Shiba Inu: The Dog That Bit the Crypto Market

By Portenno | A Short History of Cripto and more... | 21 Oct 2024

In August 2020, Shiba Inu (SHIB) was created by an anonymous developer known as Ryoshi. Inspired by Dogecoin’s success, it started as a meme cryptocurrency but quickly gained traction, thanks to its strong community. SHIB operates as an ERC-20 token on the Ethereum network, making it compatible with decentralized applications.

A defining moment came when Ryoshi transferred 50% of the total token supply to Ethereum co-founder Vitalik Buterin. In a surprising move, Buterin burned 90% of the tokens and donated the rest to charity, making SHIB stand out as more than just a meme.

The Shiba Inu ecosystem also includes other tokens like BONE (for governance) and LEASH (as a store of value). With the launch of ShibaSwap in 2021, the platform allowed users to trade, stake, and earn rewards, cementing its position in the DeFi space.

Cryptocurrency Ethereum (ETH) DeFi Publish0x Shiba Inu (SHIB)

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Portenno

A passionate cryptocurrency writer aims to create captivating articles about holding cryptocurrencies, investment, and the emotions people experience while investing.

A Short History of Cripto and more...

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