What Is SHIBA INU (SHIB)?

Once upon a time, there was a very special dog. That dog was a Shiba Inu,
and this dog inspired millions of people around the world to invest money
into tokens with the dog's image on it.

According to the SHIBA INU website, SHIB is the "DOGECOIN KILLER" and is
listed on their own ShibaSwap, a DEX. Shiba Inu coin was created
anonymously in August 2020 under the pseudonym "Ryoshi." Ryoshi says
about himself that he is a nobody and not important and that the efforts to
unmask his identity, even if successful, would be underwhelming.

This meme coin quickly gained speed and value as a community of investors
was drawn in by the cute charm of the coin paired with headlines and tweets
from personalities like Elon Musk and Vitalik Buterin. Vitalik Buterin was long
believed to be the originator of Shiba Inu, but denied such rumors on the Lex
Fridman podcast on June 5, 2021.

Shiba Inu aims to be the Ethereum-based counterpart to Dogecoin's Srypt-

based mining algorithm. Shiba Inu and the SHIB token are part of a swarm of
dog-themed cryptocurrencies, including Baby Dogecoin (BabyDoge),
Dogecoin (DOGE), JINDO INU (JIND), Alaska Inu (LAS) and Alaskan Malamute
Token (LASM). These lesser-valued tokens have attracted investors who
missed the Dogecoin pump from 0.0002 to nearly 0.75 USD.

Shiba's success sparked an avalanche of copycats, such as BitShiba, Shiba

Fantom, Shibalana, King Shiba, SHIBAVAX, Captain
Shibarrow, SHIBA2K22, SpookyShiba and countless others. In total, there
may be well over 100 Shiba Inu copies, and the number keeps rising
constantly.

On Sept. 17, 2021, Coinbase, the largest U.S.-based crypto exchange, listed
Shiba Inu on their platform. This news caused Shiba Inu price to rise by over
40% in the following two days, bringing the meme dog token into the
spotlight again.

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 Shiba Inu has since attracted more interest from other exchanges as well.
Bitso, Mexico's biggest cryptocurrency exchange, announced in September
that SHIB would start trading on its exchange. Giottus, an Indian crypto
exchange, announced the same. Bitstamp, the biggest crypto exchange in
Europe, said that it would list Shiba Inu for trading at the beginning of 2022.
Korbit, a South Korean exchange, became the country's first exchange to list
the SHIB token in 2021.

Who Are the Founders of SHIBA INU?

The SHIBA INU WoofPaper has three reasons why their team created SHIB:

1. "We started from zero, with zero."

2. "The brilliant minds behind Shib had never collaborated before."
3. "We love Shiba Inu Dogs."

The anonymous creator of the Shiba Inu coin is known as "Ryoshi." However,
very little is known of the mystery founder of the dog-themed
cryptocurrency, much like the founder of Bitcoin, Satoshi Nakamoto.

In his blog RYOSHI RESEARCH, he characterizes himself as "just some guy of

no consequence tapping at a keyboard." Ryoshi said that usually in projects
there are different roles like a CEO, a "tech guy," and a roadmap, resulting in
"someone plebs can bitch at." He stresses that with Shiba, no one person is
accountable or responsible and underlines that he owns 0 SHIB to this day.
For this reason, Ryoshi can be "pure and unbiased," getting satisfaction from
Shiba "in other ways."

It has been speculated that Vitalik Buterin was behind the initial liquidity that
helped set up Shiba Inu's liquidity on Uniswap. According to Ryoshi, he had
"a fren" he met at Devcon in Osaka that sent him 10 ETH to set up the
liquidity pair on Uniswap. Ryoshi also stated that Shiba Inu was an
experiment in decentralized community building, and he thus declined all the
influencer requests and pitches from different exchanges he received. His
"job" is to defend the brand and give suggestions, although he does so very
sparingly, as his last blog entry dates back to May 2021.

What Makes SHIBA INU Unique?

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 The SHIBA INU website invites dog-inspired artists from all over the world to
foster the "artistic Shiba movement" as they bring their SHIBA INU
community into the NFT market. SHIBA INU has also created a campaign
using Amazon Smile in order to collect donations to escue real, live Shiba Inu
dogs with the Shiba Inu Rescue Association.

After initially being only one meme coin of many, Shiba Inu skyrocketed to
popularity after Vitalik Buterin famously burned his share of the SHIB supply.
Ryoshi had given Buterin 50% of the SHIB supply, announcing that "as long
as Vitalik doesn't rug us," Shiba Inu would be fine.

However, Buterin decided to burn 90% of his share, which later would have
been worth billions thanks to the soaring value of SHIB. The remaining 10%
were sent to a charity, as were about 50 trillion SHIB more that Vitalik had
donated to a COVID-19 relief fund. He stated that he did not want "to be a
locus of power" and thus gave the tokens away. This resulted in a temporary
loss of value for SHIB, which the token later recovered from after the
community agreed on an arrangement with the charity in question.

Ryoshi's goal for Shiba Inu has been to see if a perpetual decentralized
organization could work with no central leadership. In a blog post, Royshi
noted that the rift caused by Buterin's token donation made the community
stronger and would enable it to distribute further and decentralize the
movement. His vision for the core ecosystem is to perform its utility while the
Shiba Inu-own stablecoin becomes the globalized exchange of value.

In October 2021, SHIB surged on the news of a possible Robinhood listing

and briefly flipped Dogecoin to become the most-valued meme coin by
market capitalization. Thus far, Robinhood has not listed SHIB, despite a
petition with over 500,000 signatures calling for it. Robinhood executive
Christine Brown has lauded the efforts of the Shiba Inu community, saying
that one of her favorite things was seeing it engage with the community to
make its wishes heard. However, Robinhood would prioritize safety over the
"short-term gain" of a new token listing and has left Shiba Inu fans waiting
since.

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 The October 2021 price surge famously minted a billionaire, as one wallet
was uncovered that had bought $8,000 worth of SHIB in summer 2020,
which was worth over $5.7 billion at SHIB's all-time high valuation. The wallet
owner has not been determined, although the person appears to have sent
parts of their fortune to other wallets several weeks after the price explosion.

The price surge also led to increased adoption across token holders.
WhaleStats compiled data of the largest ETH wallets and found that SHIB
represents over 20% of the combined market shares of all ERC-20 tokens
held by Ethereum whales. CRO was a distant second with only 5%. SHIB also
surpassed the one-million holder mark following its all-time high.

Moreover, retailers increasingly started adopting SHIB as a means of

payment following its popularity among small-time investors. American
electronics retailer Newegg added SHIB at the start of December 2021,
partnering with crypto payments platform BitPay to unlock payments in SHIB.
This followed the adoption of SHIB by over 500 merchants, according to
payments firm CoinGate, with even Samsung-backed digital wallet provider
ZenGo adding SHIB to its options and a restaurant in Paris accepting it as a
payment option. At one point, the Shiba Inu community called for McDonald's
to accept Shiba Inu, although the social media effort eventually fell short.

A major reason for the surging price of SHIB was a continued effort by the
SHIB community to build a utility for the Shiba Inu token and the subsequent
emergence of an entire Shiba Inu ecosystem.

ShibaSwap is the coin's designated DEX that started as a fork

of Sushiswap that has, in the words of Ryoshi, its "own little twists and
elements." Furthermore, Shiba Inu also plans to develop SHI, which will be
the "global exchange of value for plebs," an algorithmic stablecoin pegged to
one cent instead of one dollar as most other stablecoins. Its launch is
planned after the Shiba layer-two solution called Shibarium, and Ryoshi
envisions SHI to work in a similar way to DAI. That way, SHI would have
collateral as a backstop that would push it back to one cent if the peg was
lost.

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 According to Ryoshi, the end goal is that SHI becomes a global stable
currency "that plebs across all countries are able to use as both a store of
value and method of payment."

In addition to SHI, a financial ecosystem is planned, and SHI would be added

as a weighted pool pair on Curve. In that case, Ryoshi expects forks of the
major DeFi protocols to appear in the Shiba Inu ecosystem, which would
require an immutable bridge to function.

Shiba would also start hosting localized meetups and a once-a-year ShibaCon
convention that would be hosted at an easily accessible location in a country
without oppressive visa restrictions "for the sake of inclusiveness for global
plebs."

One immediate change Shiba Inu has implemented is increasing token burns,
which have sparked renewed interest in the token at the beginning of 2022.
Bigger Entertainment, a crypto record label selling merch, NFTs and concert
tickets, organized a SHIB burn party that burned over 239 million SHIB over
Christmas. In total, the team has burned almost one billion SHIB since the
end of October.

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