SHIBA INU is an ERC-20 token named after the breed of Shiba Inu dog, which is the mascot of the community. It is one of the joke coins available on the cryptocurrency market at present. The tokens are referred to as Meme Coins on the official website of the platform.
The Shiba Inu project was launched in August 2020. The founder of the project under the nickname Ryoshi has selected the Ethereum blockchain because it’s well-reputed and more decentralized in comparison with other networks hence it’s safer.
The creators of Shiba Inu were inspired by the example of WallStreetBets that increased the price of the GameStop shares and other companies. The community is called Shib Army by the members of the community. The “army” is increasingly growing and exceeds 120,000 token holders at the time of writing.
The aims targeted by the Shiba Inu project
The website of the project says that the token is a Dogecoin killer, the main task of which is to overcome its total cap without reducing the token price. The supporters of the project assure that the token features the capability to outpace the value of Dogecoin without crossing the mark of 0.01 USD per token.
The whitepaper of Shiba Inu that is jokingly called Woofpaper says that Shiba is an experiment on the construction of a decentralized community. The team plans to create the best decentralized ecosystem DECO on the planet. The goal is to create a community-driven platform without initial funding and direct leadership.
Shiba Inu platform
The first step on the way to the building of the decentralized ecosystem is the creation of a decentralized platform Shiba Swap. The facility enables its users to be engaged in farming activity and liquidity mining through the tokens of the ecosystem Shib. The Shib team also plans to release its NFT tokens.
ShibaSwap was created with the goal to establish a safe trading decentralized ground. The scaling and growth of the ecosystem are the goals of the ShibaSwap platform. Apart from SHIB, ShibaSwap presents other flagship tokens of the project described below.
There is also one more token in the Shiba Inu ecosystem known as LEASH that was created as a rebase token tied to the Dogecoin price. Additionally, the ecosystem also includes a governance token known as Bone that enables its holders to participate in the life of the community and vote for proposals. The weight of a vote depends on the number of tokens in the possession of its holders.
The process of staking is called burying. The members of the community bury SHIB, LEASH, and BONE to get xSHIB, xLEASH, and tBONE.
The liquidity pairs on ShibaSwap include Shib-Eth SSLP, Leash-Eth SSLP, and Bone-Eth SSLP. The distribution of rewards occurs proportionally between holders depending upon the number of their contributions. The staked tokens get a fixed percentage of BONE, and the distribution of BPB (Bone per block) is performed on the basis of the allocation points to individual Puppy Pools. Some of the Puppy Pools can bring double or triple returns.
To add power to xSHIB (a minted version of SHIB), staking is performed with the distribution of reward that is 3% of all BPB. Additionally, it is provided with 0.3% of all ETH swap transaction fees that take place on ShibaSwap. The procedure is called a double return puppy pool.
Shiba Inu token
The official website of the token says that half of the total supply is locked on Uniswap, while the other half was sent to Vitalik Buterin who burnt 90% of his holdings in May 2021. 10% of the remaining amount in Shiba Inu was donated by Vitalik Buterin to the Covid Crypto Relief Fund. The amount of donation exceeded a billion USD. This decision was taken by Buterin as he didn’t want to be a locus of power in the project after the founder of the Shiba Inu platform sent 50% of the total supply to him.
The token holders can either bury their SHIB tokens and get xSHIB from the xSHIB pool or dig their holdings to get Shib-Eth SSLP share of the pool. The coin can be purchased on such trading platforms as Binance, OKEX, and Huobi. Actually, the price of the cryptocurrency surged after it was enlisted in these facilities.
According to the Woofpaper, 33% of returns are available for members of the community, while 66% of funds remain locked for 6 months.
Shiba Inu team
The founder of the Shiba Inu community known under the nickname “Ryoshi” is anonymous. He hasn’t spent a penny on the project and doesn’t own any admin or team tokens emphasizing that he is just one of the community members with the same rights. There is no information about the team as well. It is only known that the volunteer team that supports the project is small.