What is the Shiba Inu Cryptocurrency?

Shiba Inu is a decentralized cryptocurrency that was launched in August 2020 by an anonymous person known as Ryoshi. But what is it really?
by Yoaquim Boom
February 20, 2023

What is the Shiba Inu Cryptocurrency?

Shiba Inu (SHIB) is a cryptocurrency that saw immense popularity in early 2021, thanks to its association with the popular "Dogecoin" meme and the support of high-profile individuals in the cryptocurrency community.

The coin experienced a significant price surge, with its value increasing by over 100,000% in a matter of weeks. This caused a significant amount of media attention and interest from both experienced and novice investors.

Additionally, the coin's decentralized and community-driven nature, as well as its charitable giving initiatives, further contributed to its popularity.

The hype eventually died down, but Shiba Inu still holds a spot in the top 50 most valuable cryptocurrencies by market capitalization.

Shiba Inu is a decentralized cryptocurrency that was launched in August 2020 by an anonymous person known as Ryoshi.

Shiba Inu

The aim of the token is to create a decentralized standard and remove control from centralized authorities.

The token, known as SHIB, is an ERC-20 token powered by Ethereum and runs on the Ethereum network. This allows for the creation of decentralized finance products through the use of smart contracts.

One of the unique aspects of Shiba Inu is that it is entirely community-driven, with no funding, centralized team, or direct leadership.

The community, known as the Shib Army, is attempting to see if decentralization can truly work in this way.

The token's Woofpaper states that through "collective decentralization", the community can build something far better than a centralized team could create.

Shiba Inu plans to enter the DeFi space through its decentralized exchange and artist incubator.

The incubator will enable artists to use Ethereum's network for auctioning off non-fungible tokens with smart contracts, creating an NFT market that removes the need for third parties.

The token also plans to launch ShibaSwap, a DEX where users will be able to stake their coins for BONES. BONES is another asset that will take the power of DeFi to higher levels.

Additionally, the token plans to launch an NFT project, releasing ShibaSwag and actualizing real-world applications beyond the digital landscape.

In terms of community efforts, Shiba Inu has launched a community effort that uses the Amazon Smile feature to collect and distribute a percentage of Amazon purchases to the Shiba Inu Rescue Association as donations.

The community can help find ways to assist these dogs, which can be overwhelming for new owners who find the dogs brave, intelligent, and stubborn.

Shiba Inu is also calling dog-inspired artists from around the world to join its artist incubator. By doing so, it’s hoped that artists will promote the artistic Shiba movement, helping to push Shiba Inu into the NFT market.

It's worth noting that the founders of Shiba Inu are unknown, and the person behind the pseudonym Ryoshi has not been officially confirmed.

However, there has been speculation that the Ethereum team may be involved in the project, as Buterin received 50% of the SHIB supply and Ryoshi has posted a photo that includes Buterin hanging out in Japan with Karl Floersch, who specializes in the development of blockchain systems, focusing on Ethereum.

Despite its short existence, Shiba Inu has garnered strong support from its community.

The token's unique approach to decentralization and community-driven efforts make it stand out in the crowded cryptocurrency market.