Memecoins Dogecoin, Shiba Inu Jump as Ethereum Optimism Spreads
Dog-themed cryptocurrencies jumped on Monday amid broader retail-investor enthusiasm in the market, particularly as Ethereum works toward its much-anticipated software upgrade.
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Shiba Inu (SHIB) is a token that aspires to be an Ethereum-based alternative to Dogecoin (DOGE), the popular memecoin. Unlike Bitcoin, which is designed to be scarce, SHIB is intentionally abundant — with a total supply of one quadrillion. The Shiba Inu Token ecosystem supports projects such as an NFT art incubator and the development of a decentralized exchange called Shibaswap.
Shiba Inu (SHIB) was developed to answer a simple question: What would happen if a cryptocurrency project was 100 percent run by its community?
SHIB is a token designed to be an Ethereum-compatible alternative to Dogecoin (DOGE). Like DOGE, SHIB is intentionally abundant — with an initial circulating supply of one quadrillion coins. The Shiba Inu ecosystem also supports projects such as an NFT art incubator and a decentralized exchange called Shibaswap.
An anonymous developer named Ryoshi launched SHIB in August 2020. The project began with a total supply of one quadrillion tokens — a truly vast number.
You can buy, send, and receive SHIB from a few different crypto exchanges. And because SHIB is issued as an Ethereum token, it’s compatible with the vast Ethereum ecosystem.
Advantages include compatibility with Ethereum wallets like Coinbase Wallet, availability on decentralized exchanges (or DEXs) like UniSwap, the potential for SHIB to be incorporated into ETH-based DeFi applications like lending and savings products and NFT marketplaces.
SHIB, unlike DOGE, is compatible with the Ethereum ecosystem — which has allowed the community to create crypto apps like ShibaSwap, a DEX that allows users to trade and stake tokens without an intermediary. In the future, the Shiba community plans to release an NFT platform and DAO-based governance system for the Shiba ecosystem (called “DoggyDAO”).
Released: August 2020
The price of SHIBA INU has risen by 26.17% in the past 7 days. The price declined by 6.34% in the last 24 hours. In just the past hour, the price shrunk by 1.38%. The current price is $0.000016 per SHIB. SHIBA INU is 51.48% below the all time high of $0.000032.
The current circulating supply is 549,063,278,876,301.94 SHIB.
SHIBA INU was mentioned in 57,675 out of 1,641,495 social media posts on Twitter and Reddit on Aug 14, 2022. 22,958 unique individuals are talking about SHIBA INU and it is ranked #4 in most mentions and activity from collected posts.
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A selection of cryptocurrencies in the top 50 by market cap.
Of all the assets on Coinbase, these 8 are the closest to SHIBA INU in market cap.