digital assets including the terms of return and the risk of assets. We encourage investors to fully understand the assets and the risk associated with them prior to making any investment.
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