What Is Shiba Inu?
Adekunle Joshua
Shiba Inu was created by an anonymous founder named Ryoshi, who was testing community governance in August 2020.
source-Anayltics Insight
The concept of community governance involves making decisions through voting in blockchain projects, and Shiba Inu was created with this in mind.
source-Ecometrics Times
Shiba Inu was launched with an initial supply of 1 quadrillion tokens in circulation
source-Adobe
In May 2021, Shiba Inu gained significant attention when Ryoshi transferred half of its tokens to Vitalik Buterin, the Ethereum founder. This move contributed to the token's increased value that year.
source-Zipmex
However, Vitalik Buterin sold 10% of the SHIB tokens he received and donated the proceeds to charity.
source-News BTC
Buterin also burned 90% of the tokens. This meant that those tokens were sent to a wallet with an undisclosed address, never to be used again.
source-Freepik
Currently, SHIB has a total supply of 589T tokens in circulation. Its rapid growth has posed a challenge to another popular meme token, i.e. Dogecoin.
source-Tekedia
SHIB's success isn't solely due to Vitalik's actions but the token's success can also be attributed to its unique features i.e. smart contracts functionality.
source-Currency.com
SHIB holders can create tokens and perform other operations like staking and creating Defi apps.
source-Anayltics Insight
Holders can also lend their tokens to others and receive fees in return.
source-CryptoSlate
SHIB is poised to continue growing and making a name for itself in the crypto world.
source-Great Learning