What Is the Shiba Inu Coin?

Launched in 2020 by the pseudonymous Ryoshi, Shiba Inu is a community‑driven meme token that has expanded into ShibaSwap, the Shibarium Layer‑2 network, and a metaverse initiative. The ecosystem also includes LEASH (scarcity token) and BONE (governance and gas on Shibarium).

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• ERC‑20 foundation: inherits Ethereum’s security and liquidity.

• Shibarium L2: reduces gas costs and uses BONE as the fee token.

• ShibaSwap DEX: users stake or provide liquidity and earn BONE.

• Burn mechanics: a portion of Shibarium gas is used to burn SHIB, shrinking supply.

• Metaverse + NFTs: “SHIB: The Metaverse” and Shiboshi NFT collection add utility.

Occasional community campaigns distribute SHIB, LEASH, or BONE to wallet holders or liquidity providers. Airdrops are generally treated as ordinary income at fair‑market value on receipt.

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• Multi‑token structure with defined roles (SHIB store of value, LEASH scarcity, BONE governance).

• Proprietary L2 (Shibarium) rather than relying solely on mainnet Ethereum.

• Active burn program funded by transaction fees.

• Roadmap that includes a metaverse, DeFi lending, and payment partnerships.

Learn more about meme coins.

1. Create a wallet (MetaMask, Coinbase Wallet).

2. Fund with ETH for mainnet or bridge to Shibarium for lower fees.

3. Use a DEX (Uniswap, ShibaSwap) or a centralized exchange (Binance, Coinbase) to purchase SHIB.

4. Store tokens in a secure wallet and consider a hardware option for long‑term holding.

• Centralized: Binance, Coinbase, Kraken, KuCoin.

• Decentralized: Uniswap (ETH), ShibaSwap (ETH & Shibarium). Compare fees, liquidity, and KYC requirements.

Upcoming milestones include full Shibarium main‑net adoption, a Shiba Eternity blockchain game with SHIB burns, and expanded real‑world payment integrations. Long‑term performance depends on community engagement and successful delivery of these products.

• High volatility; SHIB’s price has moved ±30% in single sessions.

• Limited fundamental valuation metrics.

• Smart‑contract or bridge exploits.

• Regulatory actions affecting centralized‑exchange listings.

Always conduct your own research before investing in cryptocurrency, and understand the associated risks.

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• Buys: not taxable until disposal.

• Sales/swaps: capital gain or loss = proceeds minus cost basis.

• Staking or yield farming rewards: ordinary income at the time received.

• Airdrops: ordinary income based on FMV at receipt, then basis for future gains.

• Burns: no direct tax impact but reduce circulating supply.

TokenTax connects to Ethereum and Shibarium wallets as well as exchanges like Binance or Coinbase to pull every SHIB transaction automatically. The platform calculates gains in FIFO, LIFO, or Minimization, tracks staking and airdrop income, and outputs information you need to file taxes quickly and accurately Our CPA team can also advise on strategies such as tax‑loss harvesting or staking‑income planning.

Shiba Inu Coin FAQs

What is the Shiba Inu Coin used for?

SHIB is used within ShibaSwap for liquidity mining, as collateral on certain DeFi protocols, for payments via partners such as NOWPayments, and as the primary token burned through Shibarium fees.

What does the Shiba Inu Coin do?

It acts as the flagship token of the Shiba ecosystem, captures value from burns, and underpins community governance alongside BONE.

How does Shiba Inu Coin gain value?

Price is driven by speculative demand, token burns that cut supply, ecosystem adoption (Shibarium usage, metaverse sales), and broader crypto‑market sentiment.