Shiba Inu（Shib）是一种以模因为灵感的加密货币，以shiba inu狗品种为吉祥物。

这种巨大的供应意味着，即使是相对较小的价格目标也将意味着数千亿美元或万亿美元的天文市场上限。

Shiba Inu (SHIB) is a meme-inspired cryptocurrency featuring the Shiba Inu dog breed as its mascot. It began as an ERC-20 token on Ethereum, launched in August 2020 by the pseudonymous founder “Ryoshi” with the vision of creating a decentralized, community-driven project.

Shiba Inu（Shib）是一种以模因为灵感的加密货币，以shiba inu狗品种为吉祥物。它最初是在以太坊上的ERC-20代币，该代币由化名创始人“ Ryoshi”于2020年8月推出，其愿景是创建一个分散的，社区驱动的项目。

Initially dubbed the “Dogecoin killer,” Shiba Inu quickly gained viral popularity during the 2021 memecoin mania, soaring in value and amassing a large following known as the ‘Shib Army.’

最初被称为“ Dogecoin杀手”，Shiba Inu在2021年的Memecoin Mania期间迅速获得了病毒式的知名度，其价值飙升，并积累了一个被称为“ Shib Army”的大量追随者。

Today, SHIB has evolved beyond its joke-coin origins into a broader Shiba Inu Ecosystem that includes a decentralized exchange (ShibaSwap), NFTs, a metaverse project in development, and even its own Layer-2 blockchain called Shibarium.

如今，Shib已经超越了其笑话起源，成为一个更广泛的志ba INU生态系统，其中包括分散的交流（shibaswap），NFTS，开发中的元项目，甚至其自己的2层区块链称为shibarium。

With a current market capitalization around $7–8 billion, Shiba Inu consistently ranks among the top cryptocurrencies by market cap and is the second-largest memecoin (after Dogecoin) in this niche sector.

当前的市值约为7-8亿美元，Shiba INU始终按市值排名最高的加密货币，并且是该利基领域的第二大纪念物（仅次于Dogecoin）。

Recent Developments and Ecosystem

最新发展和生态系统

One of the biggest updates has been the rollout and improvement of Shibarium, Shiba Inu’s Layer-2 network. Since launch, the development team has been fine-tuning Shibarium – and in June 2025 they are implementing a major upgrade to improve network performance.

最大的更新之一是Shiba INU的第2层网络Shibarium的推出和改进。自推出以来，开发团队一直在微调shibarium - 在2025年6月，他们正在实施重大升级以提高网络性能。

According to core developer Shytoshi Kusama, the June 2025 Shibarium update will “optimize the distribution of network validator nodes, better handle transaction congestion, and provide more stable support for DeFi and NFT projects” on the network.

根据核心开发人员Shytoshi Kusama的说法，2025年6月的Shibarium更新将“优化网络验证器节点的分布，更好地处理交易拥塞，并为FEFI和NFT项目提供更稳定的支持”。

This indicates the team is addressing early growing pains (such as occasional congestion) to bolster Shibarium’s scalability and reliability. Yet, as noted, early adoption has been slow – Shibarium’s TVL is tiny relative to other chains.

这表明该团队正在解决早期增长的痛苦（例如偶尔的拥塞），以增强什叶邦的可伸缩性和可靠性。然而，如前所述，早期采用率很慢 - 相对于其他连锁店而言，Shibarium的TVL很小。

Another headline development is Shiba Inu’s token burn initiatives. In August 2024, Shibarium introduced an automated burn mechanism tied to transaction fees: 70% of every transaction fee on Shibarium is now converted to SHIB and permanently burned (removed from circulation), with the remaining 30% retained for network maintenance.

另一个标题开发是Shiba Inu的代币燃烧计划。 2024年8月，Shibarium引入了与交易费用相关的自动烧伤机制：Shibarium每笔交易费用的70％现在转化为湿骨并永久燃烧（从循环中取出），其余30％保留了网络维护。

This burn mechanic, activated via a hard-fork upgrade (Bor v1.1.2) on Aug. 9, 2024, was a long-awaited community request designed to gradually make SHIB more scarce.

这种燃烧的机械师是通过硬实升升级（BOR v1.1.2）激活的2024年8月9日，是期待已久的社区请求，旨在逐渐使Shib更加稀缺。

Since then, regular burns have been occurring. In May 2025 alone, roughly 320 million SHIB were burned through Shibarium transaction fees, an 18% increase in burn rate compared to the same period a year prior.

从那时起，常规燃烧就发生了。仅在2025年5月，大约3.2亿芯片通过shibarium交易费用燃烧，与一年同期相比，燃烧率增加了18％。

A few months ago, weekly burns in excess of 1 billion SHIB were common, but that momentum has slowed in the past weeks.

几个月前，每周的烧伤超过10亿芯片很常见，但是过去几周的势头却放慢了。

On the ecosystem expansion front, Shiba Inu is actively working on its metaverse and gaming projects. Shib: The Metaverse, the project’s anticipated virtual world, has reportedly entered the Alpha testing phase as of mid-2025

在生态系统扩展方面，Shiba Inu正在积极从事其Metavers和游戏项目。 SHIB：据报道，该项目的虚拟世界是该项目的预期虚拟世界，截至2025年中期已经进入了Alpha测试阶段

The Shiba Inu team is laying groundwork for an in-metaverse economy; for instance, virtual land plots in the Shib metaverse will support multi-currency transactions using SHIB and its sister tokens, BONE and LEASH.

Shiba INU团队正在为内地经济奠定基础。例如，Shib Metaverse中的虚拟陆地图将使用Shib及其姐妹令牌，骨头和皮带支持多货币交易。

The team has even rolled out small teaser applications – for example, in March 2025 the Shiba Inu devs introduced a “fishing game” as part of testing the metaverse’s in-game economy systems.

该团队甚至推出了小型预告片的应用程序 - 例如，2025年3月，Shiba Inu Devs引入了“钓鱼游戏”，以测试Metaverse的游戏中经济系统。

These steps suggest that Shiba Inu is trying to transition from a purely meme-centric token toward a broader entertainment and DeFi ecosystem, which could drive more organic demand for SHIB if successful.

这些步骤表明，Shiba Inu试图从纯粹以模因的代币过渡到更广泛的娱乐和defi生态系统，如果成功的话，这可能会推动对SHIB的更有机需求。

On-chain data

链数据

Meanwhile, whale movements and market activity around SHIB have been notable. On-chain data indicates that large holders (whales) have been reducing their SHIB exposure in 2025, which has impacted price dynamics.

同时，SHIB周围的鲸鱼运动和市场活动是显着的。链上的数据表明，大型持有人（鲸鱼）在2025年一直在减少其湿骨暴露，这影响了价格动态。

Santiment data shows that the total supply of SHIB held by whale addresses (excluding exchanges) dropped from about 743 trillion at the start of the year to roughly 723 trillion by early June. In other words, whales offloaded about 20 trillion SHIB in the first half of 2025 – a significant sell-off that reflects a cautious stance by big players.

santiment数据表明，鲸鱼地址（不包括交易所）持有的什布总供应从年初的大约743万亿美元降至6月初的大约723万亿。换句话说，鲸鱼在2025年上半年卸载了约20万亿杆，这是一个重大的抛售，反映了大玩家的谨慎立场。

There have been some sporadic large transactions, for instance, a single day in early June saw a 24.3 trillion SHIB transfer among top wallets, the largest in six months, which drew community buzz. However, overall whale transaction volumes are down over 90% compared to early-year peaks.

例如，有一些零星的大型交易，例如，6月初的一天中，有24.3万亿的毛笔转移在顶级钱包中，这是六个月来最大的，这引起了社区的嗡嗡声。但是，与早年峰值相比，总体鲸鱼交易量下降了90％以上。

Indicating that many whales have stepped to the sidelines after unloading. The whale exodus became evident after SHIB’s price rally in May fizzled. Whale netflows turned deeply negative (-311%) by late May and whale address counts were in a slow decline.

表明许多鲸鱼在卸载后已经踏上了场外。在5月的Shib价格集会下降之后，鲸鱼出埃及记变得明显。到5月下旬，鲸鱼的Netflows变成了深度（-311％），鲸鱼地址计数的下降缓慢。

In practical terms, fewer large buyers in the market has meant increased selling pressure and lower

实际上，市场上的大型买家减少了销售压力和降低