How Shiba Inu Defies All Odds!

Shiba Inu, also known by the market ticker $SHIB, is an anomaly.
Crypto projects like SHIB are supposed to burn and fade as quickly as they come, yet SHIB remains not only an active, but also top ranking, crypto project.

Launched during the days of Dogecoin mania, Shiba Inu was initially just another Dogecoin clone.

However, where all other Dogecoin knockoffs have faded into extinction, Shiba Inu managed to do what no other DOGE-clone could do.
Shiba Inu managed to find legitimacy and maintain its relevance.
But what is SHIB, how does it work, and what makes it unique? Today we find out!

Shiba Inu is a cryptocurrency created in August 2020 that launched as an Ethereum-based ERC-20 token.

SHIB was created by an anonymous individual, or perhaps even a group of individuals, known as Ryoshi, who was inspired by the success of Dogecoin.

Shiba Inu could be best described as an Ethereum-compatible alternative to Dogecoin.

Shiba Inu was designed to be a decentralized, community-driven project that would provide an alternative to other community-led cryptocurrencies like Dogecoin.

One of the main features of Shiba Inu is its decentralized exchange, called ShibaSwap.

ShibaSwap allows users to trade Shiba Inu tokens for other cryptocurrencies, as well as stake their tokens to earn rewards.

As we mentioned before, SHIB is an ERC-20 token, which means it was launched on the Ethereum network rather than its own native blockchain.

ERC-20 is a technical standard for creating and issuing tokens on the Ethereum blockchain. ERC-20 tokens are fungible tokens that are identical to each other in value and functionality.

They can represent a wide range of digital assets and can be used for various purposes like fundraising, crowdfunding, rewards, and payments.

The ERC-20 standard defines a set of rules and guidelines that must be followed to create a token that is fully compatible with the Ethereum network.

As SHIB is an ERC-20 token launched on the Ethereum network, this means that Shiba Inu is also a Proof-of-Stake based cryptocurrency.
We’ve covered Proof-of-Stake before, but to quickly recap.

Proof-of-Stake is a consensus algorithm used in blockchain networks to validate transactions and create new blocks.
Unlike Bitcoin’s more famous Proof-of-Work, which requires miners to solve complex mathematical problems to validate transactions and create new blocks, Proof-of-Stake relies on the validators with the most crypto staked to the network.

The higher the amount of cryptocurrency staked, the greater the chances of being selected to create a new block. Validators are incentivized to act honestly, as they can lose their stake if they are found to be acting dishonestly.

One of the main advantages of Proof-of-Stake is that it is more energy-efficient than Proof-of-Work, as it does not require miners to compete to solve complex mathematical problems.

Overall, Proof-of-Stake is a consensus algorithm that relies on validators who hold cryptocurrency to secure the network and validate transactions, the logic being those with the most staked in the network have the most to lose by misbehaving.

But now we know what SHIB is, we’ve got to ask, what makes it unique?
And honestly, the answer is hype.

Not only did they manage to create hype, but they also managed to sustain hype.
At one point, SHIB was a top 10 crypto project, only behind its rival Dogecoin, which is quite an achievement for a pair of memecoins.

To sustain this hype, Shiba Inu expanded its range of products to include multiple platforms and cryptocurrencies.

These include the Leash and Bone crypto tokens.
To keep it short and sweet, BONE is the governance token of the ShibaSwap ecosystem, and with it, users can vote on proposals relating to how the blockchain is governed.

Alternatively, LEASH is the most rare of the three and is generally a reward for staking on the Shiba network.

Additionally, the Shiba Inu network has a NFT collection and Metaverse, and will soon have a new crypto token known as TREAT.

But, as we know, tokenomics make or break crypto projects. So how does Shiba Inu compare?

As SHIB is an ERC-20 token, all SHIB tokens were created before the launch of the platform.

The SHIB token started with a total of 1 quadrillion tokens. Which, to save you a quick Google, is a 1 followed by 15 zeros.

Of this initial 1 quadrillion starting supply, 50% was donated to Vitalik Buterin. This was a clever bit of marketing by the team at Shiba Inu as by sending 50% of their supply to Vitalik they could pretend Vitalik was a supporter which generated headlines and gave the token extra publicity.

However, this backfired initially as Vitalik decided to burn 90% of his 50% share after being irritated by these Doge-clones congesting his Ethereum network, before donating the remaining 10% to the Indian Covid Relief Fund.

While this crashed the price in the short term, it again led to more headlines and a subsequent price rally.
So, what about the remaining, now rarer 50%?

The remaining 50% was placed onto the Uniswap exchange, where it has been available to buy since.

To make the remaining supply even rarer, SHIB also began a token-burning mechanic which removes SHIB from the ecosystem by sending it to a null wallet – a digital address which can receive but not send crypto, effectively removing it permanently from the total supply.

While the merits of this are debated, the theory is that if the community burns more now, the remaining SHIB tokens will be worth more money later.

To encourage burning, the team behind SHIB have started rewarding RYOSHI tokens in exchange for burning SHIB.

In conclusion, Shiba Inu emerged as a captivating and ambitious cryptocurrency project that has captured the sustained attention of the crypto community.

Born from the influence of meme-inspired DOGE clones, Shiba Inu aims to provide a decentralized and community-driven alternative in the ever-expanding landscape of digital currencies.

Despite being created as an Ethereum-based Dogecoin impersonator, Shiba Inu has managed to find its way into the top 20 crypto projects by market cap, and has done well to stay there since.

How long this hype can last is up for debate, but it is clear that Shiba Inu has a passionate and
large community and shows no signs of going away anytime soon.