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The Shiba Inu Coin Crypto Ecosystem Explained

Two Shiba Inu dogs wearing party hats.
Photo by Anna Shvets on Pexels.
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Of all the altcoins, Shiba Inu coin seems to have one of the most dedicated communities. Part of the reason could be because of the unique ecosystem where the coin lives. You see, everyone’s heard of Shiba coin or $SHIB. But there’s much more to the Shiba Inu coin crypto ecosystem. There are other coins, a metaverse, a layer two blockchain, a DeFi platform, and NFTs. It’s a lot to take in. With that said, here’s everything you need to know about the Shiba Inu ecosystem.

$SHIB

$SHIB is the crypto that started it all. It’s an altcoin capped at one quadrillion (15 zeros). At its peak, $SHIB hit $.00008 per token. But in the bear market, it sits at about $.00001. It launched in August 2020 as a direct competitor to Dogecoin (canine theme and all). Like the entire Shiba ecosystem, it lives on the Ethereum blockchain. 

$LEASH

$LEASH is the primary cryptocurrency of SHIB: The Metaverse. It was initially a rebase token tied to Dogecoin. The supply of $LEASH would burn or mint new coins to maintain its value. Similar to a stablecoin. Though, eventually, they eliminated the rebase function. Now, it’s a low-volume coin mostly used for staking and burning for Shiba coin rewards.

$BONE

The SHIBArmy (Shiba coin supporters) can stake or burn $BONE to participate in the Shiba Inu decentralized autonomous organization (DAO). Essentially, the SHIBArmy uses $BONE to vote on the future of Shiba coin. It’ll also be the coin used to pay gas fees on Shibarium, the upcoming Shiba Inu layer two blockchain.

Shibarium

As previously mentioned, Shibarium is the upcoming layer two blockchain that lives on top of Ethereum. When it launches, it’ll lower gas fees for the Shiba community and improve transaction times. 

Shibaswap

Shibaswap is the decentralized finance (DeFi) marketplace for all things Shiba Inu. It’s where you buy Shiboshis, the Shiba Inu coin NFTs. You can also dig (burn) your existing $SHIB to earn $BONE, which you can then bury (stake) to earn tBone, which lets you participate in the Doggy DAO. 

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