Shiba INU Cryptocurrency And Its Ecosystem Explained In Detail
  • The Shiba Inu dog is the face of Ethereum-based Shiba Inu money.
  • It is the second-biggest digital currency based on its overall value.

Shiba Inu is a type of digital money that works on Ethereum and is a competitor to Bitcoin. The term altcoin is derived from the phrases bitcoin and alternative. The community members of this coin are called the SHIBarmy. This coin was released in August 2020 by an individual group of developers called Ryoshi. This coin was launched as a competitor to the most popular meme coin, Dogecoin.

Shiba Iny is 100% developed and run by its community. According to the Shiba Inu coin’s creators, the decentralized market has enormous potential. They want to demonstrate that value can be produced from nothing via decentralization. Shiba Inu is built on Ethereum and follows ERC-20 token specifications since it is the most secure and decentralized network available.

Shiba Inu Ecosystem 

Shiba Inu Cryptocurrency is just a part of the Shiba Inu ecosystem. The Shiba Inu ecosystem consists of the Shiba Inu coin: leash, bone, Shiba swap, Shiba Inu incubator, and Shiboshis. Let’s understand them in detail. 

  • Shiba Inu

This is the foundational cryptocurrency of the project. The coin began with a quantity of one quadrillion coins, or 1,000 trillion coins. Ryoshi, the founder of the project, locked 50% of the coins in the liquidity pools of Uniswap. Its developers also sent 50% of the currency to the founder of Ethereum for safekeeping. 

But in May 2021, when the whole world was suffering from the COVID-19 pandemic, Vitalic donated 10% of the shiba inu supply for COVID-19 relief in India, and the rest of the 40% supply was sent to a dead wallet. Vitalik proposed this decision because he didn’t want to be the powerholder of the currency. He wanted to let the currency be fully decentralized. 

  • Leash 

This is the second token in the Shiba Inu ecosystem. The leash token has a very limited supply of 107,646 tokens. This token is very famous with the name Doge Killer. It is also Ethereum-based and follows the ERC-20 token standards of Ethereum. Currently, this token is trading for $565.66. The high price is obviously due to its limited supply. After a few launches, it even touched the price of $7,922. 

  • Bone

Bone is the governance token of the Shiba Inu ecosystem. It sits exactly between both tokens of Shiba Inu in terms of price and market cap. Currently, it has a supply of 250,000,000 tokens, which allows the Shiba Inu community’s members to vote on the major decisions in the ecosystem.

  • Shiba Swap

Shiba Swap, designed by Rayoshi, allows its traders to safely trade their  cryptocurrency. Most of the Shiba Inu ecosystem’s tokens are purchased on these exchanges.

  • Shiboshis

These 10,000 Shiba Inu-generated non-fungible tokens (NFTs) are built on the Ethereum blockchain.

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