The Shiba Inu token started back in 2020 as a meme coin that was poised to be the Dogecoin killer, which it proved it could be by impressively outdoing the performance of the Dogecoin with a yearly growth rate of 49,000,000%.
Contrary to what a lot of investors might think, that the Shiba Inu token does have tokenomics which is based on a three-coin system.
Does Shiba Inu have tokenomics?
Yes, Shiba Inu does have tokenomics. The coin’s tokenomics is based on three ERC-20 tokens as they were all built on the Ethereum blockchain. They are:
• Shiba Inu’s tokenomics is based on a three-token system built on the Ethereum blockchain because of its high degree of decentralization.
• Most of the Shiba Inu Coin supply was burned and transferred to a dead wallet owned by Vitalik Buterin.
• At the moment, Shiba Inu is standing strong as one of the top 20 cryptocurrencies in the crypto market. A major improvement from where it was back in 2020.
• BONE, LEASH, and SHIB are three ERC-20 tokens that define Shiba Inu’s tokenomics and shape its ecosystem.
SEE ALSO: What is Shiba Inu SHIB Backed By?
SEE ALSO: How to Mine Shiba Inu on UnMineable
Shiba Inu is ranked among the top 20 cryptocurrencies based on market cap, and experts are hopeful that the meme coin will evolve to become something much more than that in the future.
This article takes a look at the Shiba Inu coin and also answers the question regarding its tokenomics.
A brief look at the Shiba Inu Coin
The Shiba Inu Coin was founded by an individual named Ryoshi back in 2020. Together with the Shiba community, Ryoshi decided to create the Shiba Inu coin off of the Ethereum blockchain.
According to Ryoshi, he wanted to ensure that the Shiba Inu project was free to change and evolve with zero outside regulations impacting it, and ETH was the way to achieve that goal since it is highly secure and decentralized.
He also sold 50% of the total Shiba Inu supply to Vitalik Buterin as, according to him, “there is no greatness without a vulnerable point, and as long as VB doesn’t rug us, then Shiba will grow and survive.”
Together, this laid the foundation for the existence of the ShibaSwap, a truly decentralized exchange where you can trade, buy, sell, and HODL to gain rewards that far surpass the value of other staking platforms.
However, whether this forecast will become a reality remains to be seen.
Key Statistics about the Shiba Inu Coin
- Shiba Inu, with a current value of $0.000009324, a 5% increase in the past 24 hours, is ranked 16th by market cap.
- Shiba Inu coin currently has a market cap of $5,136,282,909 and a fully diluted market cap of $5,569,399,029.
- Currently, Shiba Inu has a 24 hr volume of $1,773,696,577 with a circulating supply of 549,063.28B SHIB and a total supply of 589,735,030,408,323.
- The coin has over 1.1 million holders with over 14,000 active addresses.
- The top cryptocurrency exchanges for trading in Shiba Inu stock are currently Binance, OKX, Bybit, BTCEX, and FTX.
Note: The information was from CoinMarketCap, one of the most trusted crypto websites in the crypto space.
SHIB is the major token of the Shiba Inu ecosystem and had a huge initial supply of 1 quadrillion before Vitalik Buterin burned 410 trillion tokens.
SHIB holders can stake, or bury, their tokens to earn BONE as a reward. SHIB stakers also earn 0.1% of all ETH swap transaction fees on ShibaSwap, as seen in the project’s WOOF paper.
Leash Dogecoin Killer
LEASH is the second token in the Shiba Inu ecosystem. It is also an ERC-20 token with a high fiat value because of its relatively low supply of 107,646 tokens.
LEASH holders can stake the token and use it to provide liquidity for the LEASH-ETH pair to earn BONE tokens.
BONE, which has a fixed supply of 250 million tokens, is the third token of the ecosystem. BONE is the governance token of the network, giving voting rights on future proposals on the Doggy DAO expected this year.
BONE will also be given as a reward for staking and liquidity provided on ShibaSwap.
Moreover, BONE can also be staked for more BONE token rewards and used to provide liquidity for the BONE-ETH trading pair – rewarding liquidity providers with 0.1% of all DAI and USDT swap returns.
Apart from the three-coin Shiba Inu tokenomics, there are also other important tools in the Shiba Inu ecosystem which are listed below:
ShibaSwap is the decentralized exchange (DEX) for decentralized finance (DeFi) where investors can buy, sell, trade, and even hodl cryptocurrencies without the limitations usually seen on centralized platforms.
Shiba Inu Incubator
The Shiba Inu Incubator was formerly known as the Artist Incubator. This is where the talented people of ShibArmy can express their creativity and build their artwork.
Shiboshis are 10,000 non-fungible tokens (NFTs) generated on the Shiba Inu ecosystem and permanently recorded on the Ethereum blockchain, with different features that make each of them unique and collectible.
They can be purchased and traded on the popular NFT platform OpenSea and ShibaSwap without any fees.
Frequently Asked Questions (FAQs)
Should I buy a Shiba Inu coin?
Before buying the Shiba Inu coin, it is important to know the history behind the coin’s existence, and given that the coin was initially a meme coin, it would be wise for you to invest prudently in it.
What was the highest and lowest price ever attained by the Shiba Inu coin?
According to CoinMarketCap, Shiba Inu recorded an all-time high of $0.00008845 on October 28th, 2021, and an all-time low of $0.000000000082 on September 1st, 2020.
The Shiba Inu coin still holds its place quite comfortably on the list of high-performing cryptocurrencies in the crypto market.
With its future still yet uncertain, investors and crypto analysts hopefully will be glad to see their positive forecasts become a reality.
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