Simply Explained

Simply Explained: Shiba Inu (SHIB)

Updated: Jan 16, 2025

Published: Mar 23, 2022

SHIB is DOGE 2.0. The rise to fame happened relatively due to Elon Musk's exposure. Vitalik Buterin also tweeted that his favourite dog was a Shiba Inu. In response, Vitality received billions of tokens from the project, he donated some to charity and burned most of it.

What is SHIB?

Shiba Inu, (SHIB) is a meme coin created in 2020 by an individual under the pseudonym Ryoshi. SHIB is a key part of the dog-themed cryptocurrency movement which has taken the cryptocurrency industry by storm. Starting as a joke, the project is a self-proclaimed DOGE killer that rose to prominence in 2021 due to a few viral events.

What's the difference between a token and a coin.

DOGE and SHIB are often placed into the same group. Furry friend-themed coins they both are, but, there are many big differences. The most obvious is that SHIB isn't a coin! Yes, that’s right, SHIB is not a coin, it’s a token. A coin is a currency connected to a blockchain that helps run the blockchain. Whereas a token is a currency issued on the blockchain but isn’t actually used to help the blockchain.

Ethereum, Bitcoin, and DOGE are all coins with their own blockchain. DAI, Link and SHIB are all tokens created on the blockchains, which use the blockchain for their security. SHIB is a token on the Ethereum blockchain, while DOGE is a coin with its own blockchain.

You’ll often hear people say “SHIB is to DOGE what Ethereum is the Bitcoin.” Why is this?

A little background context for DOGE is necessary here. The puppy coin was created as a joke to address Bitcoin in 2017. The creators attempted to show that the code used for Bitcoin wasn’t very complicated and its blockchain and economics could be easily replicated. Like Bitcoin, DOGE didn’t have much utility beyond its store of value and transaction. As revolutionary as Bitcoin is, the technicalities are basic, especially when compared to projects like Ethereum,

This takes us to Ethereum. So, Ethereum is a smart contract-enabled blockchain that allows users to build decentralised apps. Users can engage with one another in the world of web 3, participate in decentralised finance and perform other smart contract-required processes. So unlike Bitcoin, which is a store of value asset, which can process transactions, Ethereum brings a different level of functionality that can be used for many things- mainly smart contracts.

Smart contracts

A smart contract is like a regular contract but elevated for Web 3.0. We deal with contracts every day, from when we order an uber to when we buy a house. Let’s look at an example: you want to sell your home. This process requires a lot of intermediaries. You sign a contract with a real estate agent to put it on the market, and the potential buyer signs a contract for a mortgage with a bank. This process takes a lot of time and involves a lot of middlemen, which can be pricey.

A smart contract takes the BS out. Selling your house on a smart contract is simple. Instead of following a lengthy process with many middlemen, the buyer and seller simply sign a ‘smart contract’. Once all details are finalised, the contract is locked until both sides have measurably completed their prerequisites. It’s all about making stuff quicker and easier. That’s what Shiba INU smart contract integration is all about—bringing this functionality into blockchain technology.

SHIB & Ethereum

Since SHIB is a token on the Ethereum blockchain, it gets all the security and advantages that Ethereum does. It is smart contract-capable and many of the use cases available to Ethereum and available to SHIB, including:

Pooling together funds to earn interest
Farming by staking tokens
Using tokens as collateral against loans

What does it mean to invest in SHIB?

Like DOGE, SHIB's biggest risk is that memetic value decreases as more professionals enter this space. It is because of this that SHIB is often touted as a DOGE killer. Although in this battle of the pups, there seems to be plenty of room for both of these projects. Which one do you see reigning supreme?

Disclaimer: NOT FINANCIAL NOR INVESTMENT ADVICE. Only you are responsible for any capital-related decisions you make, and only you are accountable for the results.

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