Shiba Inu app review

Shiba Inu

Shiba Inu app review

User rating:

0/5 (0 votes)

Open Dapp

Katya Stormina

Last updated: Jun 25, 2022

What is Shiba Inu

Shiba Inu is the second-largest meme coin by market cap, which initially branded itself as a “doge killer”. Unlike its famous predecessor, Shiba Inu doesn’t involve mining and enjoys getting its price pumped by hype from a total zero on the sheer enthusiasm of the token’s huge fanbase known as Shiba Army. 

How does Shiba Inu work

Created in August 2020, Shiba Inu was meant to be an experiment of what might become a cryptocurrency that is fully owned by its users. With that purpose in mind the anonymous creator of Shiba Inu known as “Ryoshi” has locked half of the tremendous 1 quadrillion supply of SHIB on Uniswap to provide liquidity. The other half of the supply was sent to Ethereum co-founder Vitalik Buterin - for “safekeeping” as this marketing move was explained.

Ironically, when Buterin decided to get rid of unknown coins, sending them to a burn wallet, he inadvertently pumped the price of the token, causing one of the many SHIB surges in May 2021. Coinbase’s listing for SHIB resulted in another notable spike in September 2021.

From the beginning, Shiba Inu stays a highly volatile asset that depends heavily on hype, rumors, and occasional comments on Twitter. Elon Musk once sent SHIB 30% down in a single tweet saying that he didn’t hold any of the tokens.

The Shiba Inu project is full of dog-themed vocabulary. Its whitepaper is called “whoof-paper”, staking the coins there means to “bury” them, “dig” is a word for providing liquidity, “fetch” is for swap, and “whoof” refers to claiming rewards.

How to use Shina Inu

As meme coins, Shiba Inu’s tokens' primary use is trading, to do so users need to have a wallet Shiba Inu coins support, a recommended one by the project is MetaMask. Since the coin is on the Ethereum blockchain, users need to acquire some ETH to pay for transaction fees Shiba Inu coins accrue when being transferred. All of the project’s meme coins - SHIB, LEASH, and BONE can be traded on the ShibaSwap dApp. 

The BONE token can be utilized for voting on proposals regarding the development of the project through the Doggy DAO.

The SHIB, BONE, AND LEASH tokens

SHIB is an ERC-20 standard token based on Ethereum. It has a supply of 1 quadrillion tokens, which is a 15-zeros number. All tokens were minted at genesis, and afterward, 50% of the supply was locked in ETH/SHIB liquidity pool on Uniswap v2. 

The remaining 500 trillion SHIB tokens were sent to Vitalik Buterin’s wallet. When he burned his SHIB share in May 2021, the initial supply had been reduced by 40%. 

Aside from SHIB, the Shiba Inu ecosystem onboards two more tokens - LEASH and BONE. LEASH was initially pegged to the Dogecoin price with a 1:1000 ratio but later was “unleashed” - or unpegged - in order to let the market decide on the token price. LEASH is used for liquidity on ShibaSwap DEX and has a limited supply of 107,646.

BONE is set to become a governance token of the announced Doggy DAO that is promised to further decentralize Shiba Inu. The supply cap of BONE is set to 525 million.

How to buy Shiba Inu SHIB token

Shina Inu SHIB token can be purchased on centralized exchanges like Coinbase Pro, HitBTC, and Kucoin.

Shina Inu SHIB token can be purchased on decentralized exchanges like Uniswap v2 and SushiSwap.

Disclaimer

It is up to you where to buy the SHIB token. It is worth taking into account that decentralized exchanges allow you to do this anonymously, you do not need to pass KYC procedures to use them, on the other hand, the cost of transactions may be higher than on centralized exchanges, while there is a risk of your funds being held by the exchange.

Disclaimer

To understand if Shina Inu is a good investment and try to make a SHIB price prediction, you need to do your own research on the project.

All the data for research is available on the project page on our website: check out the technical features of the project in this review, try to use the app, see if the information about the team is available and the team is open for communication, and using the project dashboard and the SHIB price chart, assess the project usage rates as well as the token price movement and the number of its holders.

Is Shiba Inu safe

Is it unclear who is hiding behind Ryoshi nickname - is it a single person or a group of developers, as the currency itself appeared from a zero-valued pool on a decentralized exchange. The project has since established a huge fan base distinguished by the Shiba Army tag.

According to Shiba Inu’s website, Shytoshi Kusama is currently involved with development as a volunteer on the Shiba Inu team. Shina Inu audits can be found in the protocol dashboard on this webpage.

Partners

Unlike other meme tokens, Shiba Inu is actively building up its ecosystem to keep up with its popularity and attention. The main project so far is ShibaSwap a decentralized exchange with liquidity mining options for SHIB holders. There’s also an NFT marketplace Shiboshis and Bonfolio page with helpful stats and analytics.

Shiba Inu also supports Shiba Inu Rescue Association giving them a percentage from purchases using the Amazon Smile service.

Vitalik Buterin donated 50 trillion SHIB to Covid Relief Center in India before burning the rest of his share. That donation is currently worth over $2 billion.

What's next

In October 2021, Shiba Inu announced its plans to launch a decentralized organization for SHIB holders called Doggy DAO. The governance on the platform will be powered by the BONE token. Later, in December there was an announcement regarding monthly token burn events, however, there is no official Shiba Inu roadmap released.

Links

https://www.shibatoken.com/

 

Basic info

  • Token SHIB
  • Audited yes
  • DAO no
  • Yield farming yes
  • Team private
  • Hacks no

Audits

Auditors:

Certik

Certik

Token profile

Price Market cap.

Shiba Inu

Users

Transactions

Latest News

Video Tutorials