Shiba Inu

Information About The Cryptocurrency Token/Coin: SHIB

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Information About Shiba Inu:

From Wikipedia: 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, a Japanese breed of dog originating in the Chūbu region, the same breed that is depicted in Dogecoin’s symbol, itself originally a satirical cryptocurrency based on the Doge meme. Shiba Inu has been characterized as a “meme coin” 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 (FOMO).

Shiba Inu was created in August 2020, dubbing itself the ‘Dogecoin killer’. On 13 May, 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.

From Coinbase: Shiba Inu is a token that aspires to be an Ethereum-based alternative to Dogecoin (DOGE), the popular “meme” coin. Unlike Bitcoin, which is designed to be scarce, SHIB is intentionally abundant with an initial total supply of one quadrillion. The Shiba Inu Token ecosystem supports projects such as an NFT art incubator and the development of a decentralized exchange called Shibaswap.

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