What is Shiba Inu (SHIB)

Shiba Inu (SHIB) is an Ethereum-based ERC-20 token created in August 2020 by an anonymous developer known only as "Ryoshi." Self-described as the "Dogecoin Killer," SHIB quickly evolved from a simple meme token into a broader ecosystem including a decentralised exchange (ShibaSwap), a Layer 2 blockchain (Shibarium), and companion tokens (LEASH, BONE). It remains one of the most popular memecoins globally, consistently ranking in the top 15 by market capitalisation.

THE SHIB ORIGIN AND VITALIK BUTERIN BURN

Ryoshi created 1 quadrillion SHIB (1,000,000,000,000,000) and sent 50% to Ethereum co-founder Vitalik Buterin's wallet, a guerrilla marketing tactic designed to attract attention (similar to ELON's gift strategy). The gamble backfired strategically when Vitalik donated 10% of the total SHIB supply to an India COVID relief fund and burned 40% (~410 trillion SHIB) in May 2021, permanently removing approximately $6.7 billion in SHIB from circulation at peak prices. This became one of crypto's most significant token burn events.

SHIB TOKENOMICS

Current circulating supply: approximately 589 trillion SHIB after burns.
Supply reduction mechanisms: ShibaSwap trading fees burn SHIB, Shibarium transaction fees burn SHIB, and community-organised burn initiatives continuously reduce supply. The SHIB Army community actively participates in burn campaigns.

THE SHIB ECOSYSTEM

ShibaSwap: Decentralised exchange built on Ethereum for SHIB ecosystem token trading. Users can stake SHIB, LEASH, and BONE for rewards.
Shibarium: Layer 2 blockchain built on top of Ethereum, using BONE as the gas token. Launched in August 2023 to provide low-fee transactions for the SHIB ecosystem.
LEASH: Originally a rebase token, now a limited supply (~107,646 tokens) high-value companion token.
BONE: The governance token for ShibaSwap, used for gas on Shibarium.

Terms in addition to the Shiba Inu (SHIB)

Blockchain

A blockchain is a subset of a distributed database. The Bitcoin inventors originally prototyped the system in 2008. This modern database is made up of separate blocks that are connected together in a chronological chain. Blockchains may be used to store a wide range of data types. It has mostly been utilized as a public ledger for bitcoin transactions to date. A peer-to-peer network comprised of independent nodes uses a consensus process to ensure the blockchain's security and legitimacy. Each node in the network keeps a public and immutable copy of the data.

2 Factor Authentication (2FA)

2 Factor Authentication is a security measure with two layers. It is used by the majority of cryptocurrency exchanges. To log in, you must provide not only a password, but also a code obtained, for example, from the Google authenticator.

Airdrop

An airdrop is a method of distributing coins. End users can typically obtain coins for free or in exchange for doing a small task, such as subscribing to a newsletter, sending a tweet, or inviting others via a personal affiliate link. Cryptocurrency airdrops — the act of depositing cryptocurrency into public crypto wallets — are utilized as a marketing, liquidity creation, and network bootstrapping technique for many different types of blockchain initiatives.

Altcoin

Altcoin - "alternative coin" - is any kind of digital currency other than Bitcoin. Since the launch of Bitcoin, the world's first digital currency, many altcoins (as well as supporting blockchains) have been created. Altcoin digital currencies share many similarities to Bitcoin, but consistently and have significant differences. There are about 20,000 altcoins, and this number is expected to grow significantly in the coming years. Altcoins often develop Bitcoin features. Ethereum, currently the most widely used blockchain, supports digital contracts and separate applications where Bitcoin does not. Altcoins are also often created to cater to the needs of different users. The Litecoin blockchain, for example, can process payments quarterly for the duration of Bitcoin.

Cold Storage

Cold storage is the way to store cryptocurrency offline. The word refers to the use of offline wallets that are not connected to the internet. Cold storage is the most secure way to keep cryptocurrencies since an offline currency becomes less likely to be hacked and stolen. Paper wallets, printed renditions of private keys, and offline hardware and software wallets are all examples of cold storage.