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Shiba Inu (cryptocurrency)

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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
Website
Websiteshibatoken.com

Shiba Inu token (ticker: SHIB) is a decentralized cryptocurrency created in August 2020 by an anonymous person or group known as "Ryoshi".[1] It is named after the Shiba Inu (柴犬), 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.[2] Shiba Inu has been characterized as a "meme coin" and a pump-and-dump scheme.[3][4] 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).[5]

Shiba Inu was created in August 2020, dubbing itself the 'Dogecoin killer'.[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.[6]

In early October 2021, the exchange price of the cryptocurrency notably surged. Its value increased 240% over the week.[7] However, at the beginning of November the price dropped and continued to fall, ending the month having lost approximately 55% of its value.[8][9][10]

See also

References

  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. ^ Tiwari, Manas (12 May 2021). "Shiba Inu is being hailed as Dogecoin killer and it has already given 1900 pct returns in one week". India Today. New Delhi. Archived from the original on 12 May 2021. Retrieved 1 November 2021.
  3. ^ Kaul, Abhinav (28 October 2021). "Experts say retail investors should stay away from 'War of Meme Coins'". Mint. Retrieved 1 November 2021.
  4. ^ Scribner, Herb (5 October 2021). "Shiba Inu coin had another spike. But will it last?". Deseret News. Retrieved 1 November 2021.
  5. ^ Regan, Michael P. (3 November 2021). "Shiba Wallet With Billions Is Scrutinized as Coin Tumbles". Bloomberg. Retrieved 7 November 2021.
  6. ^ 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.
  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.
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