February 2022 opportunities with Shiba Inu
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An editor at Coincrop
16 Feb 2022 | 6 min read
hiba Inu is an altcoin that exists on the Ethereum blockchain. Its mascot is that of the Japanese hunting dog – the Shiba Inu. It is widely considered as an alternative to Dogecoin.
In this guide:
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What is Shiba Inu?
Shiba Inu $$SHIB is one of the most successful meme coins to emerge. It is themed on the Japanese breed of hunting dog and is widely thought of as an alternative to Dogecoin.
Shiba Inu is referred to as a meme coin – that is a coin that associated with a theme and is often created as a joke rather than a serious project. Dogecoin was the first meme coin (named after a popular dog on the internet).
The project is led by the so-called SHIB Army, a base of over 500,000 individuals that embrace the founding principles – these are:
- A project starting from nothing with the spirit of creating something out of nothing;
- Not being founded from an existing community
- A love of Shiba Inu dogs.
The project is an Ethereum-based ERC-20 token running on the Ethereum blockchain.
The price of Shiba Inu increased more than tenfold in October 2021 with a peak market cap of $41 billion – a tweet from Elon Musk on 3rd October 2021 (showing a picture of his Shiba Inu puppy) caused much of the price surge.
At the time of writing, the coin has a market cap of $17 billion.
Who created Shiba Inu?
The token began life in August of 2020 and was created by an anonymous individual or possibly group of individuals referred to as “Ryoshi”. The created documented the token in a white paper that became known as the “woofpaper” as “an experiment in decentralized spontaneous community building.”
The white paper that describes the project attempts to answer the question "What would happen if a cryptocurrency project was 100% run by its community?".
The Shiba Inu ecosystem
There are three tokens that make up in the Shiba Inu ecosystem:
- Shiba Inu (SHIB) is the founding currency of the project. It started with a supply of 1,000 trillion. The founder(s) Ryoshi locked 50% into Uniswap (for liquidity purposes) with a further 50% sent to Vitalik Buterin (Ethereum co-founder) for safekeeping purposes.
- Leash (LEASH) is the second token with a supply of 107,646 tokens.
- Bone (BONE) with a total supply of 250,000,000 tokens. It’s purpose is that of governance.
ShibaSwap is an exchange similar to UniSwap in which individuals that swap one token for another. The most commonly exchanged token pair is Ethereum and Shiba.
Shiba Inu incubator
The Shiba Inu Incubator is a platform where individuals can apply for funds in order to facilitate the creation of art forms such as digital rendering, painting and photography.
Shiboshis are Shiba Inu created NFTs (nno-fungible tokens) on the Ethereum blockchain. Each of them have different traits making each Shiboshi unique and collectible.
Shiba Inu saving rates
|AAX||Fixed (30 days)|
|AAX||Fixed (14 days)|
|AAX||Fixed (7 days)|
|Crypto.com||Fixed (90 days)|
Shiba Inu yield farming rates