SHIB is a global, decentralized currency driven by its community, with millions of holders worldwide. Emerging in late 2020, this Ethereum-based token has rapidly become a global sensation and is now recognized as payment in numerous locations, directly or via third-party services.
The Shiba Inu coin was created in August 2020 by an anonymous individual using the alias "Ryoshi." Ryoshi describes himself as an unimportant figure and claims that unveiling his identity would be unremarkable even if achieved.
This meme coin quickly gained momentum and value as a community of investors was enchanted by its endearing appeal, further fueled by social media mentions from influential figures like Elon Musk and Vitalik Buterin.
Since its launch, SHIB has been trading on its ecosystem’s dedicated decentralized exchange, ShibaSwap.
Who Are the Founders of SHIBA INU?
The SHIBA INU WoofPaper outlines three motives behind the creation of SHIB by the team:
1. "We started from zero, with zero."
2. "The brilliant minds behind Shib had never collaborated before."
3. "We love Shiba Inu Dogs."
The creator of the Shiba Inu coin operates under the pseudonym "Ryoshi." Similar to the elusive creator of Bitcoin, Satoshi Nakamoto, Ryoshi remains mostly a mystery.
In his blog, RYOSHI RESEARCH, he describes himself as "just some guy of no consequence tapping at a keyboard." Ryoshi remarked that in typical projects, there are specific roles like a CEO or a "tech guy," leading to "someone plebs can bitch at." He emphasizes that within Shiba Inu, no single person holds accountability, and he proudly states that he possesses 0 SHIB to maintain "purity and impartiality," finding satisfaction in Shiba Inu "in other ways."
There have been speculations that Vitalik Buterin played a role in establishing Shiba Inu's initial liquidity on Uniswap. Ryoshi mentioned that a friend he met at Devcon in Osaka sent him 10 ETH to create the liquidity pair on Uniswap. Moreover, Ryoshi asserted that Shiba Inu is an experiment in decentralized community building, deliberately rejecting influencer endorsements and exchange offers. He considers his "job" to be safeguarding the brand and offering suggestions, although his involvement has been minimal, with his last blog update in May 2021.
What Makes SHIBA INU Unique?
Ryoshi envisioned Shiba Inu as a test to see if a decentralized organization could thrive without central leadership. True to his word, Ryoshi withdrew in mid-2021, entrusting the entire token to the community.
This initiative was successful, and in October 2021, SHIB momentarily surpassed Dogecoin to become the top meme coin by market capitalization. Christine Brown, an executive at Robinhood, praised the Shiba Inu community for effectively voicing their preferences and wishes.
The surge in price also led to more widespread adoption. WhaleStats data showed that SHIB makes up more than 20% of all ERC-20 tokens held by the largest Ethereum whales, with CRO trailing at just 5%. Following its peak price, SHIB also crossed the one-million-holder milestone.
Moreover, SHIB gained traction as a payment option among retailers, with American electronics retailer Newegg incorporating SHIB into their payment options in December 2021 through a partnership with BitPay. Over 500 merchants, as noted by CoinGate, have adopted SHIB for transactions, including ZenGo, a Samsung-backed digital wallet, and even a Parisian restaurant. The Shiba Inu community even attempted a campaign to persuade McDonald's to accept SHIB, although it did not succeed.
A key factor contributing to SHIB's price increase was the community's ongoing efforts to develop utility around the token, leading to the creation of a broader Shiba Inu ecosystem.
ShibaSwap, the designated DEX for SHIB, originated as a fork of Sushiswap with what Ryoshi describes as its "own little twists and elements." Additionally, Shiba Inu has plans to introduce SHI, an algorithmic stablecoin which is pegged to one cent rather than the dollar, distinguishing it from other stablecoins.
Ryoshi's vision is for SHI to become a global stable currency that can be used worldwide as both a store of value and a medium of exchange.
Together with SHI, a financial ecosystem is being planned, where SHI would become part of a weighted pool pair on Curve. Ryoshi anticipates that this will lead to the emergence of forks for major DeFi protocols within the Shiba Inu ecosystem, supported by an immutable bridge.
How Many SHIBA INU (SHIB) Coins Are There in Circulation?
According to the SHIBA INU website, they locked 50% of the total supply of tokens on Uniswap and "discarded the keys!" The other 50% was "burned to Vitalik Buterin." In response to this "gift," Vitalik Buterin donated 50 trillion SHIB tokens, valued at $1 billion then, to India's Covid Crypto Relief Fund. He subsequently burned 40% of the overall supply by sending it to a dead wallet.
How Is the SHIBA INU Network Secured?
The 22-page-long SHIB WoofPaper states that SHIB is an ERC-20 token built on Ethereum, a blockchain that is currently moving from a proof-of-work to a proof-of-stake model.
Where Can You Buy SHIBA INU (SHIB)?
You can purchase Shiba Inu on exchanges such as Binance, Huobi, Coinbase, Gate.io, Uniswap (V2), and OKEx, among others. Alternatively, you can use a specific exchange rate converter page. Popular trading pairs for Shiba Inu include: SHIB/USD, SHIB/GBP, SHIB/AUD, and SHIB/EUR.
