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What's SHIB?
Shiba inu was created in August 2020 by a pseudonymous founder called Ryoshi. As its name suggests, the token is inspired by shiba inu dogs.
Shiba inu is an Ethereum-based ERC-20 token, which means it is created on and hosted by the Ethereum blockchain, rather than its own blockchain.
Ryoshi decided to launch shiba inu on Ethereum because it's "already secure and well-established," according to the shiba inu white paper, or, as its community calls it, "woof paper."
Shiba Inu benefits explaining its popularity not only due to its meme association and its role in the DeFi space. Leveraging the Dogecoin community, Shiba Inu gained an impressive following in a short space of time.
While Shiba Inu could be considered as a dog-themed meme token, it also holds a greater value due to its legitimate use case. The token is the native coin to the platform’s decentralized exchange, ShibaSwap. This ecosystem allows users to swap tokens and earn interest through the three coins, SHIB, BONE and LEASH. These three tokens can be traded on the platform’s ShibaSwap exchange, with the intention being to add more coins in the future: Exploring Shiba Inu - Meme Token or DeFi Star? | The Oobit Blog
It is an ERC-20 token and therefore new coins are created through the Shiba Inu mining process on the Ethereum blockchain (which currently uses a PoW consensus but is transitioning to a PoS mechanism). Thanks almost entirely to the community supporting the token, the rise and rise of SHIB has been fortuitous.
