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Get to know the paw-esome Shiba Inu tokens

If you’re someone who started to catch interest in meme coins then Shiba Inu tokens are definitely something you should look into. Recently launched in August 2020 by someone under the pseudonym ‘Ryoshi’, this meme coin now has an almost $14 billion market cap and ranks as the 14th largest cryptocurrency.

Shiba Inu (SHIB) is an Ethereum-based cryptocurrency inspired by Dogecoin and its iconic Shiba Inu meme logo. However, it’s not this similarity that attracts investors but its one quadrillion token supply.

Though it may be tempting to jump in headfirst and invest in SHIB as soon as possible, it’s better to know its details beforehand. Fortunately, you can do this and find out everything you need to know about Shiba Inu including its history, features and more here at Cryptoshimbun:

What is Shiba Inu?

Shiba Inu (SHIB) was created on the Ethereum blockchain as an alternative to Dogecoin (DOGE). A mystery creator known only as ‘Ryoshi’ launched it in August 2020 as a decentralised meme coin with an existing supply of one quadrillion. Not much is known about this Ryoshi, like Bitcoin’s creator Satoshi Nakamoto. 

After creation, over 50% of the tokens or 410 trillion SHIB valued at $7.3 billion was given to Ethereum’s co-founder Vitalik Buterin. With this, over 41% of the SHIB tokens in circulation have been removed.

Both Shiba Inu and Dogecoin are considered to be ‘meme coins’ because their logos are inspired by the viral photo of a Shiba Inu. These coins’ price movements rely mostly on mainstream relevance through social media, with some celebrities pumping up the token through posts. A good example would be Elon Musk who posted a photo of his Shiba Inu named Floki. Within a couple of days, the token’s value flared up to 600% as a result.

How does Shiba Inu (SHIB) work?

Like other cryptocurrencies, Shiba Inu functions on a decentralised network popularly referred to as the ‘blockchain.’ However, it doesn’t run independently and is part of the Ethereum blockchain. 

This means that SHIB is an Ethereum-based ERC-20 token that can use smart contracts to construct decentralised merchandise. Through its decentralised exchange and artist coop, SHIB intends to enter the DeFi industry. This has gained traction as protocol prices and usage rose. And with the use of Ethereum’s network, artists will be able to auction out non-fungible tokens via smart contracts, resulting in a non-fungible token economy that eliminates the need for third parties.

Shiba Inu native coins

Shiba Inu uses three tokens that make it run as a whole: the SHIB, LEASH and BONE. To better understand each one, here is a rundown:

  • SHIB – This serves as a medium of exchange and the main token out of the three.
  • LEASH – Shiba Inu has various linked coins to it and Leash is by far the most restricted one with only 107,646 units available. This is now an independent ERC-20 token. 
  • BONE – This token has over 250 million units and acts as a governance token, allowing individuals to participate in network voting in 2022. The more BONE you have, the more weight your votes hold.

Shiba Inu’s difference with Dogecoin

Despite these two coins both having Shiba Inu icons, they vary in a technical sense. Dogecoin is a cryptocurrency that runs on its own independent blockchain. Shiba Inu, on the other hand, is a token that functions on the Ethereum blockchain. This means it can allow the growth of decentralised apps to be constructed and managed with no fraud, downtime, or third-party interference. 

Another thing that sets them apart is their community. Shiba Inu, unlike Dogecoin, allows its community to make applications where users can exchange their tokens without intermediaries. 

These apps include Shibaswap, a decentralised crypto exchange platform that functions like any other coin-swapping app but what makes it unique is how it allows you to stake, govern and many more. Another unique feature of SHIB is its Shiboshis, an NFT. There are over 10,000 exclusive Shiboshi NFTs eternally written on Ethereum’s blockchain.

Where can you buy Shiba Inu tokens?

The best way to get Shiba Inu tokens is from reputable sources. So if you’re wondering where you can get SHIB tokens safely, here is a list to consider:


Binance is a global cryptocurrency exchange platform where you can trade, buy and sell your crypto coins and tokens. This is one of the most popular places to acquire cryptocurrency and is also one of the most trusted. It comes with many great features but what stands out the most is its 65 available cryptocurrencies, a vast selection of trading options and low-cost fees.


Another platform you can consider is Coinbase. This is also one of the most well-known places to trade and buy cryptocurrency. It’s popular for its great security and easy platform that reels in all sorts of investors. This also comes with an upgraded version called ‘Coinbase Pro’ which offers more features. Some of the reasons people like Coinbase is its wide variety of altcoins, excellent liquidity and simple interface. Plus this comes with an e-wallet and has reasonable transaction fees.


Last but not least is KuCoin. This is a cryptocurrency exchange medium that is available in over 200 countries. This has tons of benefits that come with it but its most popular perks are its low cost in fees for transactions, has a vast selection of crypto coins and tokens plus gives the ability to earn interest. 

This is possible by lending assets to other investors and charging for interest. Although this isn’t licensed in the United States, it’s still available in various other countries. 

Is the Shiba Inu token worth investing in?

Shiba Inu has been around for only a year but it has already made it into 700,000 crypto wallets. Without a doubt, this token still has long and fruitful years to come. Over the past year, it has been increasing in value because of the number of investors joining in as most believe its value can soar higher than the token’s ecosystem growth. 

Its current price of US$0.00002291 per coin is relatively affordable, making it easier for beginner investors. So if you’re looking for a cryptocurrency to invest in, why not try Shiba Inu (SHIB) out. 

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