Shiba
Crypto Overview
Purpose and Utility
Shiba Inu (SHIB) was created in August 2020 as a decentralized meme token, initially inspired by Dogecoin. The project has evolved to include a decentralized exchange called ShibaSwap, NFT marketplaces, and a layer-2 blockchain called Shibarium that launched in August 2023.
Business Model Analysis
The ecosystem has expanded beyond its meme origins to include practical utilities: ShibaSwap enables token swaps and liquidity provision, Shibarium offers low-cost transactions and smart contract functionality, and the platform supports NFT trading. These core functionalities don't involve inherently prohibited activities.
Real-World Adoption
SHIB has achieved significant adoption with over 1.2 million holders as of 2024. Shibarium processes over 20 million transactions, demonstrating actual usage of the ecosystem. Several major retailers accept SHIB as payment through payment processors.
Development Activity
The project maintains active development with regular updates to Shibarium and ShibaSwap. The team consistently releases new features and improvements, showing commitment to utility development.
Token Distribution
The initial token distribution included a significant portion being sent to Ethereum co-founder Vitalik Buterin, who burned 40% and donated the remainder to charity. The remaining supply is widely distributed among holders, with no concerning concentration among founders.
Revenue Model
The ecosystem generates revenue through transaction fees on ShibaSwap and Shibarium, which are distributed to network participants. This model doesn't rely on interest-bearing mechanisms or prohibited activities.
Crypto Impact
To assign a comfort level investing in Shiba from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to Shiba.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.