Shiba Inu is a decentralized cryptocurrency – it is not to be confused with the Dogecoin which is also another cryptocurrency. The Shiba Inu is a breed of dog and this token is named after this breed.
Shiba Inu Dog & Logo
In this post let’s explore and learn everything about the Shiba Inu token.
Shiba Inu token (ticker: SHIB) is a decentralized cryptocurrency created in August 2020 by an anonymous person or group known as Ryoshi.
It is named after the Shiba Inu (柴犬), a Japanese breed of dog originating in the Chubu region, the same breed that is depicted in Dogecoin’s symbol, itself originally a satirical cryptocurrency based on the Doge meme.
On 13 May 2020, Vitalik Buterin donated more than 50 trillion SHIB (worth over $1 billion at the time) to the India COVID-Crypto Relief Fund.
The exchange price of the cryptocurrency notably surged in early October 2021. Its value increased 240% over the week. However, at the beginning of November the price dropped and continued to fall, ending the month having lost approximately 55% of its value.
Shiba Inu has been characterized as a meme coin just for fun and a pump and dump scheme. There have also been concerns about the concentration of the coin with a single whale wallet controlling billions of dollars worth of the token, and frenzied buying by retail investors motivated by fear of missing out on the rise of this token.
What is the history of Shiba Inu coin?
It is widely considered to be an alternative to Dogecoin and is touted as “the Dogecoin killer” by its supporters, a community known as the SHIBArmy. Shiba Inu was created in August 2020 by an individual or group called Ryoshi.
How was Shiba Inu coin made?
Shiba Inu is an Ethereum-based token, which means that it is compatible with the vast Ethereum ecosystem. According to the developer, the Ethereum blockchain was the perfect host for Shiba Inu because it was already secure and well-established, and it allowed the project to stay decentralized.
What makes the Shiba Inu coin valuable?
In this digital age, entertainment and memes have a lot of value. Shiba Inu, a meme coin, is now the 11th-biggest cryptocurrency by market value. That means that a token created only last year by someone calling themselves Ryoshi, and themed after a Japanese hunting dog, is now worth more than $30 billion!
So is it safe to invest in Shiba Inu crypto?
Shiba Inu is by no means a sure or safe investment. However, it proved that it can surprise investors with astonishing returns with its 2,500% run this May. Investing in Shiba is extremely risky, but with enough luck and liquidity, it could skyrocket again.
Can Shiba Inu coin ever attain $1 value?
In order for Shiba Inu (SHIB) to reach a dollar, it requires a market capitalisation of one quadrillion US dollars – this seems impossible in near future.