{"id":37444,"date":"2021-11-17T19:38:57","date_gmt":"2021-11-17T17:38:57","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=37444"},"modified":"2025-08-29T17:08:56","modified_gmt":"2025-08-29T14:08:56","slug":"what-is-shiba-inu-shib","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/what-is-shiba-inu-shib\/","title":{"rendered":"What is Shiba Inu (SHIB)?"},"content":{"rendered":"
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What is Shiba Inu?<\/strong><\/h2>\n

Shiba Inu<\/a> is a decentralised ecosystem whose core is the SHIB ERC-20 memecoin. Built on Ethereum, the project includes the non-custodial exchange ShibaSwap<\/a>. The latter\u2019s functionality relies on the BONE and LEASH tokens.<\/p>\n

The project\u2019s community numbers more than half a million members. A cohesive following is a defining feature of Shiba Inu. There is no leader; participants call themselves the ShibArmy.<\/p>\n

The community has its own rules. The project must be built from scratch and remain decentralised. According to the white paper<\/a>, each community member is expected to apply their talents and skills to advance Shiba Inu.<\/p>\n

The project\u2019s symbol is a Shiba Inu dog. In this respect, Shiba Inu resembles Dogecoin<\/a>. However, it differs markedly from its inspiration in technical implementation.<\/p>\n<\/div>\n

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Who created Shiba Inu and when?<\/strong><\/h2>\n

The project launched in August 2020. Its creator is a person or group using the pseudonym Ryoshi. Their identity remains undisclosed. The aim was to experiment with forming a spontaneous decentralised community. The founder compares<\/a> Shiba Inu to bitcoin.<\/p>\n

The project stood out for unusual events. For instance, its organiser sent 505 trillion SHIB to Vitalik Buterin. The white paper states that in this way coins were burned<\/a>.<\/p>\n

The remaining tokens were locked on Uniswap in a liquidity pool with ETH. This step enabled anyone on the market, including the creator, to buy tokens freely.<\/p>\n

According to Ryoshi, 10 ETH provided by a friend for the project were used to create the pool. After that, the keys that would allow retrieval of the funds locked in the smart contract were destroyed.<\/p>\n

At least one other person was involved at the outset. Ryoshi met him at the Devcon<\/a> conference in Osaka in 2019. He is known to be a successful entrepreneur for whom the sum was insignificant.<\/p>\n<\/div>\n

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How is the Shiba Inu ecosystem structured?<\/strong><\/h2>\n

The key element of the ecosystem is the SHIB token. The initial supply was 1 quadrillion, but a significant share has already been burned<\/a>. At the time of writing, less than 60% of tokens are in circulation.<\/p>\n

The ecosystem also uses Leash Dogecoin Killer (LEASH) and Bone ShibaSwap (BONE). They appeared well after SHIB. LEASH\u2019s supply is 107,647 coins, all in circulation. BONE\u2019s issuance totals 250 million tokens. At the time of writing, more than 6 million coins circulate.<\/p>\n

BONE is the governance token. It is used to vote on ShibArmy proposals in 2022. The weight of each vote is determined by the number of coins held.<\/p>\n

Ethereum\u2019s advantages enabled a high degree of decentralisation for ShibaSwap. Specialists from various fields worked on the platform. The developers plan to make it the most popular and largest by trading volume on the network. A Web3 wallet such as MetaMask is suitable for interacting with the non-custodial venue.<\/p>\n

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Data: ShibaSwap<\/a>.<\/figcaption><\/figure>\n

The platform features the following sections:<\/p>\n