Unleashing Shiba Inu: A Canine Cryptocurrency Tale

An alternative cryptocurrency to Bitcoin, Shiba Inu is built on Ethereum and has the Japanese hunting dog breed, Shiba Inu, as its mascot. Many people view Shiba Inu as a substitute for Dogecoin; in fact, supporters refer to Shiba Inu as “the Dogecoin killer.”

Meme coins, like Shiba Inu, are a type of cryptocurrency that gains popularity primarily through internet memes, humour, or online communities rather than traditional fundamentals or utilities. Shiba Inu was developed in August 2020 by an unidentified person or group known as Ryoshi.

History of Shiba Inu

A “woof paper” (probably a pun on the word “white paper”) outlining the principles of the Shiba Inu ecosystem can be found on the ShibaToken.com website.

According to the white paper, in response to a straightforward query of, “What would happen if a cryptocurrency project was 100% run by its community?” Shiba Inu was created. According to Ryoshi, its beginnings were a “decentralised spontaneous community building experiment.”

In January 2023, the Shiba Inu community leadership unveiled Shibarium, a layer two blockchain that is intended to operate on top of Ethereum. It was intended to ease traffic, slash prices, include staking into its ecosystem, and offer a foundation for the growth of Web 3 and decentralised applications.


The underlying currency of the project is Shiba Inu (SHIB). Ryoshi began with a supply of roughly one quadrillion, or 1,000 trillion, and gave half of it to Vitalik Buterin, the co-founder of Ethereum, for safekeeping, while the other half was locked in Uniswap for liquidity reasons. When India was suffering from the Delta form of the coronavirus in May 2021, Buterin gave more than 50 trillion Shiba Inu coins—worth over $1 billion—to a COVID-19 relief fund in that country. Not long after, Buterin also transferred 40% of all Shiba Inu to a “dead wallet,” thereby “burning,” or removing it from circulation forever.

How To Acquire Shib?

You are able to buy and trade Shiba Inu (SHIB) on several exchanges such as AFRIDAX as well as the community created trading platform for SHIB.

Low Token Price

Shiba Inu (SHIB) costs a fraction of a cent, therefore, a few hundred dollars can purchase millions of SHIB tokens. Overall, the low token price of Shiba Inu reflects its speculative nature, high token supply, lack of utility, and sensitivity to market sentiment and community dynamics. Investors should exercise caution and conduct thorough research before investing in meme coins or any cryptocurrency.

Key Takeaways

When it was first created in 2021, the cryptocurrency known as Shiba Inu had no purpose or value. By the end of 2023, it was being used as a payment mechanism and traded in big volumes to profit from minute price changes. Shiba Inu is likely to stay one of the most well-liked cryptocurrencies available since it is constantly being developed and enhanced by a committed community to have utility and use cases.