Shiba Inu is an Ethereum-based altcoin whose emblem depicts a red coated Shiba Inu hunting dog. Traders treat the token as a rival to Dogecoin. The self titled SHIBArmy promotes the slogan âDogecoin killer.â
The token belongs to the meme coin category – assets that revolve around an internet joke or a pop culture image. An unidentified developer, released the contract on 1 August 2020. Shytoshi Kusama now coordinates releases and public statements.
The so called âwoof paperâ outlines the project philosophy. Ryoshi argues that a leaderless swarm of holders secures longevity more reliably than a corporate structure. The paper cites Ethereum as the settlement layer because its hash power and validator set already protect billions in value.
Shibarium Layer Two
On 15 January 2023 the core team deployed Shibarium, an optimistic rollup that settles on Ethereum. The network batches user transactions off chain, posts compressed proofs on chain, and slashes settlement cost by roughly ninety percent. Validators stake BONE tokens to produce blocks. Delegators assign stake to validators and receive a pro rata share of emissions.
Token Supply
The ecosystem relies on four tokens.
SHIB launched with one quadrillion units. Ryoshi deposited fifty percent inside a Uniswap liquidity pool. The remaining fifty percent landed in a wallet controlled by Vitalik Buterin. On 12 May 2021 Buterin transferred 50.7 trillion SHIB to the India Covid-Crypto Relief Fund. The same week he burned 410.24 trillion SHIB by sending them to a null address. Current circulating supply equals 589.3 trillion.
LEASH totals 107 647 units. Holders receive priority access to land auctions inside the Shiba Metaverse and qualify for occasional reward drops.
BONE has a fixed supply of 250 000 000. Shibarium validators post BONE as collateral. Delegators entrust BONE to validators and collect a portion of block rewards. Every transaction on Shibarium consumes a small BONE fee.
TREAT remains unreleased. Documentation describes the token as a future reward layer for liquidity providers and as a stabilizer for the Shi algorithmic stablecoin.
ShibaSwap
ShibaSwap is a decentralized exchange forked from SushiSwap. Liquidity providers deposit pairs such as SHIB-ETH and receive SSLP tokens; they stake SSLP in âPuppy Poolsâ to farm BONE. Users who stake SHIB, LEASH, or BONE receive xSHIB, xLEASH, or tBONE. Stakers split 0.1 percent of all DEX volume and emissions from the BONE contract.
The interface labels staking as âbury,â liquidity provision as âdig,â and token swaps as âfetch.â Rewards denominated in BONE appear under the tab âWoof.â
Shiboshi NFTs
On 14 October 2021 the project minted 10 000 Shiboshi avatars on Ethereum. Each image depicts a chibi style dog with randomized traits such as laser eyes, party hats, or samurai armor. Owners can use the NFT as a profile picture inside the Shiba Metaverse or stake it for passive BONE rewards.
Acquisition
Centralized exchanges that list SHIB include Binance, Coinbase, Kraken, KuCoin in addition to OKX. Users transfer fiat, purchase USDT or ETH – swap for SHIB. Gas fees on Ethereum mainnet often exceed twenty dollars. An alternative route links a MetaMask wallet to ShibaSwap.com and executes a token swap on Arbitrum or Polygon – bridges SHIB back to Ethereum if custody on the main chain is required.
Price Structure
On 4 September 2024 SHIB traded at $0.00001308. A purchase of 100 USD delivered 7 645 259 tokens. The all time high of $0.00008616 occurred on 28 October 2021. A drop of one decimal place would vaporize ninety percent of nominal value. A rise to one cent would multiply capital by 764-fold yet demand a market capitalization of 5.89 trillion USD, an outcome that exceeds the current valuation of Apple Inc.
Utility Assessment
As of 4 September 2024 SHIB functions mainly as a speculative vehicle. Shibarium supports a handful of games but also NFT marketplaces. Transaction volume on the layer two chain averages 1.2 million USD per day, a figure that rivals a mid tier regional casino. No major merchant or payment processor routes invoices through SHIB. Smart-contract audits by CertiK besides PeckShield report medium risk scores – citing centralization of admin keys.
Volatility Example
Between 27 February 2024 and 4 September 2024 SHIB oscillated between $0.00000897 and $0.00003158. A position of ten million tokens purchased at the low closed at the high yields a gain of 226 USD. A position of one billion tokens under the same conditions yields 22 610 USD. A flash crash to $0.000005 erases fifty five percent of the notional position.
Future Trajectory
Continuation depends on sustained social media engagement, listings on new exchanges, and the release of promised features such as the Shi stablecoin and the Shiba Metaverse. Road-map items have slipped repeatedly – the Metaverse land sale launched in 2022 yet remains in alpha. Absent a durable revenue model, SHIB price action will likely track sentiment cycles on Crypto Twitter or TikTok.
One-Dollar Target
Reaching one USD per token would require a market capitalization of 589 trillion USD, an amount that surpasses the combined GDP of the United States next to China. A more modest target of $0.001 still implies a capitalization of 589 billion USD, roughly double the valuation of Ethereum at the time of writing. Such appreciation presupposes a supply burn of at least 99.9 percent and exponential growth in on chain activity. Neither condition appears on the current horizon.