Shiba Inu is a type of cryptocurrency that is available only online. It is an Ethereum-based altcoin that features the Shiba Inu dog breed as its mascot and is considered an alternative to Dogecoin. It was created in August 2020 by an anonymous individual or group called Ryoshi. Shiba Inu is widely considered to be a meme coin or a joke currency. Shiba Inu is divided into multiple tokens that help the entire cryptocurrency ecosystem function. The Shiba Inu ecosystem consists of three tokens:
- Shiba Inu (SHIB): This is the project’s foundational currency, starting with a supply of 1 quadrillion.
- Leash (LEASH): This token is intended to be a sort of “scarce” asset, with a much smaller total supply than SHIB.
- Bone (BONE): This is the governance token of the Shiba Inu ecosystem, which is used to vote on proposals to change the ecosystem.
Shiba Inu is still a relatively new token in the world of cryptocurrency. It gained a lot of attention in 2021, when its price multiplied many times over. However, its value has been volatile, with fluctuations in price. The Shiba Inu ecosystem is based on the guiding principles described in the “woof paper,” the canine version of a white paper that highlights cryptocurrency project outlines and roadmaps.