Shiba Inu (cryptocurrency)

Shiba Inu token (ticker: SHIB) is a decentralized cryptocurrency created in August 2020 by an anonymous person or group using the pseudonym "Ryoshi". It is inspired by the Shiba Inu (柴犬), a Japanese dog breed, which also serves as the mascot for Dogecoin, another cryptocurrency with meme origins. Some categorize Shiba Inu as a "meme coin" 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 introduced with a branding that positioned it as a potential 'Dogecoin competitor'.

On 13 May 2021, Vitalik Buterin donated more than 50 trillion SHIB (worth over $1 billion at the time) to the India COVID-Crypto Relief Fund. Also in May 2021, Buterin donated SHIB worth $665 million to the Future of Life Institute, which focuses on regulating artificial intelligence to protect from existential risk from advanced artificial intelligence.

In October 2021, the market price of the cryptocurrency experienced a significant rise, reportedly increasing by 240% within a week. However, at the beginning of November, it faced a decline, reportedly losing approximately 55% of its value by the end of the month.

See also

• Meme coin
• Dogecoin

References

External links

• Official website