The project is supported by a team of developers and community members working together to drive its growth and development. Shiba Inu's founder or founders operate under the pseudonym "Ryoshi," and their true identity remains unknown. The project has also launched several decentralized applications (DApps), such as ShibaSwap and BoneSwap, that leverage the Ethereum blockchain's power to enable secure and transparent transactions. Shiba Inu's use cases include micro-tipping, allowing users to send small amounts of SHIB to support content creators and social causes. This mechanism creates a deflationary effect, maintaining the value of SHIB over the long term. It sends a portion of each transaction fee to a burn wallet, reducing the amount of SHIB in circulation and increasing the value of the remaining tokens. The "burn mechanism" is one of Shiba Inu's unique features aiming to decrease the supply of SHIB tokens over time. Buterin later burnt 90 percent of his Shiba Inu tokens worth USD 6.7 billion to a dead wallet and donated the remaining 10 percent to a charity working for Covid-19 relief in India. The SHIB tokens were launched with a total supply of one quadrillion, half of which was locked in Uniswap for liquidity, and the other half was burnt by sending them to Ethereum's co-founder Vitalik Buterin. Keep in mind that this is a token without any smart contract utilities and isn't backed by any asset it is simply a token that can be transferred. Shiba Inu aimed to create a community-driven ecosystem to enable users to exchange value and support social causes. The project was named after the popular Japanese dog breed Shiba Inu, similar to the original dog-inspired meme coin, Dogecoin (DOGE). Shiba Inu (SHIB) was launched in August 2020 by Ryoshi, an anonymous individual or group. Several leading cryptocurrency exchanges, including Binance, Coinbase, and OKEx, have listed the new SHIB token, making it available for trading.
Since its inception, the price of SHIBA has shown remarkable growth, starting at $0.00000001 and surging by more than 2 million percent. With members hailing from almost every country globally, the Shiba Army has propelled Shiba Inu into the ranks of the top 20 cryptocurrencies worldwide. The project has garnered a massive following worldwide, with millions of members comprising the devoted and steadfast Shiba Army community. Initially starting as a meme token, the Shiba Inu network has transformed into a robust ecosystem encompassing one of the world's largest DeFi staking platforms, an NFT marketplace, a decentralized exchange, and more.
Shiba Inu (SHIB) is an ERC-20 token powered by the Ethereum blockchain that features the Shiba Inu hunting dog as its mascot.
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