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What is Shiba Inu Coin?

The Shiba Inu Coin is one of the newest coins in the crypto space right now. On August 1, 2020, the coin was launched by an anonymous founder whose only available name is Ryoshi Shiba. At the time of its launch, the coin was nearly worthless, sitting at $0.00000001. Investing in the coin was equivalent to straight gambling as it was doing nothing fundamentally. Fast forward to 2021, the meme coin has been enjoying rapid growth and retails at $0.000009451 as of this writing.

What’s Behind Shiba Inu Coin’s Popularity?

According to its ‘wood paper,’ it developed the coin from questioning what would happen if the community entirely ran a cryptocurrency project. From this premise, the coin came to life. The Shiba Inu Coin goes by the symbol SHIB, and the developers also named it the ‘Dogecoin Killer.’ It is an ERC-20 token, meaning it’s built on the Ethereum blockchain. It can, therefore, use Ethereum smart contracts to create DeFi products. However, this is not the reason behind the growing SHIB popularity.

Shiba Inu Coin recorded a massive rally just recently that was followed by a crash days later. The movement is comparable to the much similar but a little more popular coin, DOGE. Like Dogecoin, SHIB is a meme coin inspired by the Japanese Shiba Inu dog breed. The founders intended to make an improved Dogecoin, and it’s now dubbed Dogecoin’s new version.

The close relation to Dogecoin is a probable reason for the coin’s price rally, although Buterin’s over 40% reduction in SHIB supply sent prices up 40%. Dogecoin has enjoyed celebrity support from Elon Musk, who turned his support against Bitcoin over environmentally unfriendly.

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