Shiba Inu (SHIB)

Shiba Inu

Type	Meme Coin
Consensus mechanism	ERC20 on Ethereum
Total supply	1 quadrillion
Website	https://shibatoken.com/

Basics

• Based in: Japan
• Started in / Announced on: 31-7-2020
• Testnet release:
• Mainnet release:
• Shiba is a meme coin, clone of Dogecoin. Made it into the top 20 of CoinMarketCap in early May 2021.

History

• From the announcement from Ryoshi, the founder (3-8-2020):

"I am an independent trader of cryptocurrency for a couple of years and have always been fascinated about the genesis of decentralized communities. To be specific, to what degree are they seeded and guided by invisible hands or can they really grow from seed to something perpetual and 100% community owned in the same way we see BTC or DOGE with no central figure or organization maintaining. So when we design the SHIBA experiment, our goal was very altruistic to give an opportunity for fair distribution and ownership from day 1. This means even if I RYOSHI and my frens setup SHIBA, we have no more potential for ownership that anybody else in the world."

• From CMC (11-5-2021):

"According to SHIBA INU, the reasoning behind the creation of SHIBA is that Shibas constantly forget where they bury their treasure. The website proclaims "Many doggie wars have been waged over precious treasure and delicious goodies.""

Audits & Exploits

• Bug bounty program can be found [insert here].

Bugs/Exploits

• From Decrypt (17-8-2023):

"Shiba Inu's much-hype layer-2 network Shibarium is off to a rocky start after encountering serious issues just a day after its launch. Examining the network's bridge contract, which ports funds from Ethereum to the layer-2 solution, approximately $1.7 million worth of Ethereum is currently stuck between the two networks. Additionally, $762,000 worth of BONE, a Shibarium governance token, was sent to the contract, as highlighted by blockchain sleuth ZachXBT.

At the time of this writing, no new transactions have been confirmed on the Shibarium chain for over three hours, blockchain data shows. The Shibarium team so far has been staying silent on the matter."

• On August 22, 2022 Shiba Inu leaked AWS credentials in its public repo.
• From their blog (1-2-2021):

"Our official twitter got hacked so until we get that back, don’t trust anything published there."

Governance

Doggy DAO

• From Bitcoin.com (2-1-2022):

"The Doggy DAO phase 1 will provide “immediate power to the community to decide which crypto projects and pairs on the Shibaswap WOOF Pools will be, and how the $BONE rewards (Allocation Points) are to be distributed amongst them,” the blog post explains. The governance system will leverage $tBONE for votes and $BONE for staking.

“This is a crucial first step, orienting our Decentralized Exchange to grow, while promoting all the benefits to the #Shibarmy from such pairs, and welcoming new investors to use the platform,” the SHIB team says."

Token

Launch

• From the announcement from Ryoshi, the founder (3-8-2020):

"First thing is I had a fren that i met at devcon last year in Osaka who has some influence in the space, we talk sometimes about Crypto philosophy and I told him the vision and he agreed to help. So he made a token contract and put half of it on Uniswap with 10ETH pair (he is successful business man so 10ETH is nothing for him) and threw away the liquidity keys so the ETH or the tokens can never be withdrawn. He then transferred the rest to me to do my part. STEP ONE complete, we have a $SHIB token made and 50% Supply locked into sale contract and the other half to my burning wallet. Thank you fren!"

Token Allocation

• From the website (11-5-2021):

"We locked the 50% of the total supply to Uniswap and threw away the keys! The remaining 50% was burned to Vitalik Buterin." For more detail, check Coin Distribution below.

• From Decrypt (17-3-2021):

"Buterin burnt 410.24 trillion in Shiba Inu (SHIB) coins on Sunday, worth as much as $6.74 billion at the time of the transaction. The amount burnt also represents more than 40% of all SHIB in circulation."

Stablecoin

• From CoinDesk (6-7-2022):

"In a Medium blog post, pseudonymous developer Shytoshi Kusama said that "independent developers" are crafting a decentralized stablecoin called SHI. TREAT, the SHIB metaverse's upcoming reward token, will be tied to the Shiba Collectible Card Game. The token will also "help provide balance to" Shiba Inu's stablecoin, the blog post said without describing how that would work. Developers are also reserving "a limited supply" of TREAT for longtime backers of the project."

Coin Distribution

Vitalik's Stash

• Vitalik got just over 505 trillion or a bit more than 50% of the supply (11-5-2021).
• From Crypto Briefing (11-5-2021):

"His wallet now holds $13 billion of the coin. The most recent deposit to Buterin totaled 3.1 billion SHIB, an amount worth approximately $90,000. Buterin has not commented on whether he is aware of the deposit and whether he intends to sell or hold the tokens, and after a year of holding, a selloff seems unlikely. Nevertheless, the unusual situation makes the coin’s price unpredictable."

• From Crypto Briefing (13-5-2021):

"According to The Block, Buterin sold 660 billion SHIB, 140 billion AKITA and 43 billion ELON via those exchanges for a total of about $63 million. However, exchange liquidity soon ran out, leading Buterin to give away the coins instead. He sent more than 50 trillion SHIB ($1 billion) to the India Covid-Relief Fund."

• From Decrypt (17-3-2021):

"Vitalik Buterin has burnt 410.24 trillion Shiba Inu tokens, worth more than $6.7 billion. That's 90% of what was left in Buterin's wallet following his 50 trillion SHIB donation last week."

Technology

• Whitepaper (the Woofpaper) can be found here.
• Code can be viewed [insert here].

Implementations

• Built on: Ethereum, ERC20

• From their blog (1-2-2021):

"there is only SHIB and LEASH on ETH. There is no binance chain or whatever forks"

Their Other Projects

BONE

• From the website (11-5-2021):

"BONE Dogecoin Killer is our next token! COMING SOON, Shiba Inu Bone, takes the power of Defi to the next level."

It seems this has been merged with ShibaSwap.

LEASH

• From the website (11-5-2021):

"LEASH was originally set to be a rebase token pegged to the price of Dogecoin. Now, it has been unleashed and will not rebase. With a total circulation of ONLY 100k tokens, it has the opposite appeal to Shib (which has a much larger supply). The second token incentivized on the swap offers special rewards for those who provide liquidity."

ShibaSwap

• An exchange for 'fun tokens' and an 'Artist Incubator'.

Treats

• Fully Homomorphic Encryption (FHE) blockchain with the token $TREAT. Announced on 23-4-2024.

Roadmap

• Can be found [Insert link here].

• From Crypto Briefing (11-5-2021):

"Shiba Token appears to have few technical goals. Rather, it aims to leverage market trends to climb through the ranks."

Team, Funding, Partners

Team

• Full team can be found [here]. "Our volunteer team is small" (3-8-2020)
• Ryoshi; founder. From UnChained (31-5-2022):

"Ryoshi, the anonymous founder of memecoin Shiba Inu, decided to delete all his tweets and all the blog posts on his Medium page without any notice or comment. “I am not important, and one day I will be gone without notice. Take the SHIBA and journey upwards frens,” Ryoshi had predicted in his previous blog All Hail the Shiba. It looks like the time has come for Ryoshi to disappear."

Funding

• Raised $12M for their Treats blockchain (23-4-2024):

@MechanismCap, @BigBrainVC, @cypher_capital, @shimacapital, @KeneticCapital, @DWFVentures, @Morningstar_vc, @HerculesVC, @animocabrands, @ForesightVen, @comma3vc, @Woodstockfund, @PolygonVentures, @StakeCapital, @Illuminati_fund, @primalcm ,@stix_co and @spiritdao

• From the announcement from Ryoshi, the founder (3-8-2020):

"We don’t take investment — who would take the investment? I am just some volunteer also. If you want to contribute we can help you direct your resources (maybe some exchange wants fee, you are welcome to pay) or just go Market Buy SHIB to show support."

(:

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