Shiba Inu token is a decentralized cryptocurrency which is inspired by the meme cryptocurrency Dogecoin.
The token was created in August 2020 and since then has become extremely popular.
The most fascinating part of the Shiba Inu token is that it may have started as a meme-based token but evolved to a whole cryptocurrency ecosystem – in contrast with Dogecoin that doesn’t offer any real value at all.
Shiba Inu token creators proceeded in a series of upgrades with Shibaswap and burn mechanisms and as a result we have passed at this point the simple “meme coin” stage.
In this article we are going to explore and learn about the Shiba Inu token ecosystem through some of the most fascinating and interesting facts about this decentralized cryptocurrency.
Shiba Inu token lives on Ethereum
For starters, Shiba Inu has been created and hosted by the Ethereum blockchain rather than having its own blockchain.
Consequently this means that it is not considered to be a coin but a token operating inside the ethereum blockchain environment.
More specifically is considered to be an Ethereum-based ERC-20 token.
The reason why the creators of Shiba Inu token chose to be hosted on Ethereum is because of the wide variety of advantages that this specific blockchain offers like smart contracts.
Shiba Inu ecosystem
Shib token ($Shib) is not the only token that has been incentivized inside the Shiba Inu ecosystem.
There are also the Leash and the Bone tokens!
- SHIB – That’s chronologically the first token of the ecosystem and the starting circulating supply amounts to 1 quadrillion. Although now there are significantly less because many of them have been burned! The token’s nickname is the DOGECOIN KILLER and of course is the first one to be listed in the DeFi platform Shibaswap.
- LEASH – With a total supply of only 107,646 tokens, it represents the other end of the Shiba Inu ecosystem. Is the second token listed on Shibaswap and promises lucrative rewards for the holders providing its liquidity
- BONE – Bone stands in the middle of the other two tokens in terms of circulation supply (250,000,000 tokens). Its utility is that it will allow the holders to vote for the upcoming proposals for the Shiba Inu ecosystem. Hence, the more Bone you own, the more weight your vote has in future decisions!
Who is Shiba Inu creator? “Nobody”
There is a mystery around the Shiba Inu creator since his identity still remains unknown!
Although the real person (or group) remains secret, there is a name used for its inventor;
“Ryoshi”.
Ryoshi means fisherman in Japanese and the following words belong to him;
“I have said from the beginning, I am a nobody, I am not important.”
And he continues;
“The efforts to unmask my ‘identity’ even if successful would be underwhelming.
I am just some guy of no consequence tapping at a keyboard and I am replaceable.
I am Ryoshi.”
Buterin donated $1 billion of Shiba inu token ($Shib) to India Covid relief
The creator of the Shiba Inu token – the mysterious Ryoshi – donated via a public wallet to Vitalik Buterin, the Russian-Canadian founder of Ethereum, 50% of the total circulating supply of $Shib.
That transfer was considered to be a marketing trick from Ryoshi in order to gain fame using Buterin’s name.
What Vitalik Buterin did?
- He donated 50 trillion Shiba Inu tokens – valued at the time 1 billion dollars – to the India Covid-Crypto Relief Fund, achieving the largest cryptocurrency donation in history!
- Subsequently, he actually burned 40% of its total supply to a dead wallet, ensuring this way of long-term success and stability for the Shiba Inu token!
After these two moves Ryoshi said to Vitalik Buterin;
“Thank you to the woofmeister for enabling true decentralization!
Now we truly begin!”
After seeing the results that this transfer to Buterin brought to the Shiba Inu token, it is easy to understand that this marketing move was extremely successful!
Shiba Inu is the third most googled crypto in 2021
A study conducted by Bacancy Technology reached to the conclusion that until October of 2021 Shiba Inu token was the third most googled cryptocurrency!
That’s of course a fact that indicates the dynamic of his relatively new crypto.
For the record Shiba Inu token has reached 2.8 million searches on average per month.
The top 2 is completed by Bitcoin with 22 million searches and Ethereum with 6.3 million.
Shiba Inu token helps Shiba Inu dogs in real life
Shiba Inu creators have already made it clear that their project aspires to provide a combination of useful crypto financial features and at the same time make the world a bit of a better place for everybody.
As a result the creators joined into a donation program to help shiba inu dogs that are in need.
They achieve that by joining the Amazon Smile program to collect and donate a percentage of your Amazon purchases to the Shiba Inu Rescue Association!
Elon Musk’s influence on Shiba Inu
Elon Musk is one more famous and powerful person that helped Shiba Inu token become one of the biggest cryptocurrencies out there!
Since $Shib started, Elon Musk contributed a lot to the rise of its price, basically talking about it through his Twitter account!
