The 'Meme-coin' Shiba Inu launched on the Ethereum blockchain in 2020 was actually called 'The Dogecoin killer.' The coin Shiba Inu is named after the famous Japanese dog breed "Shiba Inu. The coin started as a joke or meme, but when it received a lot of support from the community, the team behind Shiba Inu decided to develop multiple use cases. By 2021, the coin rose to the top 20 in terms of market capitalization.
Since 2020, Shiba Inu has been in circulation
Shiba Inu can be used in the Metaverse since May 2022, where you can buy pieces of land in the form of NFTs
Shiba Inu originally launched with 1 quadrillion tokens, of which just over one-half are now left
Shiba Inu statistics from the last 24 hours
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The Shiba Inu buying
coin quickly gained traction and value when its anonymous founder, "Ryoshi", appeared on social media platforms like Twitter and Reddit to promote the coin. As a result of the attention the coin received, investors started taking notice. The Shiba Inu token entered the market with a price of just USD 0.000000000056 per SHIB.
By September 2020, the price had risen to USD0.000000000473 per SHIB as community interest increased. As with many other cryptocurrencies, huge increases were also seen in 2020 and early 2021; on 11 February 2021, the Shiba Inu price reached its all-time high at USD 0.00000003 per SHIB.
The talk around Shiba Inu also increased significantly in May 2021 when Elon Musk tweeted that he has bought some of the Shiba Inu tokens for his young son X Æ A-Xii - leading to an even further spike to a high of $0.00003469. More than ever before, there was now talk of investing in cryptocurrency and Shiba Inu was at the forefront of this conversation.
However, by the end of June 2021, market sentiment had changed dramatically and the Shib price had fallen back. The drop was attributed to possible manipulation by traders taking advantage of new investors who had not yet learnt how crypto markets work.
After this time, there have been several smaller peaks and troughs - largely driven by news headlines or tweets from celebrities such as Elon Musk or Vitalik Buterin. On 28, Shiba Inu reached its all-time high of $0.00008845 per SHIB! The current price stands at $0.0000125 as of February 2023 and the expectation according to priceprediction.net is that this will continue to rise in the future.
There are about 550 trillion Shiba Inu tokens (SHIB) currently circulating in the market. When Shiba Inu was first launched, 1 trillion SHIB tokens were created, half of which were given to Vitalik Buterin. Of this, Vitalik bankrolled 90% and gave 10% to India's Covid Crypto Relief Fund. He did this because he did not want to have power over the currency.
The majority of these Shiba Inu tokens are owned by a few big investors and whales who were lucky enough to buy them at their initial launch price. However, there are also many smaller investors who have bought into Shiba Inu, hoping that its popularity will continue to grow and their profits will increase. For instance, it is estimated that about half of all SHIBs now in circulation are owned by private investors rather than institutional investors or wealthy individuals.
As expected of cryptocurrency projects, Shiba Inu has seen its share of both ups and downs since its launch in August 2020. The price of one SHIB token was initially just $0.00000000000056 USD, but was up within weeks of listing on popular trading platforms like Binance and Coinbase Pro. Despite several corrections that brought the Shiba Inu price significantly lower than what they were initially worth, Shiba Inu tokens remain highly sought after within the crypto community due to their low barrier to entry compared to other digital currencies such as Bitcoin.