Cryptocurrency Explained: Shiba Inu Coin

Shiba Inu Token ($SHIB) began in August of 2020 as a memecoin, set to challenge the market position of Dogecoin as the self-proclaimed “Dogecoin killer,” but has since become a larger, complex organism with plans to reshape the world of cryptocurrency. It is built on the Ethereum network as an ERC20 token, which gives it access to DeFi protocols and NFTs, and its initial exponential growth followed by years in the top 30 coins by market capitalization prove Shiba Inu has staying power.

The Foundation of Shiba Inu

In the Shiba Inu whitepaper (the Woofpaper), Shiba Inu’s creator Ryoshi states that his goal with the project is to create a decentralized and 100% community-owned cryptocurrency, run by volunteers. To achieve this, Ryoshi put half the total supply into circulation, and gave the rest to Vitalik Buterin, the founder of Ethereum, as both a token of gratitude and a marketing stunt to imply closeness to the father of Defi. Buterin claims no association with $SHIB and sold or traded his token holdings shortly after receiving them, including a $1 billion donation to a Covid-19 relief fund in India.

The official website clarifies the Woofpaper by highlighting three guiding principles embraced by the Shiba Inu community, AKA the Shib Army:

1. Create something from nothing. Ryoshi claims in the Woofpaper that Shiba Inu’s founding fees and initial liquidity came as a gift from an ETH holder, but Ryoshi received nothing in the exchange. They go on to say that nobody involved with the project receives a wage, including Ryoshi, and all Shiba Inu holders purchased their coins on the fair market, except Vitalik Buterin, of course.

2. The Shiba Inu community is spontaneous, meaning the people involved in any aspect – whether investing, marketing, or developing – came to the project on their own, based on their affinity for cryptocurrency and the third principle which is:

3. Shiba Inu token holders love shiba inu dogs.

The Shiba Inu Ecosystem

Ryoshi’s original plan was to create a dog-based memecoin to rival Dogecoin and have it be community owned and driven. Since releasing control to the community, Shiba Inu token’s digital footprint expanded to include multiple tokens and a Defi protocol. Here is a quick rundown of the larger projects:

• ShibaSwap is a decentralized exchange, run by the Shib Army. It’s a dedicated place to buy and trade the various tokens associated with Shiba Inu.

• Bone is a governance token used to vote on administrative action and developments within the Shiba Inu ecosystem. The more Bone you have, the more your vote matters.

• Leash started as a token whose value correlated 1:1000 with Dogecoin, but that feature didn’t last long. Now Leash tokens are considered “premium” tokens within the Shiba Inu ecosystem, used to access special perks, like Shiba property in the Metaverse.

• Shiba Inu OS (ShibOS) is a community driven operating system for decentralized apps. It uses the TREAT Token for governance and access to advanced features.

The Shiba Inu ecosystem and greater community also includes games, a Podcast, a magazine, government partnerships, and more.

Shiba Inu Token at CoinFlip

You can buy $SHIB through all CoinFlip products in the U.S., except where prohibited. You can buy Shiba Inu tokens without ETH, but if you want to swap or move it to a different wallet you will need a little ETH to pay for transfer fees.

At the ATMs

CoinFlip ATMs sell $SHIB in tranches of 1,000 units, called KiloShibs. So if you buy 5 units, you will receive 5,000 $SHIB. We do this because individual Shiba Inu tokens have such a low value that it is more efficient and less confusing to sell in amounts that more closely correspond to the dollar denominations used at our ATMs. To buy Kiloshibs, you will need a compatible wallet – such as the CoinFlip wallet. You’ll also need a phone number and your ID. CoinFlip ATM users must be 18 or older. Find a CoinFlip ATM near you here.

Through the CoinFlip Wallet

The CoinFlip wallet app uses Moonpay to allow users to buy Shiba Inu with a debit card. Minimum purchase of $30 required.

Through CoinFlip’s OTC Service

CoinFlip Preferred is our white-glove service. Talk to a live client manager who can walk you through any aspect of the buy, sell, or swap process. We accept wire transfer and ACH for qualifying customers and can even facilitate LLC and Institutional purchases.