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Shiba Inu started as a joke or MEME token, but over time, it has developed its ecosystem and evolved into a metaverse project. It was introduced to the crypto market as a “Doge Killer,” aiming to rival the Dogecoin project. Additionally, it offers services such as a metaverse NFT game interface and DeFi features like ShibSwap. Like any other ecosystem, it has its native tokens, including $SHIB, $BONE, and $LEASH. The SHIB token is a member of the ERC-20 network. MEME tokens, in general, gained popularity in 2019, but apart from a few projects like Shiba Inu and Doge, they haven’t contributed significantly to the crypto ecosystem.
In fact, in this article, we will explore the answers to the question: What is Shiba Inu? What is the SHIB token? What is the Shiba Inu Metaverse? So let’s get started!
Who is the Founder of Shiba Inu?
Shiba Inu was founded in 2020 by an independent crypto enthusiast known as Ryoshi. However, it is fully owned by a decentralized community called ShibArmy. Ryoshi, who has a strong interest in decentralized communities, envisioned creating a cryptocurrency and community from scratch without any costs. During the development of the project with his friends, they decided not to allocate any tokens.
So what happened?
If you look at any other crypto project, you will see token allocation tables where a certain percentage is allocated to team members, marketing, and more. But it’s different for Shiba! Ryoshi, as an ordinary investor, involved himself in the project to ensure it belongs entirely to the community and is community-driven. Consequently, there was no token allocation, and Ryoshi didn’t have to pay advertisers (influencers) or exchanges for marketing and token listing.
What is the Shiba Ecosystem?
As mentioned earlier, the Shiba ecosystem provides various services like Metaverse, NFTs, DeFi, and DAO. Let’s take a closer look at each one!
What is Shibarium?
So, Shibarium is a layer 2 blockchain structure for the Shiba ecosystem. It is still in beta and aims to offer speed, security, and low transaction fees. Additionally, it assists developers in creating new programs. This layer 2 feature is vital for the continuation of Metaverse, NFT games, and Web3 innovations. Shibarium is currently available on the testnet version called Puppynet for testing and development purposes.
What is Shiba Eternity?
Shiba Eternity is the first game developed within this ecosystem. It is a card game-based war and strategy game. The Shiboshi NFT collection is designed for this game, which we will discuss shortly. Developed with contributions from Play Side Studios and William Volk and popularized by ShibArmy, Shiba Eternity is currently compatible with mobile devices. But is planned for PC development in the future. It consists of six characters:
- Chewjitsu
- Taikwondoje
- Ryo Chi
- Bite Thai
- Woof Chun
- Shyjitsu
What is Shiboshi NFT?
Shiboshi NFT is an Ethereum blockchain collection for the Shiba Eternity game. It consists of 10,000 characters. It is currently available on the OpenSea platform with a floor price of around 0.33 ETH. Equally important, the limited supply and the popularity of the Shiba Inu project have already increased the lowest value of this collection to around $700 at the time of writing.
What is ShibArmy?
ShibArmy is a decentralized autonomous organization (DAO) and a non-profit community with a strong presence in social media. Unlike other communities, it is more dynamic and has a goal of not seeking profit, except for returns from their investments. ShibArmy has been the driving force behind the success of the Shiba project. With a community numbering in the millions, Shiba Inu shows how a project can grow from scratch and become one of the most popular cryptocurrencies globally.
What is Shiba Metaverse?
ShibArmy designed Shiba Metaverse to be accessible to everyone. As it is still in the development phase, we have limited information about it. However, we know that this metaverse project, backed by the $SHIB token, will facilitate the token-burning process. Token burning reduces the token supply, temporarily increasing its value. The project encompasses a total of 100,595 plots of land, of which 36,431 are currently available for sale on the OpenSea platform. Moreover, landowners can use these plots for investment, generating additional income within the metaverse, and construction purposes. The lands are in various categories as follows:
- 4th Level Silver Fur: 17,030
- 3rd Level Golden Tail: 7,356
- 2nd Level Platinum Paw: 5,714
- 1st Level Diamond Tooth: 2,024
- HUBS: 4,307
HUBS are lease-only products, but they provide the highest returns. HUBS consists of 11 different regions, each with its unique characteristics.
What is the SHIB Token?
The SHIB token and its derivatives, related to this ecosystem, are a part of the ERC-20 network. Each has a different purpose, market cap, total supply, and price. The SHIB token, or $SHIB, is the currency that supports various applications within the Shiba ecosystem, such as Shiba Metaverse and ShibaSwap. There is a total supply of 589,605,139,213,048 tokens, with 589,536,909,347,051 tokens currently in circulation. Notably, Vitalik Buterin had a significant portion of the supply (50%) for the burn process. However, Vitalik decided to donate this supply to India as part of a COVID-19 relief campaign.
The current $SHIB data is below.
LEASH Token: There are a total of 107,646 LEASH tokens available within the Shiba ecosystem. LEASH provides advantages such as participating in land pre-sales, free NFT minting, and income services for liquidity providers. It has contributed to increasing the value of the Shiba ecosystem. You can only purchase LEASH tokens through ShibaSwap.
The current $LEASH data is below.
BONE Token: With a total supply of 250,000,000 tokens, BONE supports community-related voting, transaction fees (gas fees), and access to Layer 2 applications with faster and more cost-effective fees on the Ethereum blockchain. It has contributed to increasing the value of the Shiba ecosystem. You can only purchase BONE tokens through ShibaSwap.
The current $BONE data is below.
What is ShibaSwap?
So, as the name suggests, ShibaSwap is a decentralized exchange that enables swapping transactions. Currently, it only supports ERC-20 tokens, but with the upcoming Layer 2 update, new networks will engage. The platform aims to provide users with fast and low-cost swap transactions and rewards liquidity providers. In addition, ShibaSwap plans to make the most significant contribution to the Shiba ecosystem. It is the exclusive platform for trading the aforementioned tokens.
Who are the Partners of Shiba Inu?
Shiba Inu does not have any investment firms to align with its original purpose. Built entirely from scratch and developed with investments from the community. However, there are several service partnerships today that also contribute to token burning through their services. So, the main partner of Shiba Inu is ShibArmy. Some of the service partnerships include:
- Certik
- Skynet
- NOWPayments
- Welly
- John Richmond
How Can I Enter the Shiba Ecosystem?
If you want to access the applications mentioned above, you will need a Metamask wallet. Because Metamask is the primary wallet for transactions. It also includes land purchases and gameplay within the Shiba ecosystem. You can learn how to create a Metamask wallet by watching our tutorial video on the Coin Engineer YouTube channel.
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