Shiba Inu (SHIB) is an ERC-20 meme token created anonymously in August 2020, inspired by the Shiba Inu dog breed that also inspired Dogecoin. Unlike Dogecoin (a separate blockchain), SHIB is a token on Ethereum. The project self-described as a “Dogecoin killer” and built an ecosystem including two additional tokens (LEASH and BONE), a decentralized exchange (ShibaSwap), and an Ethereum Layer-2 network (Shibarium). Its creator, known only as “Ryoshi,” sent half the total supply to Ethereum co-founder Vitalik Buterin, who burned most of it — an act that simultaneously validated the project and destroyed $6 billion in tokens.
| Stat | Value |
|---|---|
| Ticker | SHIB |
| Price | $0.00 |
| Market Cap | $3.45B |
| 24h Change | -0.5% |
| Circulating Supply | 589243.52B SHIB |
| Max Supply | 999982.00B SHIB |
| All-Time High | $0.00 |
| Contract (Ethereum) | 0x95ad...c4ce |
How It Works
SHIB is a standard ERC-20 token with a total supply of ~1 quadrillion (1,000,000,000,000,000) tokens. The enormous supply creates a very low per-token price, which appeals to retail investors who like holding large quantities.
The SHIB Ecosystem:
- SHIB — The primary meme token; used for tipping, governance, and ShibaSwap
- LEASH — Scarce companion token (107,646 total supply); began as a rebase token, now a store of scarcity
- BONE — Governance token for ShibaSwap; used to vote on ecosystem proposals; also used for Shibarium gas fees
- ShibaSwap — DEX launched July 2021; allows SHIB holders to stake, provide liquidity, and swap
- Shibarium — Ethereum Layer-2 network launched August 2023 using Polygon Edge technology; uses BONE for gas, aims to reduce Ethereum fees for SHIB transactions
Token Burn: SHIB has an ongoing burn mechanism via ShibaSwap transactions (a portion of each swap destroys SHIB). Community burn portals and partner programs contribute to regular burns. Total burned exceeds 410 trillion SHIB as of 2024.
Tokenomics
| Parameter | Value |
|---|---|
| Total supply | ~999.98 trillion SHIB |
| Sent to Vitalik Buterin | 50% (500 trillion) |
| Burned by Buterin | ~90% of his portion (~$6B worth in May 2021) |
| Donated by Buterin | ~10% to India COVID relief fund |
| Circulating (approx.) | ~589 trillion SHIB |
| Ongoing burns | via ShibaSwap, Shibarium, community portals |
Use Cases
- Speculative trading: Primary use case — SHIB is held and traded for price appreciation
- ShibaSwap: Staking (WOOF), liquidity provision (DIG), and earning BONE rewards
- Shibarium: Low-fee L2 transactions for games, NFTs, and micropayments within the SHIB ecosystem
- Shiba Eternity: An officially commissioned mobile card game
- Merchandise: Shib.io online store accepts SHIB for merchandise
History
| Year | Event |
|---|---|
| Aug 2020 | “Ryoshi” creates and launches SHIB; sends 50% to Vitalik Buterin’s address |
| May 2021 | Vitalik burns ~90% of SHIB ($6.7B), donates rest to India Covid relief; SHIB reaches all-time high |
| Jul 2021 | ShibaSwap DEX launches |
| Oct 2021 | SHIB listed on Coinbase; price spikes; briefly surpasses Dogecoin in market cap |
| 2022 | Markets crash; SHIB loses 90%+ from peak |
| Aug 2023 | Shibarium Layer-2 launches (rough start with bridge issues, quickly resolved) |
| 2024 | SHIB burn rate increases; ecosystem continues expanding with NFT projects |
Common Misconceptions
“SHIB is just a joke with no development.” The Shiba Inu team has shipped ShibaSwap, Shibarium, an NFT collection (Shiboshi), and a card game. Development activity is real, though critics debate whether it adds fundamental value.
“Vitalik’s burn validated SHIB as a serious project.” Buterin burned the tokens precisely because he didn’t ask to hold them and wanted to prevent accusations of endorsement. He has not expressed support for SHIB as an investment.
Criticisms
- No fundamental utility beyond speculation; ecosystem projects are superficial
- Quadrillion-token supply creates a psychological illusion of affordability (“I can own millions!”) that obscures actual market cap math
- Shibarium launch had technical issues and was initially accused of being a rug; team resolved within days
- Community can be aggressive and dismissive of fundamental questions
Social Media Sentiment
SHIB has one of the largest and most active crypto communities (“Shib Army”) on Twitter, Reddit (r/SHIBArmy), and Telegram. The community is enthusiastic, brand-loyal, and skilled at virality. Mainstream crypto Twitter views SHIB as a memecoin with an exaggerated ecosystem narrative. Listing news and burn milestones consistently trend on crypto Twitter.
Last updated: 2026-04
Related Terms
Sources
Ante, L. (2023). How Meme Coins Drive Market Cycles. Finance Research Letters.
Buterin, V. (2021). Vitalik Buterin Burns 90% of His Shiba Inu Holdings. Etherscan Transaction Record / Twitter statement.
Nakavachara, V., & Saengchote, K. (2021). Is There a Bubble in the NFT Market?. SSRN Working Paper.
Hamrick, J. T., et al. (2018). An Examination of the Cryptocurrency Pump and Dump Ecosystem. The Workshop on the Economics of Information Security.