Shiba Inu
Crypto Overview
Purpose and Utility
SHIB was created in August 2020 as an Ethereum-based meme token, initially inspired by Dogecoin. The project has evolved to become an ecosystem that includes a decentralized exchange (ShibaSwap), NFT platform, and various other decentralized applications.
Current Utility and Developments
The Shiba Inu ecosystem now includes: ShibaSwap DEX allowing token swaps and liquidity provision, Shiboshi NFTs, and the recent launch of Shibarium (layer-2 scaling solution). The project has also expanded into gaming with the development of Shiba Eternity and is working on a metaverse project.
Real-World Adoption
SHIB has achieved significant merchant adoption, with over 600 merchants accepting it as payment through platforms like NOWPayments and BitPay. Major retailers and services including GameStop, AMC Theatres, and Newegg have integrated SHIB payments.
Platform Development
The ecosystem shows active development with the launch of Shibarium in August 2023, consistent updates to ShibaSwap, and ongoing metaverse development. The developer community maintains regular GitHub activity.
Token Distribution and Governance
Initially, 50% of SHIB tokens were sent to Vitalik Buterin's wallet (who burned 90% and donated the rest to charity). The remaining supply is distributed among holders, with no significant founder allocation identified.
Revenue Model
The ecosystem generates revenue through trading fees on ShibaSwap, NFT sales, and gaming transactions. These mechanisms don't involve interest-bearing products or lending.
Crypto Impact
To assign a comfort level investing in Shiba Inu 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 Inu.
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.