As the official website says, Shiba Inu is a “decentralized meme token that grew into a vibrant ecosystem”. SHIB sees itself as the Dogecoin killer, aiming to outpace another giant meme token by staying under a penny. It’s the strategy of making the token a profitable venture by going up to just $0.01
It is planned to list SHIB on the ShibaSwap - an autonomous, non-custodial, decentralized exchange created by the SHIB team, which would be used in trading ERC-20 tokens from one wallet to another directly.
The approach to the coin distribution is quite interesting: the developers went down the road of locking 50% of the total supply to Uniswap and the other 50% burning to Vitalik Buterin, thus making users buy the token on the open market.
The project has a bunch of tokens: SHIB, LEASH, and BONE. SHIB is the main utility token. LEASH was originally set to be a rebase token pegged to the price of Dogecoin. Now, it has been unleashed and will not rebase. BONE is going to be a staking token in the near future. As a matter of fact, all the meme tokens, including SHIB, are not a techno-leap or innovation, but rather they are a social phenomenon and experiment.
The SHIB token gained attention when Ethereum founder, Vitalik Buterin, donated over 50 trillion SHIB ($1 billion worth at that time) to the Indian COVID-19 relief organization. Since then the cryptocurrency has been hyping and increasing the circulation of the tokens on the market.
The Shiba Inu project was launched in August 2020 by a user known in the digital sphere as Ryoshi. From the very beginning, the anonymous team was saying outright that they were planning to make an “experiment in decentralized spontaneous community building”.
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