Shiba Inu Token: A Complete Crypto History and Guide

What Is Shiba Inu?

The Shiba Inu token was created anonymously by Ryoshi in August 2020. It is an altcoin of Dogecoin and is named after the Shiba Inu Japanese dog breed. It blew up across the interwebs when Elon Musk tweeted about it.

What makes it unique?

The Shiba coin is the first crypto out there that is 100% powered by its community, known as the Shiba Army. This community orientation means it takes decentralization (the aim of every cryptocurrency) to the next level! It is indeed commendable, considering the coin lacks a centralized team, funding, and leadership.

How Does Shiba Inu Work?

SHIB is the token name for the coin. It is powered by Ethereum, as the founder sent it to Vitalik Buterin (the founder of ETH) to lock it for liquidity. The main benefit is that Shiba Inu can create decentralized products for the financial industry using smart contracts. It also allows it to have dealings in the Defi space and non-fungible tokens.

The Elon Musk Connection

Elon Musk is credited in large part for the rise of Shiba Inu in popular media. When the coin launched, it failed to make much of an effect. However, Tesla CEO Elon Musk became a vocal advocate for the cryptocurrency, which caused it to grow in the popular perception. As a result, Musk has been called the ‘Dogefather.’

What Makes Shiba Inu Unique?

As mentioned earlier, SHIB takes decentralization to the next level. It is fully community-driven, which is a remarkable feat. The community also uses a portion of profits for donations, which is unique in the crypto space. For example, the coin is donated to the Shiba Inu Rescue Association, which is in tune with the more prominent brand.

How to Buy Shiba Inu Token?

Are you wondering how you can get your hands on Shiba Inu in Canada? Well, luckily, there are several platforms where you can make the trade with ease. Binance, Newton,, KuCoin, Uniswap, and Atomic Wallet are some of the many platforms selling SHIB.

Looking to the Future

What can you expect from Shiba Inu in the future? First, the community plans to launch its exchange, dubbed the ShibaSwap. The platform aims for decentralization. Users will be able to swap other currencies and coins for SHIB, as well as LEASH and BONE.

Stay Updated on the Crypto World

The Shiba Inu token only launched recently. However, its elusive creator has made some critical decisions that have already made it stand out in the crypto world.



Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store



Personal finance for Canadians by Canadians. Free TransUnion® credit report access. Apply for loans, credit cards, and more. Cash giveaways!