Shiba Inu (SHIB) is an Ethereum-based altcoin (an alternative cryptocurrency to Bitcoin) based on Shiba Inu—a Japanese breed of hunting dog—as its mascot. Shiba Inu is widely regarded as a viable alternative to Dogecoin; in fact, Shiba Inu supporters refer to it as “the Dogecoin killer.”
Shiba Inu token is a decentralised, community-building cryptocurrency that was developed within the Shiba Inu Ecosystem as “an experiment.” They built it, like many other coins, on top of the Ethereum Blockchain Network.
Shiba Inu and Dogecoin are meme coins as they are cryptocurrencies associated with a theme. Shiba Inu tokens were launched as a parody or inside joke rather than as a digital product with actual utility. While Dogecoin was launched in December 2013, Ryoshi, an anonymous individual or group, created Shiba Inu in August 2020.
Shiba Inu token has already taken over some Dogecoin markets and is becoming a popular choice among crypto-market investors.
Why is Shiba Inu so popular ?
Shiba Inu tokens are popular for two reasons:
Tesla founder Elon Musk once tweeted about his desire to own a Shiba puppy, which fueled the cryptocurrency market and caused its prices to skyrocket by 300%.
Its value dropped by up to 40% after Vitalik Buterin, the founder of the Ethereum Blockchain Network, donated 50 trillion Shiba Inu Coins to the India Covid Relief Fund, which was established by an Indian crypto entrepreneur named Sandeep Naiwal.