Ironically, the price soared at the beginning of October when Elon tweeted a picture of his Shiba Inu puppy. This was highlighted when it dropped by 20% when Elon Musk tweeted to say he doesn't own any. The value of SHIB is still very volatile, as it's such a new token. The price of Shiba Inu coin is currently $0.00003820, while the daily trading price is $13,988,971,094. How much is Shiba Inu coin worth and why did its price increase?

In a Whitepaper discussing Shiba Inu coin (called the Woofpaper), Ryoshi refers to SHIB, and its spin-off coins LEASH and BONE, as an “experiment in decentralised spontaneous community building” which allows users to hold billions or even trillions of them, while the token can “remain well under a penny and still outpace Dogecoin.” Its popularity has been bolstered by its connection to Dogecoin, which has consistently received public support from Elon Musk.

But the Twitter account for the coin has over 1.2 million followers - more than the traditional cryptos such as Cardano, Kraken and Solana. This breed of meme coins don't usually gain much traction. The digital coin was inspired by the Japanese dog breed Shiba Inu, which became a viral meme in 2013, and dubbed itself the 'dogecoin killer'. The coin is pretty new (it was only launched in August 2020 by a mystery person or group of people calling themselves Ryoshi), but has already caught the attention of fans for its doggy themed design. Shiba Inu coin is a digital currency that's based on the decentralised, open-source blockchain, ethereum. The Tesla founder, who has more than 61 million followers, regularly impacts cryptocurrency prices with his Tweets. The price plunged from its all-time high when the Twitter account for Shiba Inu coin asked Elon Musk How Much of the coin he owns Shib, and Musk replied 'none'. Go here for the very latest news updates from across the North East Shiba Inu coin has jumped by almost 40% in the last seven days and has surged by a whopping 45 million per cent in the last year. It's now the 11th biggest cryptocurrency according to CoinGecko, just two behind the Dogecoin which seemed to inspire it. The rapid rise of Shiba Inu coin price have gotten a lot of crypto analysts and experts concern about an incoming massive correction.A meme currency inspired by another meme currency has just hit a record high. Both are running the narrative as the dominant global meme coin and a very volatile as there are no utility other than speculation and for transaction purposes. Looking at the overall chart, Shiba Inu grew at a faster rate and have overtaken Dogecoin in terms of market cap. That was a +150,000,000% increase from when it was launched in August 2020. On Oct 28th, 2021, the cryptocurrency reached an all-time-high price of $0.000084. Right now in 2022, Shiba Inu coin has captured mainstream attention as a meme coin.

BONE is the governance token for holders to vote on proposals on Doggy DAO. LEASH is a scarce supply token that is used to offer incentives on Shibaswap. The Shiba Inu team launched a decentralized exchange called Shibaswap with 2 new tokens, LEASH and BONE. What has the Shiba Inu community worked on? That donation was worth about $1 billion at that time, which makes it one of the largest donation ever in the world. The price of SHIB has soared from as low as $0.000000000056 to an all time high of $0.000084, that is a 150,000 times increase within 8 months.Īs a result of that, Vitalik proceeded to donate 10% of his SHIB holdings to a COVID-19 relief effort in India and the remaining 40% is burnt forever. During the initial launch, 50% of the supply was allocated into Vitalik Buterin's ethereum wallet. Shiba Inu (SHIB) is a meme token which began as a fun currency and has now transformed into a decentralized ecosystem.

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