Shiba Inu (SHIB) is often considered a meme coin that operates on the Ethereum blockchain. It was created in August 2020 by an anonymous person or group known as "Ryoshi." SHIB is named after the Shiba Inu dog breed from Japan, which is also the mascot of the popular cryptocurrency, Dogecoin.
SHIB is part of a larger ecosystem known as ShibaSwap, which includes other tokens like LEASH and BONE. ShibaSwap is a decentralized exchange (DEX) where users can stake, farm, buy, and sell SHIB and other tokens.
In August 2023, Shiba Inu made a significant move by launching its Layer-2 network, Shibarium, built on Ethereum. Shibarium is designed to enhance scalability, reduce transaction fees, and facilitate decentralized applications (dApps), focusing on DeFi and gaming. SHIB tokens are used as gas fees on Shibarium, further integrating the ecosystem. Despite some initial technical issues, such as Shibarium halting block production twice within 24 hours of launch, the network resumed operations on August 24, 2023. Since then, Shibarium has processed over 7 million blocks and 420 million transactions as of September 2024, demonstrating steady growth and user adoption.
The ecosystem continues to expand with the development of the SHI stablecoin, which is expected to provide stability and liquidity for the Shiba ecosystem. SHI’s role in Shibarium and DeFi is crucial for long-term success, aiming to bring in more users and liquidity
Above are only for introduction, not intended as investment advice.
