What is Shiba Inu?
Shiba Inu is a cryptocurrency that is based on the Ethereum platform and has a Shiba Inu dog as its mascot. It is often seen as a competitor to Dogecoin and its proponents believe that it could even surpass Dogecoin in popularity.
Both Shiba Inu and Dogecoin are considered “meme coins,” which are cryptocurrencies that are created as a parody or inside joke rather than a usable digital product. Shiba Inu was launched in August 2020 by an anonymous group called Ryoshi, following in the footsteps of Dogecoin which was launched in 2013.
In October 2021, Shiba Inu’s price skyrocketed, increasing its market capitalization to $35 billion and ranking it as the 10th largest cryptocurrency. This surge was largely driven by a tweet from Tesla founder Elon Musk featuring his new Shiba Inu puppy, Floki. Musk, who is known as a strong supporter of Dogecoin, often causes volatility in the cryptocurrency market with his tweets.
During this time, Shiba Inu’s market capitalization almost caught up to Dogecoin’s, but it remains to be seen if it will truly become the “Dogecoin killer” that its growing community of supporters, known as the SHIBArmy, hopes for. Regardless, in October 2021, Shiba Inu proved to be a major player in the cryptocurrency space and caused a stir in the market.
