Shiba Inu (SHIB)
Tue, Apr 15Shiba Inu (SHIB), often referred to as “the Dogecoin killer,” ranks as the second most well-known altcoin and meme coin, following Dogecoin.
As an ERC-20 token built on the Ethereum blockchain, Shiba Inu is said to be “100% run by its community.” Its foundation on Ethereum allows it to benefit from the platform's decentralization.
Shiba Inu is viewed as an alternative to Dogecoin and is backed by the SHIB Army, a community of over 500,000 supporters who promote Shiba Inu on social media platforms.
The mascot of Shiba Inu is inspired by the Shiba Inu dog, a Japanese breed known for its hunting abilities.
Created anonymously in August 2020 by an individual or group known as Ryoshi, not much is known about this mysterious founder, similar to Satoshi Nakamoto, the creator of Bitcoin.
Ryoshi has stated that Shiba Inu was an experiment in decentralized community building, aimed at exploring whether a decentralized organization could function without central leadership.
Shiba Inu began with a total supply of 1 quadrillion SHIB, with half locked in Uniswap and the other half donated to Ethereum co-founder Vitalik Buterin.
Buterin received SHIB valued at $1 billion and chose to donate it to a COVID-19 relief fund. He subsequently burned most of his remaining SHIB, worth $6 billion and nearly half of the total circulating supply, as he did not wish to wield the influence associated with holding such a large portion of SHIB.
In 2021, Shiba Inu gained international attention when its price surged by 1900% within a week.
SHIB and DOGE are not the only dog-themed cryptocurrencies available; others like Baby Dogecoin (BabyDoge), Jindo INU (JIND), Alaska Inu (LAS), and Alaskan Malamute Token (LASM) are also attempting to cultivate a following similar to SHIB.
Due to the success of SHIB, numerous copycat cryptocurrencies have emerged, totaling over 100. These include Shiba Fantom, King Shiba, SpookyShiba, BitShiba, among many others.
As of August 2022, SHIB ranks among the top 15 cryptocurrencies by market capitalization, boasting a market cap of $7.2 billion.
Shiba Inu has a total supply of 589 trillion SHIB, with a circulating supply of 549 trillion SHIB.
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