Shiba Inu (cryptocurrency)

Decentralized cryptocurrency

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 categorize Shiba Inu as a "meme coin"^[2]^[3] 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).^[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]

References

^ ^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.
^ Kaul, Abhinav (28 October 2021). "Experts say retail investors should stay away from 'War of Meme Coins'". Mint. Retrieved 1 November 2021.
^ Scribner, Herb (5 October 2021). "Shiba Inu coin had another spike. But will it last?". Deseret News. Retrieved 1 November 2021.
^ Regan, Michael P. (3 November 2021). "Shiba Wallet With Billions Is Scrutinized as Coin Tumbles". Bloomberg. Retrieved 7 November 2021.
^ 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.
^ BORDELON, BRENDAN (2024-03-26). "The little-known AI group that got $660 million". Politico.
^ "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.
^ 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.
^ Denton, Jack (4 November 2021). "Shiba Inu Is Plunging. A Prominent Crypto Whale Is Making Waves". Barron's. Retrieved 7 November 2021.
^ Maishera, Hassan (26 November 2021). "Shiba Inu Dips by 5% Despite Reaching 1 Million Holders". Yahoo! Sports UK. Retrieved 26 November 2021.

External links

Official website

Cryptocurrencies

Technology

Consensus mechanisms

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