Denominations | |
---|---|
Code | SHIB |
Development | |
Original author(s) | "Ryoshi" [1] |
White paper | Shibu Inu Ecosystem |
Initial release | August 2020[1] |
Development status | Active |
Website | |
Website |
shibatoken |
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]