What Is SHIB Coin?
The rise of meme coins (or memecoins) in the crypto space is unstoppable. Their success hinges on strong community backing rather than real-world utility. This article explores SHIB's purpose, its total supply dynamics, and its rivalry with Dogecoin.
Shiba Inu, named after the Japanese dog breed symbolizing Dogecoin, was created in 2020 by an anonymous entity called Ryoshi. It surged 150 million percent from August 2020 to October 2021, reaching an all-time high of $0.00008616. SHIB thrives on its decentralized community ("ShibArmy") and influencer-driven hype, with its Twitter following surpassing major coins like Solana and Cardano.
👉 Discover how SHIB compares to other meme coins
Key Features:
- ERC-20 Token: Built on Ethereum for robustness and security.
- Community Power: 2.2M+ Twitter followers drive its popularity.
- Historic Donation: Vitalik Buterin donated $1B in SHIB to India’s COVID relief fund.
Shiba Inu’s Total Supply
SHIB’s unique ecosystem starts with its staggering initial supply: 1 quadrillion tokens (50% locked on Uniswap, 50% sent to Buterin). Controversially, Buterin burned 410.24 trillion SHIB (~$6.6B), removing 40% of the total supply from circulation.
Supply Breakdown:
- 41% burned: Including Buterin’s holdings.
- Remaining: Actively traded, with deflationary mechanisms planned.
Does SHIB Have a Purpose?
Like most meme coins, SHIB’s value lies in community decentralization and cultural resonance. It mirrors the "meme stock" movement (e.g., GameStop), empowering grassroots investors. The project frames itself as an experiment in decentralized community-building.
SHIB Tokenomics
Three Core Tokens:
- SHIB: Main currency (1 quadrillion initial supply).
- LEASH: Scarce (107,646 tokens), originally pegged to Dogecoin.
- BONE: Governance token (250M supply) for voting on future projects.
Ecosystem Tools:
- ShibaSwap: DEX for trading and staking.
- Shiboshis NFTs: 10,000 unique collectibles on Ethereum.
- Artist Incubator: Platform for community creativity.
What Is ShibaSwap?
Launched in July 2021, ShibaSwap is a decentralized exchange (DEX) inspired by Uniswap. Users provide liquidity ("DIG"), stake ("BURY"), or swap tokens to earn passive income ("WOOF").
Unique Features:
- 6-month liquidity locks: 67% of assets staked for higher yields.
- Tri-Token Rewards: Earn SHIB, LEASH, or BONE.
👉 Learn how to stake SHIB on ShibaSwap
SHIB vs. Dogecoin
SHIB brands itself as the "Dogecoin Killer." Both coins share:
- Dog-themed origins.
- Influencer-driven hype.
Differences:
| Feature | SHIB | Dogecoin |
|---|---|---|
| Supply | 1 quadrillion (burned) | Infinite |
| Blockchain | Ethereum (ERC-20) | Litecoin fork |
| Use Case | Community experiment | Tipping currency |
How to Buy SHIB
Available on:
- CEXs: Coinbase, Binance, KuCoin.
- DEXs: ShibaSwap, Uniswap.
Note: Robinhood has not listed SHIB, citing "safety concerns."
FAQ
1. Is SHIB a good investment?
High-risk, high-reward. Its value depends on community activity and burns.
2. How many SHIB coins are left?
~589 trillion after burns (41% removed).
3. Will SHIB reach $1?
Unlikely due to supply size, but burns could increase scarcity.
4. What’s next for SHIB?
Metaverse integration and more token burns.