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A little history:
What is Shiba Inu?
Shiba Inu (SHIBUSD) is an Ethereum-based altcoin (a cryptocurrency other than Bitcoin) that features the Shiba Inuāa Japanese breed of hunting dogāas its mascot. Shiba Inu is widely considered to be an alternative to Dogecoin; in fact, proponents of Shiba Inu tout it as the "Dogecoin killer."
As Shiba Inu is an Ethereum-based ERC-20 token, it is created on and hosted by the Ethereum blockchain, instead of its own blockchain.
Shiba Inu's price soared more than ten-fold in October 2021, giving it a market capitalization of $35 billion (as of October 31, 2021) and ranking it 10th among all cryptocurrencies by this measure.1 A tweet from Tesla founder Elon Musk on October 4, 2021, featuring a picture of his new Shiba Inu puppy Floki, provided the initial impetus for the meme coin's price surge. As Musk is one of the most high-profile supporters of Dogecoin and self-proclaimed "Dogefather," his "cryptic" tweets often result in heightened volatility in the cryptocurrency space.
As Shiba Inu is an Ethereum-based ERC-20 token, it is created on and hosted by the Ethereum blockchain, instead of its own blockchain. Ryoshi states in the paper that he chose to build the Shiba Inu ecosystem on Ethereum because it was already secure and well-established, and it allowed the project to stay decentralized.
The Shiba Inu Ecosystem
The Shiba Inu ecosystem consists of the following three tokens:
Shiba Inu (SHIB): This is the project's foundational currency. Starting with a supply of 1 quadrillion (equal to 1,000 trillion), Ryoshi locked 50% in Uniswap (for liquidity purposes) and then sent the other 50% to Ethereum co-founder Vitalik Buterin for safekeeping. In May 2021, Buterin donated more than 50 trillion Shiba Inu coins, then worth over $1 billion, to a COVID-19 relief fund in India, when the nation was reeling from the delta variant of the coronavirus. Shortly thereafter, Buterin also "burned"āor permanently removed from circulationā40% of Shiba Inu's total supply to a so-called dead wallet.
Leash (LEASH): The second token in the Shiba Inu ecosystem, Leash represents the other end of the ecosystem's spectrum, with a total supply of only 107,646 tokens compared with the trillions of Shiba Inu tokens.
Bone (BONE): Bone fits in between the other two tokens in terms of circulation supply, with a total supply of 250,000,000 tokens. It is designed to be a governance token that will allow the ShibArmy to vote on upcoming proposals.