What is Shibainu (SHIB) Token Explanation of meme tokens listed on domestic exchanges

What is Shibainu (SHIB)?

The Shibainu (SHIB) token was issued in July 2020 as a tribute to Dogecoin (DOGE), which was designed with the Japanese Shiba Inu motif, and was called the Dogekiller.

It is issued as an ERC-20 token, a standard on Ethereum (ETH).

Although it is one of the so-called meme coins, it is said to be highly decentralized among many currencies. According to “WoofPaper (whitepaper)”, Shibainu (SHIB) is a community-driven project focused on autonomous decentralized crypto assets.

In May 2021, half of the total supply was sent to the wallet address of Ethereum co-founder Vitalik Buterin. He burned 90% of it and donated 10%, or 60 million dollars (6.6 billion yen), to charity, which resulted in the Shibainu token becoming more popular.

Relation:Ethereum Co-Founder Vitalik Donates Cryptocurrency Worth $70 Million To Charity

Listed exchange

In addition to major exchanges such as Binance and Huobi, in November 2021, the crypto asset exchange (exchanger) Coinbase, which will be listed on the US Nasdaq stock market, will start handling it.

On the domestic exchange, on November 30, 2022, the following year, it will be listed on the domestic virtual currency exchange BITPoint under the umbrella of Remixpoint Co., Ltd.

Bitpoint is a group company of SBI Holdings Co., Ltd., which is listed on the Tokyo Stock Exchange Prime Market and has been registered as a “Type 1 Financial Instruments Business Operator” by the Financial Services Agency (Kanto Local Finance Bureau).

ecosystem

Shibainu’s ecosystem (economic zone) is developing on its own.

In addition to the Shibainu-based decentralized exchange (DEX), NFT (non-fungible token), Metaverse (virtual space), Layer 2 (L2) protocol that helps speed up transactions and reduce fees, etc. are being developed for various use cases. As we move forward, the ecosystem continues to expand.

According to the Shibainu token core developer’s remarks on January 7, 2023, in the Layer 2 scalability solution “Shibarium”, Bone ShibaSwap (BONE) functions as a transaction fee (gas fee) token, and each transaction We are also planning to set up a mechanism to burn (incinerate) $SHIB every time.

Shibarium Update

While on our last post we wanted to remind everyone that BONE serves as the required gas token for operability within Shibarium, we also would now like to formally announce that each #Shibarium transaction will burn SHIB.

1/2 pic.twitter.com/zQRoOuL9oW

— Shibarium Network (@ShibariumNet) January 7, 2023

The Shiba Artist Incubator, an NFT art incubator on a roadmap showing future prospects, will showcase dog-inspired artists from around the world, including paintings, photography, and digital renderings.

On January 11, 2023, we announced a partnership with the Bugatti Group, which had just announced the “Genesis NFT Collection” the other day.

Bugatti Group

Based in Montreal, Canada, the Bugatti Group is known for producing products such as bags and suitcases, and the Genesis NFT Collection is designed to offer real-world utility.

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