Shiba Inu (cryptocurrency)

Not to be confused with Dogecoin.

Shiba Inu
Shiba Inu logo
Denominations
CodeSHIB
Development
Original author(s)"Ryoshi"[1]
White paperShibu Inu Ecosystem
Initial releaseAugust 2020; 4 years ago (2020-08)[1]
Development statusActive
Ledger
Supply limit1,000,000,000,000,000
Website
Websiteshibatoken.com

Shiba Inu token (ticker: SHIB) is a decentralized cryptocurrency created in August 2020 by an anonymous person or group using the pseudonym "Ryoshi".[1] 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[who?] categorize Shiba Inu as a "meme coin."[2][3] Concerns have been expressed 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).[4] Shiba Inu was introduced with a branding that positioned it as a potential 'Dogecoin competitor'.[1]

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.[5] 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.[6]

In October 2021, the market price of the cryptocurrency experienced a significant rise, reportedly increasing by 240% within a week.[7] However, at the beginning of November, it faced a decline, reportedly losing approximately 55% of its value by the end of the month.[8][9][10]

  1. ^ a b c d "What is the Shiba Inu ? Experts weigh in on the 'Dogecoin killer' hype". Fortune. Archived from the original on 2021-05-12. Retrieved 2021-05-13.
  2. ^ Kaul, Abhinav (28 October 2021). "Experts say retail investors should stay away from 'War of Meme Coins'". Mint. Retrieved 1 November 2021.
  3. ^ Scribner, Herb (5 October 2021). "Shiba Inu coin had another spike. But will it last?". Deseret News. Retrieved 1 November 2021.
  4. ^ Regan, Michael P. (3 November 2021). "Shiba Wallet With Billions Is Scrutinized as Coin Tumbles". Bloomberg. Retrieved 7 November 2021.
  5. ^ Vigna, Caitlin Ostroff and Paul (2021-05-13). "Ethereum Luminary Makes $1 Billion Covid-19 Gift—in Shiba Inu Token". Wall Street Journal. ISSN 0099-9660. Archived from the original on 2021-05-13. Retrieved 2021-05-13.
  6. ^ BORDELON, BRENDAN (2024-03-26). "The little-known AI group that got $660 million". Politico.
  7. ^ "Shiba inu coin skyrockets after an Elon Musk tweet supercharges the token - taking weekly gains to 240%". www.yahoo.com. Archived from the original on 7 October 2021. Retrieved 6 October 2021.
  8. ^ Yue, Frances (4 November 2021). "A major crypto exchange's CEO is set on holding Shiba Inu crypto long term despite its recent tumble. Here's why". Market Watch. Retrieved 7 November 2021.
  9. ^ Denton, Jack (4 November 2021). "Shiba Inu Is Plunging. A Prominent Crypto Whale Is Making Waves". Barron's. Retrieved 7 November 2021.
  10. ^ Maishera, Hassan (26 November 2021). "Shiba Inu Dips by 5% Despite Reaching 1 Million Holders". Yahoo! Sports UK. Retrieved 26 November 2021.