Shiba Inu Price

What is shiba inu (SHIB)?

Shiba Inu (SHIB) is a decentralized digital token launched in 2020. This meme coin is named after the famous Japanese dog breed, Shiba Inu. Alongside similar tokens like Akita Inu, Floki Inu, and Dogelon Mars, shiba inu coin is the main rival of another meme cryptocurrency called dogecoin, launched in 2013.

Who created shiba inu?

Shiba inu was launched by an anonymous group only identified by the alias “Ryoshi.” They sent a block of tokens to Vitalik Buterin, the famous co-founder of Ethereum and a luminary in the crypto sector, to build hype shortly after its launch. Buterin donated his gifted tokens to a fund set up to fight against the coronavirus pandemic in India. This gift drew a lot of goodwill and increased shiba’s popularity.

What is shiba inu coin used for?

Though popular, shiba inu has been the target of many criticisms. Some accuse the project of being a meme token whose entire existence lies in the “fear of missing out (FOMO).” Others are concerned about the concentration of tokens within a few “whale” wallets.

However, many developers have built projects for the Shiba ecosystem, making it more useful. For example, there’s ShibaSwap, a decentralized exchange that allows people to buy tokens and NFTs. People can also stake their SHIB tokens and earn more as a reward.

Likewise, there’s the Shibarium, an upcoming blockchain for SHIB tokens built atop Ethereum. It aims to transform SHIB from a meme token into a broad crypto ecosystem with many uses. Shibarium was initially planned for release in February 2023 but was postponed for further testing and development.

What was shiba inu highest price?

SHIB was launched in 2020 for a minuscule price of $0.000000000056 per token. It traded at that very low level until its breakthrough came in May 2021. This was the month when Buterin donated his supply of SHIB tokens to Covid-relief efforts in India. The gift of 50 trillion tokens represented half of SHIB’s total supply at the time and was worth a hypothetical $1 billion. This large figure grabbed headlines around the globe and drew many people toward the Shiba token.

Buterin donated the funds to CryptoRelief, an organization set up by an Indian entrepreneur. Due to supply and demand constraints, CryptoRelief gradually sold the tokens and ended up with around $100 million, a significant amount but a far cry from $1 billion. Yet, shiba inu price took off from there and hit an all-time high of $0.00008616 in October 2021. It fell by half over the next two months and into the next year.