Shiba Inu is a memecoin that is very similar to Dogecoin. It uses the same dog breed as a symbol, although in Shiba Inu the dog is a drawing and in Dogecoin it is a real image of the Shiba Inu dog, a breed from Japan.
There are said to be a total of 1,000 billion tokens of this coin on the market, so they are not really rare, as is often the case with these types of coins. The hype around coins like Safemoon and Safemars had about the same setup. Since then, about half have been burned.
Still, there are some differences that stand out. We need only let the creator of the coin speak to understand his vision.
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Shiba Inu saw the light of day August 2, 2020 with the paper called, "All Hail The Shiba! An experiment in decentralization"
To clarify what Shiba Inu is and how it was marketed, Ryoshi addressed the world in this paper. This is the creator of Shiba Inu and he charmingly talks about why he created the coin.
He starts off nicely by mentioning that Shiba Inu is the Dogecoin killer on a logo of a Shiba dog. Well, that sits! Indeed, strong competition has developed between these two coins.
Ryoshi, a reference to Satoshi, expresses that he is an independent trader just like everyone else in the crypto market. He wanted to change the typical tokenomics of a new coin.
With many new coins, you see that 30% or more of the coins are owned by a mystery admin, someone who can vastly change the price and place a back pull.
He continues with general rules about his set up:
He contributed 0 to the project in money. He is not poor, but wanted to know if a project can succeed with 0 from someone who has 0.
Since he has 0, he has to buy coins from the market himself. There are no admin wallets or owner wallets.
Nobody gets paid for influence or exchange listings. Many people have tried this with him, but he politely rebuffs them by saying that they can contribute to the project, but they should not expect to be paid in any way.
He has a rich and successful friend who made a token contract for this coin and put 50% of the tokens on UniSwap in an ETH pair with a deposit of 10 ETH. Then he threw away the keys for this contract so that these tokens could never be taken out. $SHIB was born.
The other half came into the hands of Ryoshi, who could go ahead and do his part. He sent 50% of those tokens to Ethereum's Vitalik Buterin (The Woofmeister), trusting that the latter would surely not stage a back pull on Shiba Inu. To be continued.
He indicated that any help would be appreciated, since he has no team and is a volunteer himself. However, no one will personally benefit from this. When a community is truly decentralized, no leaders are needed, and one day Ryoshi will quietly pull away. Then everything will happen by itself. Again, the similarities to Satoshi Nakamoto are obvious.
February 1, 2021, he continues his argument.
Shiba Inu strikers were able to farm LEASH. This LEASH was meant to tame Dogecoin. Every day at 6:30 AM UTC, the LEASH token becomes worth as much as 1,000 Dogecoin. If Dogecoin is worth 1 cent then LEASH is worth a ten.
Since the two are in sync you will lose LEASH tokens if the price of 1000 DOGE is worth less than 1 LEASH. You will gain tokens if it is the other way around. That way, 1 LEASH remains worth 1000 DOGE.
May 13, 2021.
The Woofmeister owned 50% of the tokens and Ryoshi assumed that these coins would never appear on the market. Buterin, however, gave his tokens to the India COVID Relief fund. A good cause, for sure, but a lot of tokens suddenly appeared on the market, affecting the price.
However, this fund decided to sell the coins responsibly, not all at once and the consequences were manageable.
May 29, 2021.
I am Ryoshi. A reference to I am Spartacus, it seems to us. Anyone who meets another person with the words I am Ryoshi and gets the same response knows he is meeting someone special. Most charming, of course.
Ryoshi says again here that he is nobody and that this project is all about the people who participate in it by holding coins or making contributions. There is no CEO, no tech team, nothing at all, not even a roadmap. Although things are happening.
He even gets philosophical here, reminding people to take responsibility for your own decisions and not blame someone else for your own shortcomings.
His own responsibility is simply to defend the Shiba Inu brand.
He also announces here the making ShibaSwap, a fork of Sushiswap. This is a decentralized exchange that will feature the token BONE.
Furthermore, he further announces the Shiba layer 2 proprietary blockchain, Shibarium. On this, BONE will be the main pair token (for farming, for example).
A stablecoin will also be issued: SHI. This will always have a value of 1 dollar cents. The intention of this coin will be to work as a stablecoin on ETH and Shibarium, but also as a store of value and payment option.
In his final statement there will be another coin out of thin air, namely TREAT. What that thing will do?
He envisions a world where someone in Derbs accepts 330 SHI for his dorado at the fish market.
He ends his argument with:
"I give you this end vision, now build toward it."
Love always, Ryoshi
Shib the metaverse. The idea is that the history of Shiba Inu will be told by artistic creators portraying it. It is called the Tech Trench, after the technology tree that has brought us to where we are today over the centuries. Further inspiration comes from the world of flora and fauna. This is an interactive world, where you can get rewards for playing. So it is very similar to other play to earn games.
De coins van Shiba Inu. SHIB is their main ERC-20 Ethereum token. LEASH is a token for loyal supporters who get all kinds of benefits with it. BONE is the governance token and the foundation for Shibarium, their layer 2 network. TREAT is still blurred out, so it is still on their ruffmap (roadmap).
ShibaSwap. This is where the dog humor comes in. When you go Diggen you deliver liquidity, so farm. At Bury you bury your bone, so you go on strike. Shiboshis are the NFTs you can collect here. You can also swap coins here. The Doggy DAO is still in beta at the time of writing. If you go to WOOF then you can look at your Bonefolio to analyze your portfolio.
Shibarium. This is their layer 2 blockchain.
Shiboshis collection. These are 10,000 Shiba Inu NFTs that all have their unique aspects. These Shiboshis can be used in Shiba Eternity, a Shiboshi Game.
Shiba Eternity. Game that you can play for free, where hundreds of cards and 10,000 Shiboshi heroes can be used in a way very reminiscent of Magic the Gathering. It is a strategic card game.
Community Initiatives. Without input from the Shiba Inu community (ShibArmy), little would come of developments and are greatly appreciated.
Partnershibs. This is not a typo, but funny. Since they are still young, they only have a handful of partners yet, but we are sure many more will follow.
De GRRR list. This is a list of wallets from major exchanges that are not allowed to participate in earning rewards in the Shiba Inu ecosystem. They rather hate centralization here!