Shiba Inu (SHIB) launched in 2020, at a time when meme coins were moving from small online communities into the wider crypto conversation. The project was built around the image of the Shiba Inu dog and gained interest through the same online spaces that helped fuel the popularity of Dogecoin. However, the project soon began adding features that gave it a presence beyond its original meme-based identity.
Since then, Shiba Inu has attracted followers across different parts of the crypto market. Many crypto followers also check the SHIB to INR value when following SHIB’s performance in the Indian market. For many people tracking the project, SHIB has become worth watching because of the number of features added since its launch.
According to Binance, Shiba Inu was created in August 2020 by an anonymous developer known as Ryoshi. The token operates on the Ethereum blockchain as an ERC-20 asset and was designed as an alternative to Dogecoin. SHIB has since then expanded with additions such as ShibaSwap, Shibarium and Shiboshi NFTs.
The early days of Shiba Inu
The first thing that caught many people’s attention was the size of SHIB’s supply. The token launched with 1 quadrillion coins. Meaning individual tokens were priced at fractions of a cent. Its low price made it easier for new crypto users to explore the token.
SHIB gained momentum during the 2021 meme coin boom, when several digital assets gained attention outside traditional crypto circles. Conversations about the token spread across social platforms, attracting people who may not have previously followed cryptocurrency. Supporters tracked developments, shared updates and helped build one of the largest communities around a meme-based project.
Part of their appeal came from simplicity. Meme coins were often easier for newcomers to understand because they were linked to familiar internet trends rather than technical ideas alone.
One of the biggest moments in SHIB’s early history involved Ethereum co-founder Vitalik Buterin. Binance notes that Buterin received 500 trillion SHIB tokens after the project launched. In 2021, he burned around 90% of that allocation and donated the remaining tokens to the India COVID-19 Relief Fund.
The decision attracted attention because of the size of the holding involved. It also permanently removed a large amount of SHIB from circulation and became a major talking point among crypto followers.
How SHIB expanded beyond meme culture
The team behind Shiba Inu began adding new features as interest in the project continued. ShibaSwap was one of the first major additions, giving users a decentralised exchange where they could trade tokens, provide liquidity and participate in staking.
The wider ecosystem also introduced LEASH and BONE. While SHIB remains the best-known token connected to the project, BONE is used for governance and plays a role within Shibarium. LEASH has a much smaller supply and has a separate purpose within the ecosystem.
Shiba Inu also explored the growing NFT market with the launch of Shiboshi NFTs in 2021. The 10,000-piece collection sold out in less than 35 minutes, adding another layer to the project’s development. The NFTs gave supporters another way to participate in the project and reflected SHIB’s move into newer areas of the crypto space.
Shibarium adds a new layer to the project
Perhaps the biggest change to Shiba Inu came with the introduction of Shibarium. The Layer 2 blockchain launched in August 2023 and was created to support faster transactions and lower costs compared with using Ethereum directly.
Binance’s information on Shiba Inu states that Shibarium introduced a burn mechanism in August 2024. Under the mechanism, 70% of transaction fees are converted into SHIB and sent to a burn address, removing those tokens permanently.
Binance reports that Shibarium has processed more than 1.5 billion transactions, with hundreds of millions of activated wallet addresses recorded on the network. These developments have helped shift some attention towards the technology behind SHIB rather than only its market price.
For the Shiba Inu community, Shibarium represents an attempt to create more activity around the project itself. Instead of relying only on interest in the token, the network gives developers and users additional ways to interact with the wider ecosystem.
Why SHIB remains part of the crypto conversation
The cryptocurrency market changes quickly, and meme coins often experience some of the biggest swings. Interest in tokens like SHIB can shift quickly as online conversations, market conditions and wider crypto events change.
Despite the volatility associated with meme coins, SHIB remains one of the most recognised names in crypto years after its launch. The combination of a large community, new technology and additional features has helped it remain part of wider crypto conversations.
Shiba Inu’s journey is one of the more unusual stories in cryptocurrency. A project that started with a meme-inspired identity has developed into something much broader, combining community culture with decentralised finance, NFTs and blockchain development. That combination has kept SHIB in the spotlight years after its original launch.