SHIB began as an Ethereum-based alternative to DOGE. According to the project whitepaper, the Shiba Inu coin was launched in August 2020 by a pseudo-anonymous team with the vision of creating a decentralized ecosystem. The Shiba Inu project team also launched a decentralized exchange called Shibaswap with two additional tokens, LEASH and BONE. SHIB is an ERC-20 utility token compliant with the Ethereum network. The token can be used for staking and liquidity mining.