As any meme coin should, Shiba Inu (SHIB) is enveloped in a mythical narrative, rich with speculation and popularized for its story rather than its use cases or cap table. As the original “Dogecoin Killer”, SHIB was created anonymously and has drawn the attention of the likes of Elon Musk, and also Ethereum Founder, Vitalik Buterin, who many believe may have had something to do with Shiba Inu’s origins.
SHIB is a meme token issued off the Ethereum blockchain by an anonymous founder called @Ryoshi. In essence, it's largely been an experiment to see if a decentralized entity could in fact carry on in perpetuity with no central leadership.
For those of you who are new to crypto markets, a meme coin is a cryptocurrency and speculative digital asset that is inspired by a meme, such as the dog in DogeCoin. Meme coins are issued off a blockchain (generally Ethereum) with no business model behind them. Kind of like a stock without a company but with currency features. They exist soley as a meme or a narrative that, as we've seen with SHIB, can become popularized through social attention only.
Created in 2020, Shiba Inu began to trend in 2021, primarily through a few Elon Musk tweets and an association with Vitalik Buterin. SHIB even briefly overtook DOGE by market cap in October of that year. Vitalik denied that he was one of the founders on a Lex Fridman podcast, but the fact that he received 50% of SHIB tokens created a lot of mystique around the subject.
The Shiba Inu ecosystem consists of a swap interface, the ShibaSwap DEX, and various interoperable tokens that pool and distribute rewards for stakers and liquidity providers. It also attempted to launch a Metaverse sale in April of 2022, but one report noted some unusual activity in the involved tokens, primarily the LEASH token, which dropped over 50% during the sale.
Shiba’s success as a speculative asset sparked a copycat trend with the emergence of meme coins like Shiba Fantom, SpookyShiba and hundreds of others. And while it started out as an experimental meme coin, a massive community (#SHIBArmy) has grown it. SHIB is is currently a top 13 coin by market cap with a higher 24-hour volume than DOT, DOGE, and DAI. In fact, SHIB once represented over 20% of the combined market share of all ERC-20 tokens held by Ethereum whales.
In an unexpected twist of fate, Shiba Inu’s popularity led to it being adopted by over 500 retailers as a transaction coin, including tech retailer Newegg.
Project status:
Team
The team is anonymous and was led by an anon by the name of Ryoshi, who emphasized in the “Woof Paper” that the goal of SHIB is to remain decentralized. On June 7, 2022, it was reported that Ryoshi had deleted all social media accounts and essentially erased their digital footprint. In their Medium account, Ryoshi’s last post was on May 30th, 2022, and all other posts were deleted. It read:
“Every Shibarmy is Ryoshi. It does not represent someone, but the glory of Shibarmy! END”
There are definitely some ties to Vitalik Buterin, who received 50% of the SHIB token supply. In a controversial move, he donated $1 billion worth of tokens to the India COVID Relief fund, then later burned his remaining SHIB.
Making headlines
Sign up to the Crypto Weekly newsletter to get our weekly Coin Profile!
It’s much harder to ascertain the staying power of a decentralized meme coin! It’s definitely an interesting experiment and many people are enthused about the project. But as for fundamentals, time will have to tell us whether this coin will stay truly decentralized and how that will even work.
Competitive?
Hiring?
No.
Social traction
According to the website, Shiba Inu has 585k+ active community members.
Shiba Inu has 4.2 million social followers (Twitter has 3.4 million), and a healthy dose of copycats and impersonators, so be careful!
Partnerships
N/A although Vitalik Buterin has had some involvement as mentioned.
Ever been hacked?
Not directly, though it was reported that many SHIB users were affected by the OpenSea phishing attack in February of 2021.
Shiba Inu (SHIB) is an ERC-20 token with a fixed supply of 1 quadrillion tokens. The Shiba Inu ecosystem has a multi-token system including 3 interoperable, ERC-20 tokens: SHIB the ecosystem token, BONE the governance token, and LEASH, which is capped at 100,000 and was used during the recent Shiba Inu metaverse land sale.
SHIB token holders can access ShibaSwap to become liquidity providers (bury), stake tokens (dig), engage in swaps, and utilize the NFT Marketplace. When SHIB tokens are staked, stakers get BONE returns. 3% of returns are minted as new BONE tokens and distributed to xSHIB stakers.
Additionally, 1% of ETH transaction fees on the ShibaSwap DEX go to the xSHIB pools. 33% of BONE and ETH rewards are distributed weekly and can immediately be withdrawn, while 67% are locked for 6 months.
Total supply
589,735,030,408,323 SHIB
Token distribution
50% of the total $SHIB supply is locked on Uniswap and supposedly access to those tokens has been destroyed. The remaining 50% was burned to a Vitalik Buterin wallet.
This essentially required everyone to buy on the open market in the hopes of a fair and complete distribution.
Team & token vesting
n/a
Funding
None on record.
Token utility
Decentralized?
Burning Mechanism
The Shiba Inu ecosystem introduced a burning portal on April 23, 2022, to reduce circulating supply and increase SHIB scarcity. Through the burn mechanism, $SHIB burners receive passive income in the form of $RYOSHI rewards, which is interesting since the anonymous @Ryoshi wanted to remain anon and has since gone missing. 49% of burn transactions are distributed to holders of $burntSHIB. It was reported on July 11, 2022, that over 205 million SHIB tokens were burnt in 30 transactions within 2 days.
Code Audit
Certik gave the Shibu Inu platform an “Excellent Trust Score” (95 out of 100), but no token audit has been performed per a CERTified review.
Team Transparency
Zero team transparency (proceed with caution!)
Bug bounty?
No.
Proposal inquiry: Working on formalizing new DOGGY DAO categories for the community to vote on additional areas after Beta phase release passes. Please post your suggestions here and this will be shared directly with the development team. #Shiba #Community #DoggyDao
— MILKSHAKE (@shibainuart) May 8, 2022
Website
Smart Contract
$SHIB on Coingecko
Documentation
Announcements Blog
Source Code
Twitter
Discord
SHIB is a meme token issued off the Ethereum blockchain by an anonymous founder called @Ryoshi. In essence, it's largely been an experiment to see if a decentralized entity could in fact carry on in perpetuity with no central leadership.
For those of you who are new to crypto markets, a meme coin is a cryptocurrency and speculative digital asset that is inspired by a meme, such as the dog in DogeCoin. Meme coins are issued off a blockchain (generally Ethereum) with no business model behind them. Kind of like a stock without a company but with currency features. They exist soley as a meme or a narrative that, as we've seen with SHIB, can become popularized through social attention only.
Created in 2020, Shiba Inu began to trend in 2021, primarily through a few Elon Musk tweets and an association with Vitalik Buterin. SHIB even briefly overtook DOGE by market cap in October of that year. Vitalik denied that he was one of the founders on a Lex Fridman podcast, but the fact that he received 50% of SHIB tokens created a lot of mystique around the subject.
The Shiba Inu ecosystem consists of a swap interface, the ShibaSwap DEX, and various interoperable tokens that pool and distribute rewards for stakers and liquidity providers. It also attempted to launch a Metaverse sale in April of 2022, but one report noted some unusual activity in the involved tokens, primarily the LEASH token, which dropped over 50% during the sale.
Shiba’s success as a speculative asset sparked a copycat trend with the emergence of meme coins like Shiba Fantom, SpookyShiba and hundreds of others. And while it started out as an experimental meme coin, a massive community (#SHIBArmy) has grown it. SHIB is is currently a top 13 coin by market cap with a higher 24-hour volume than DOT, DOGE, and DAI. In fact, SHIB once represented over 20% of the combined market share of all ERC-20 tokens held by Ethereum whales.
In an unexpected twist of fate, Shiba Inu’s popularity led to it being adopted by over 500 retailers as a transaction coin, including tech retailer Newegg.
Project status:
Team
The team is anonymous and was led by an anon by the name of Ryoshi, who emphasized in the “Woof Paper” that the goal of SHIB is to remain decentralized. On June 7, 2022, it was reported that Ryoshi had deleted all social media accounts and essentially erased their digital footprint. In their Medium account, Ryoshi’s last post was on May 30th, 2022, and all other posts were deleted. It read:
“Every Shibarmy is Ryoshi. It does not represent someone, but the glory of Shibarmy! END”
There are definitely some ties to Vitalik Buterin, who received 50% of the SHIB token supply. In a controversial move, he donated $1 billion worth of tokens to the India COVID Relief fund, then later burned his remaining SHIB.
Making headlines
Sign up to the Crypto Weekly newsletter to get our weekly Coin Profile!
It’s much harder to ascertain the staying power of a decentralized meme coin! It’s definitely an interesting experiment and many people are enthused about the project. But as for fundamentals, time will have to tell us whether this coin will stay truly decentralized and how that will even work.
Competitive?
Hiring?
No.
Social traction
According to the website, Shiba Inu has 585k+ active community members.
Shiba Inu has 4.2 million social followers (Twitter has 3.4 million), and a healthy dose of copycats and impersonators, so be careful!
Partnerships
N/A although Vitalik Buterin has had some involvement as mentioned.
Ever been hacked?
Not directly, though it was reported that many SHIB users were affected by the OpenSea phishing attack in February of 2021.
Shiba Inu (SHIB) is an ERC-20 token with a fixed supply of 1 quadrillion tokens. The Shiba Inu ecosystem has a multi-token system including 3 interoperable, ERC-20 tokens: SHIB the ecosystem token, BONE the governance token, and LEASH, which is capped at 100,000 and was used during the recent Shiba Inu metaverse land sale.
SHIB token holders can access ShibaSwap to become liquidity providers (bury), stake tokens (dig), engage in swaps, and utilize the NFT Marketplace. When SHIB tokens are staked, stakers get BONE returns. 3% of returns are minted as new BONE tokens and distributed to xSHIB stakers.
Additionally, 1% of ETH transaction fees on the ShibaSwap DEX go to the xSHIB pools. 33% of BONE and ETH rewards are distributed weekly and can immediately be withdrawn, while 67% are locked for 6 months.
Total supply
589,735,030,408,323 SHIB
Token distribution
50% of the total $SHIB supply is locked on Uniswap and supposedly access to those tokens has been destroyed. The remaining 50% was burned to a Vitalik Buterin wallet.
This essentially required everyone to buy on the open market in the hopes of a fair and complete distribution.
Team & token vesting
n/a
Funding
None on record.
Token utility
Decentralized?
Burning Mechanism
The Shiba Inu ecosystem introduced a burning portal on April 23, 2022, to reduce circulating supply and increase SHIB scarcity. Through the burn mechanism, $SHIB burners receive passive income in the form of $RYOSHI rewards, which is interesting since the anonymous @Ryoshi wanted to remain anon and has since gone missing. 49% of burn transactions are distributed to holders of $burntSHIB. It was reported on July 11, 2022, that over 205 million SHIB tokens were burnt in 30 transactions within 2 days.
Code Audit
Certik gave the Shibu Inu platform an “Excellent Trust Score” (95 out of 100), but no token audit has been performed per a CERTified review.
Team Transparency
Zero team transparency (proceed with caution!)
Bug bounty?
No.
Proposal inquiry: Working on formalizing new DOGGY DAO categories for the community to vote on additional areas after Beta phase release passes. Please post your suggestions here and this will be shared directly with the development team. #Shiba #Community #DoggyDao
— MILKSHAKE (@shibainuart) May 8, 2022
Website
Smart Contract
$SHIB on Coingecko
Documentation
Announcements Blog
Source Code
Twitter
Discord
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