Home Reviews What is Shiba Inu and SHIB Token? The Hyped Dogecoin Killer

What is Shiba Inu and SHIB Token? The Hyped Dogecoin Killer

Dogecoin (DOGE) was originally created at least in part as a lighthearted joke for crypto enthusiasts and took its name from a once-popular meme. But this joke cryptocurrency exploded in popularity in 2021 after Elon Musk’s backingy.

DOGE is currently the 4th largest crypto asset. But it is now facing a challenge from an upstart puppy-themed competitor named Shiba Inu (SHIB).

Like Dogecoin, Shiba Inu is emblazoned with a variation of the Shiba Inu dog meme. Therefore, Shiba Inu’s recent emergence came fresh on the back of the rise of Dogecoin (DOGE).

Shiba Inu is now hyped as Dogecoin Killer as it has gone up more than 2,300,000% since the start of the year. Shiba Inu (SHIB) burst into CoinMarketCap’s top 20 rankings to occupy the number 18 spot before falling back to the 25th spot at the time of writing. Shiba Inu is now talk of the crypto community and let’s take a look at Shiba Inu.

shiba-ecosystem

What is Shiba Inu?

Shiba Inu is an ecosystem that offers an upcoming DeFi protocol, an upcoming NFT project, three tokens including the recently famous SHIB token, and a Shiba Inu Rescue Association to rescue Shiba Inu through Amazon Smile.

A person named Ryoshi is the founder of Ship. Shiba Inu’s website describes it as an ecosystem of decentralized meme tokens.

Currently, Shibu Inu is climbing the ladder of popularity due to its native ERC20 SHIB token. According to some reports, after the listing of SHIB of Binance crypto exchange, demand for Shiba Inu (SHIB) was so intense that buyers overwhelmed the Binance system with deposits, causing the top exchange to run out of deposit addresses.

Shiba Inu will also feature an Ethereum-based decentralized exchange (DEX) called ShibaSwap that will be powered by three tokens: SHIB, LEASH, and BONE. Let’s take a look at these tokens.

Shiba Inu (SHIB) Token

The Shiba Inu coin has been around since August 2020 but is being talked about only off late. It is based on ERC 20 token standard. The website describes SHIB token as:

“SHIB is an experiment in decentralized spontaneous community building. SHIB token is our first token and allows users to hold Billions or even Trillions of them.  Nicknamed the DOGECOIN KILLER, this ERC-20 ONLY token can remain well under a penny and still outpace Dogecoin in a small amount of time (relatively speaking). Popular worldwide, and already up thousands of percent, Shiba token ($SHIB) is the first cryptocurrency token to be listed and incentivized on ShibaSwap, our decentralized exchange.”

 According to the data by CoinMarketCap, the circulating supply of Shiba Inu is currently at 394,796.00B SHIB and the founders say that 1,000,000,000,000,000 crypto coins have already been minted.

According to Shiba Inu’s whitepaper, after mining 1 quadrillion tokens, 50% of the SHIB token supply has been irretrievably locked into Uniswap to provide liquidity. The other 50% has been sent to Ethereum co-creator Vitalik Buterin as a burn gesture. In doing so, the creators claim to have created a decentralized token, the fate of which will be decided solely by the market.

According to the whitepaper, as of April 29, there were 124,250 SHIB holders and the token was already 2,507,392.4% up in 2021. The coin’s price is $0.000017 at the time of writing.

Dogecoin Killer (LEASH) Token

Dogecoin Killer (LEASH) is the second token in the Shiba Inu ecosystem.  LEASH was originally set to be a rebase token pegged to the price of Dogecoin. Now, it has been unleashed but the rebase function is turned off by burning the keys that were intended to allow the token to rebase. Now, it exists as a simple ERC20 token.

According to the whitepaper, the supply of LEASH tokens is only 107,647 minted tokens.

Bone (BONE) Token

BONE is yet to-be-launched Governance token of the Shiba Inu ecosystem. It will only be available on ShibaSwap and only 250,000,000 will ever exist.

shibaswap

ShibaSwap

ShibaSwap will be a decentralized exchange (DEX) where users will able to stake (bury) SHIB, LEASH, and BONE, and swap and can generate yield (DIG). ShibaSwap is undergoing security tests, audits, and final updates to prepare for a safe launch.

Users will be able to stake SHIB, LEASH, and BONE tokens on ShibaSwap. For staking SHIB, users receive xSHIB, for staking LEASH – xLEASH, and for BONE – tBone. The staked tokens receive a fixed amount of BONE rewards.

When a user stakes SHIB, he receives an xSHIB token. With this, he becomes a part xSHIB pool. The xSHIB pool collects 3% of all BONE per Block (BPB) plus 0.3% of all ETH swap transactions happening on ShibaSwap. xSHIB holders then receive rewards from this xSHIB pool.

SHIB holders can also farm, called DIG in the Shiba Inu ecosystem, BONES by providing liquidity to the SHIB-ETH pool. By providing liquidity, they receive SHIB-ETH SSLP tokens and a percentage of BONE token minted per block (BPB). Remember, in staking for all Shina Inu’s tokens, users receive a fixed percentage, while in providing liquidity, they receive rewards based on the “allocation points to each individual Puppy Pools.”

LEASH staking generates xLEASH. Each xLEASH holder is a part of the xLEASH pool and gains 0.5% of all BONE per block (BPB). Moreover, to encourage liquidity, the LEASH-ETH liquidity pool gathers 0.3% of all WBTC swap transactions and 0.3% of all USDC swap transactions. All these transaction fees are then distributed to LEASH liquidity providers.

Similarly, when a user stakes (Bury) BONE, he receives tBONE. With this, he becomes a part of the tBONE pool that gains 1% of all BONE Per Block (BPB). BONE liquidity is encouraged on ShibaSwap by offering BONE SSLP tokens. The BONE SSLP Token pool gathers 0.3% of all DAI swap transactions and 0.3% of all USDT swap returns.

Future Development

In the whitepaper, also called WOOF paper, the team noted that to ensure the longevity of ShibaSwap and the Shiba Inu ecosystem, 5% of BONE per block will be allocated to a multi-signature activated DEV wallet. This wallet will then split in half.

50% (6,250,000) of them will go to developers, OG admins, and marketing. 4,000,000 BONE tokens will be allocated to developers, 1,250,000 to OG admins, 1,000,000 tokens will go to marketing strategies.

The other half (6,250,000 BONE token) of the DEV wallet will go to Shiba Inu Ecosystem Development FUND.

Roadmap or RuffMap

According to the whitepaper, Shiba Inu’s roadmap, or RuffMap as they call it, is top-secret. The team has provided a basic overview to allow the community to understand the intentions of the core development team.

Besides ShibaSwap DEX, the future launches include an Artist Incubator Program, an upcoming NFT project, the release of ShibaSwap. The team also has plans to launch another token called Shiba Trest after the launch of ShibaSwap.

At the ShibaSwap launch, there will be a two-week liquidity event, during which BONE will be minted at 10x the normal rate. During that event, users can bring liquidity for selected pairs from Uniswap and Sushiswap to ShibaSwap to receive 1,000 BONE Per Block. After the liquidity event, the block reward will be reduced to the amount as discussed in tokenomics.

Shiba Inu’s team has plans to onboard 500+ pairs on ShibaSwap by the end of 2021. Lastly, Shiba Inu’s governance system Doggy DAO, powered by BONE token, will also be introduced later this year.

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Atiq Ur Rehman
Electronics Engineer with a passion to write about Disrupting Technologies like Blockchain. He joined Crypto-Economy in July 2019.
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