Beware of the mad dog! What is Shiba Inu coin (SHIB), as well as its leash (LEASH) and bone (BONE)?

Amid the frenzy of Dogecoin's rapid rise to the fourth-largest market value in the cryptocurrency world, idealists in the crypto sphere were left disheartened. However, the surprises didn't end there. The chaos of canine-themed coins continues, as Shiba Inu coin (SHIB), named after the Shiba Inu dog breed, has sparked another round of frenzy. Within a month, it has surged 43-fold, transitioning from trading solely on decentralized exchange Uniswap to active trading on secondary centralized exchanges, and finally being listed on mainstream exchanges such as OKEx, Huobi, and Binance.

This article will briefly introduce what Shiba Inu SHIB is and other tokens within its ecosystem. Readers are advised to carefully assess investment risks.

What is Shiba Inu SHIB?

• It is an anonymous project that emerged in August 2020, with the main developer self-identified as Ryoshi.
• The official claim is that SHIB is a decentralized community experiment. SHIB token is their first token release, allowing people to hold billions or even trillions of tokens due to its extremely low pricing.
• They refer to it as the "Dogecoin Killer" as its price is extremely low, with this Ethereum ERC-20 standard token easily staying below one cent at 0.01 USD per unit.
• The token initially traded on Uniswap as ETH/SHIB and plans to launch its own decentralized exchange, ShibaSwap, with SHIB likely to be used as rewards.
• Reportedly, 50% of SHIB's total supply is held in Uniswap, with the official claim that the private key has been discarded, meaning they have no control over it.
• The remaining 50% of SHIB was transferred to Ethereum's founder, Vitalik Buterin. Some media reports may be misleading by suggesting that Vitalik owns a large amount of Shiba Inu tokens, but he does not actively hold them.
• They believe that this distribution method is fair as the team does not hold tokens and will not dump them on the community.

Observations show that SHIB has dominated the top ten trading volumes on Uniswap for quite some time, and the recent surge saw it reach the number one spot, causing Ethereum's gas fees to skyrocket:

SHIB's Leash and Bone

Interestingly, this Shiba Inu also has additional accessories: Leash and Bone.

What is Leash?

• Officially, Leash was originally designed as a rebase token with an elastic supply mechanism to anchor the price of Dogecoin. However, the mechanism has since changed to become a token with a fixed supply.
• It has a total circulating supply of only 107,646 tokens, which is the opposite of SHIB's setup, where SHIB has an extremely large supply to keep its unit price very low.
• Provides substantial rewards to liquidity providers on ShibaSwap.
• Offers early access to the NFT platform SHIBOSHI upon its launch.

Although Leash has not been listed on any exchanges yet, trading volume on Uniswap has been quite intense, ranking third in 24-hour trading volume, with liquidity provider fees yielding an annualized rate of over 1600%:

What is Bone?

Officially, Bone has a total supply of 250 million and serves as the governance token for Doggy DAO, allowing holders to vote on proposals.

Caution Regarding Investment Risks

SHIB is considered a high-risk cryptocurrency. It has been listed on Binance at the time of writing, currently at the 0.00003 level, and investment should be considered after assessing the risks involved.