What Is Shiba Inu?
Adekunle Joshua
Shiba Inu was created by an anonymous founder named Ryoshi, who was testing community governance in August 2020
The concept of community governance involves making decisions through voting in blockchain projects, and Shiba Inu was created with this in mind
Shiba Inu was launched with an initial supply of 1 quadrillion tokens in circulation
In May 2021, Shiba Inu gained significant attention when Ryoshi transferred half of its tokens to Vitalik Buterin
However, Vitalik Buterin sold 10% of the SHIB tokens he received and donated the proceeds to charity
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
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
SHIB holders can also create tokens and perform other operations like staking and creating Defi apps.
Holders can also lend their tokens to others and receive fees in return
SHIB is poised to continue growing and making a name for itself in the crypto world