Shiba meaning in crypto refers to Shiba Inu (SHIB), which is a dog-themed meme cryptocurrency named after a Japanese dog breed. It was created in 2020 by an anonymous developer named Ryoshi, who designed SHIB to be an alternative to Dogecoin (DOGE) on the ETHereum blockchain.
What is Shiba Inu (SHIB)?
Shiba meaning in crypto refers to Shiba Inu (SHIB). SHIB had a total supply of 1 quadrillion. When it was first launched, Ryoshi locked 50% of the total supply in Uniswap to provide liquidity. Uniswap is an automated market maker (AMM) protocol on the ETHereum blockchain and is one of the most successful projects in the decentralized finance (DeFi) space. The other 500 trillion SHIB were sent to Ethereum co-founder Vitalik Buterin, who decided to burn 90% and donate the remaining to the India COVID-19 relief fund.
The Shiba Inu ecosystem
The Shiba Inu ecosystem consists of other canine-termed entities. For example, ShibaSwap is a decentralized exchange that allows traders to trade SHIB and other cryptocurrencies on ShibaSwap, “dig” into the Puppy Pools to provide liquidity, or “bury” your tokens into smart contracts to earn interest with SHIB and two other ERC-20 tokens, Doge Killer (LEASH) and Bone ShibaSwap (BONE).
LEASH is the second token created by Shiba Inu and it’s also on ShibaSwap. With a circulating supply of 107,646 tokens, LEASH was initially used as a rebase token to track Dogecoin’s price. However, SHIB developers decided to change LEASH to an ERC-20 token. LEASH holders can stake their tokens in the liquidity pool and earn xLEASH as rewards.
BONE is a governance token. It has a supply of 250,000,000 tokens. In the future, it will allow the ShibArmy (a nickname for its community) to vote on upcoming proposals on Doggy DAO.
Furthermore, Shiba Inu is also proposing a non-fungible token (NFT) art incubator called Shiba Artist Incubator. It invites fellow dog-lovers around the world to bring their Shiba Inus into the NFT market, featuring artworks like painting, photography, and digital rendering.
Why is SHIB so popular?
During the global pandemic in 2020, the cryptocurrency market crashed and then exploded as retail investors flocked to digital assets like bitcoin (BTC) and ETHer (ETH) to hedge against inflation. The concurrent stock market saga has led to the rise of meme coins. Some attribute SHIB’s popularity to social media influence, especially from Tesla CEO Elon Musk. After he publicly joked about Dogecoin on TV in May 2021 and made it slump in price, SHIB and other meme coins had taken advantage of the rising popularity of meme tokens. As of November 2021, SHIB price has increased more than 60,000,000% since January.
In addition, the Shiboshi NFTs and game that was launched in October 2021 were very well-received by the public. The 10,000 Shiboshis sold out in under 35 minutes. This is perhaps due to the public’s love for dogs in general.
In Conclusion
Shiba meaning in crypto refers to Shiba Inu, a dog-themed meme cryptocurrency which has garnered the attention of many dog lovers and meme coin lovers around the world. However, do remember to DYOR before investing fully into meme coins, as they are most likely more volatile than other cryptocurrencies.
