This archive report was first published on 18 August 2021.
Launched in August 2020, Shiba Inu (SHIB) is a decentralised experiment in community development, with a goal to become a viable investment commodity.
SHIB's creator, Ryoshi, has pushed for the coin's moniker of 'Dogecoin killer,' claiming that SHIB's technology is more 'community-driven' than its rival, named after the Shiba Inu.
SHIB existed in relative insignificance until a rise in interest in DOGE prompted traders to look for the next big thing, even fuelled by the support from Tesla CEO Elon Musk.
However, Musk's participation on Saturday Night Live (SNL) in May 2021 upset several crypto traders when he jokingly referred to the DOGE as a 'hustle,' causing its value to plummet by 30%. SHIB, then, appeared to take advantage of the SNL buzz.
As a result, Binance put SHIB on its platform two days following Musk's presence, and the price of SHIB doubled.
SHIB is a decentralised experiment in spontaneous community development, an ERC-20 token on the Ethereum blockchain, and the first cryptocurrency token to be listed and incentivised on ShibaSwap.
Other tokens under the SHIBA INU's ecosystem include LEASH and BONE. LEASH was initially a rebase token tied to the price of DOGE, while BONE takes the power of DeFi to the next level.
SHIB's unique features include offering VitalikButerin, the inventor of Ethereum, half of the coins accessible at launch, and being designed to give better profit possibilities to its investors right from the start.
SHIB can be bought on Uniswap, Binance, and ShibaSwap, with Uniswap being the safest location to purchase or sell SHIB or LEASH.
