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Shiba Inu

Shiba Inu coin was created anonymously in August 2020 under the pseudonym "Ryoshi." According to its whitepaper, Shiba Inu was created with the intention of creating a "100% community-led" cryptocurrency. Shiba Inu aims to be the Ethereum-based counterpart to Dogecoin's Srypt-based mining algorithm. Shiba Inu is widely considered to be a "memecoin" due to its high volatility and network effect, driven by influential commentators like Tesla CEO Elon Musk.

The cryptocurrency Shiba Inu was created in August 2020 by an anonymous person known as "Ryoshi."

Shiba Inu aims to be a 100% community-led, decentralized cryptocurrency which seeks complete independence from centralized authorities and takes pride in that it was not founded from an existing community. 

SHIB exists on the Ethereum blockchain because Ryoshi viewed it as a well-established, secure, and decentralized network that would allow the Shiba Inu project to be developed with zero outside regulation. 

Shiba Inu aims to be the Ethereum-based counterpart to Dogecoin’s Scrypt-based mining algorithm. 

When SHIB was created, 1 quadrillion tokens were minted. SHIB’s founder sent 50% of the total supply to Ethereum co-founder Vitalik Buterin, who then burned 90% of his holdings by sending the tokens to a dead blockchain address. Buterin said he’d donate the remaining 10% to charity. 

The remaining supply, which wasn’t sent to Buterin, is locked in Uniswap, which is a decentralized finance protocol used to exchange cryptocurrencies. 

The Shiba Inu community considers the crypto to be a "Dogecoin Killer" because it has the ability to top its memecoin rival's market cap without ever crossing the $0.01 mark. 

Shiba Inu is widely considered to be a memecoin due to its high volatility and potential risk, as well as its network effect, driven by influential commentators like Tesla CEO Elon Musk.

Shiba Inu (CRYPTO: SHIB) is benefiting from market optimism and a rising burn rate, prompting traders to foresee an upcoming price rally. What Happened: Shibburn data reported a burn rate of 434.6% in the past 24 hours, with more than 8 million coins burned in the past 10 hours alone.

'Dogecoin Killer' Shiba Inu Burn Rate Surges 435%, Trader Predicts 210% Price Explosion Ahead

The price of Shiba Inu (SHIB) has been hovering between $0.00002100 and $0.00003200 since March 4, 2024.

Shiba Inu Holds Above $0.00002500 And Continues To Rise Steadily

Bitcoin

Dogecoin

Ethereum

Former President Donald Trump is now accepting cryptocurrency for official campaign donations, extending on his recent support for the sector in an event with owners of one of his NFT collections. What Happened: In early May, Trump showed his support for the cryptocurrency sector and said that his campaign would accept crypto donations in the future.

Trump Accepts Cryptocurrency Donations In Bitcoin, Ethereum, Shiba Inu, Dogecoin And More, Says MAGA Supporters 'Will Build A Crypto Army'

The former president's campaign said this marks the first time a major party Presidential nominee has embraced cryptocurrency for donations.

Trump campaign to accept crypto donations, including dogecoin and shiba inu

Bonk

Pepe

Memecoins took center stage on one of the best days for the cryptocurrency market, with the likes of Pepe (CRYPTO: PEPE) and Bonk (CRYPTO: BONK) turning out to be the highest gainers. What Happened: The market rallied on higher expectations of an Ethereum (CRYPTO: ETH) spot ETF approval by the SEC, resulting in the highest market cap growth in three months, according to Santiment.

Bonk, Pepe Outstrip Gains Of Bitcoin, Ethereum Amid Searing Hot Rally — Beat Biggies Dogecoin And Shiba Inu In Trading Volumes

So far, 2024 has undeniably been the year for memecoins. Countless new tokens have been released, and a handful of them have touted gains to the magnitude of thousands of percent.

Shiba Inu (SHIB), Pepe (PEPE), and This Trump-Themed Memecoin Have Outpaced Bitcoin This Week

A Shiba Inu (CRYPTO: SHIB) whale turned $1.68 million into $4.88 million after more than two years amid Shibarium's key metrics showing signs of improvement. What Happened: Spot On Chain noted a whale making a substantial profit after they initially purchased 199 billion SHIB, with an estimated cost of $1.68 million, between October 10, 2021, and September 11, 2023, from Coinbase and a decentralized exchange.

This Patient Shiba Inu Whale Pocketed $3.2M After Waiting 2.5 Years

Shytoshi Kusama, the mysterious lead developer of the Shiba Inu (CRYPTO: SHIB) project, lauded the work of the team instrumental in bringing the ecosystem's decentralized exchange ShibaSwap to the layer-2 network, Shibarium. What Happened: In a post on social platform X, the pseudonymous personality, also believed to be the co-founder of Shiba Inu, wrote that he is proud of the efforts put in by the team in linking the two of the ecosystem's biggest platforms.

Shiba Inu's Lead Developer Shytoshi Kusama Lauds Team Behind ShibaSwap's Integration With Shibarium Network: 'So Much More In Store'

Shiba Inu (CRYPTO: SHIB) prompted bullish analysis from traders amid its decentralized exchange ShibSwap launching on Shibarium. What Happened: Heavily followed crypto trader Cold Blooded Shiller, in an Wednesday tweet, noted that Shiba Inu is ready to make a move.

'Dogecoin Killer' Shiba Inu Pumps 6%: 'I Felt Underexposed,' Says Trader Who Sees More Short-Term Upside

Increased transactions on the Shibarium blockchain will lead to a higher burn rate for the SHIB token, reducing its circulating supply.

SHIB to Get More Scarce as Key Exchange Expands to Shibarium

On May 15, the development team for the meme token project SHIB announced that the decentralized exchange (dex) Shibaswap has been ported to the Shibarium blockchain. SHIB's lead developer detailed that Shibaswap's trading platform is now accessible to users of both the Ethereum and Shibarium networks.

Shibaswap Migrates to Shibarium Network, Expanding Access to 2 Chains

Solana

Crypto trader Intuitio declared the current market downturn a "bear trap," comparing it to the 2021 summer bear trap while noting the stronger positions of Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) this time around. What Happened: Intuitio asserts that the present summer bear trap closely mirrors that of 2021.

Why This Crypto Market Is 'A Bear Trap' And Which Coins This Trader Is Backing

Chainlink

A closely followed crypto strategist believes that astronomical gains are on the horizon for an altcoin initially built on the Ethereum (ETH) blockchain.

Trader Predicts 1,660% Rally for Under-the-Radar Altcoin, Updates Outlook on Shiba Inu and Chainlink

Shiba Inu (SHIB) prices are trending sideways below the moving average lines.

Shiba Inu Holds Above $0.00002060 And Continues Its Sideways Pattern

Shiba Inu (CRYPTO: SHIB) is riding the GameStop frenzy and is further buoyed by optimism from the ecosystem's strong metrics. What Happened: K9 Finance DAO, Shiba Inu's official liquid staking partner, has initiated a new proposal that could result in the burning of 410 million KNINE tokens.

'Dogecoin Killer' Shiba Inu's Liquid Staking Partner To Burn 400 Million KNINE Tokens

The return of "Roaring Kitty" has shaken up the equities markets, but could memecoins be next?

Roaring Kitty returns, putting meme stocks and memecoins back into focus

Shiba Inu (CRYPTO: SHIB) is seeing fundamental developments that might lead to a potential price breakout. What Happened: Crypto trader Javon Marks foresees Shiba Inu reaching and surpassing its all-time high of $0.000088598, which would imply a price appreciation of over 282% from current levels.

'Dogecoin Killer' Shiba Inu Pushes Mainstream Adoption And Is On The Verge Of '4X Breakout', Says Trader

With a staggering $50.7 billion valuation of the meme coin market, Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) lead the table with more than half of the valuation. A technical analysis assisted by Benzinga Labs for the Simple Moving Average (SMA) and Relative Strength Index (RSI) indicators highlights the upcoming trend for the meme coins.

What Does Technical Analysis Say About Dogecoin And Shiba Inu?

Crypto trader Unipics, also known as “Bonk Guy,” shared his bullish outlook on Bonk (CRYPTO: BONK), forecasting an imminent explosive rally. What Happened: “Bonk guy” attributes BONK's recent weakness, particularly on weekends, to the ongoing vesting of tokens to OpenBook users.

'Shiba Inu On Solana' Bonk In For An 'Explosive Rally,' Millionaire Trader Predicts

Since its launch in 2013, DOGE has not done much to add value to the ecosystem. However, the token has seen some of the largest returns of any asset over the past decade.

Analyst Says Dogecoin(DOGE) Is a 'Crapshoot,' Could These 3 Meme Coins Have Higher Returns?

Shiba Inu (CRYPTO: SHIB) is clawing back losses with an increasing burn rate and key statistics of Shibarium witnessing significant growth. What Happened: Shibburn data reveals a 397% burn rate surge in the past 24 hours, with 24.2 million coins in a single transaction burned.

'Dogecoin Killer' Shiba Inu Burn Rate Spikes Almost 400%, Marketing Lead Points Out '3x On SHIB' If You Purchased Last Year

VanEck's meme coin index made a splash in the crypto community, prompting traders to point to the growing mainstream adoption of meme coins. What Happened: Market Vector announced the launch of its MarketVector Meme Coin Index with the symbol MEMECOIN, covering the six largest meme coins.

VanEck Meme Coin Index With DOGE And SHIB Would 'Outperform 99% Of People If You Left It Alone,' Says Trader

The investment management firm Vaneck has expanded into the meme coin sector with the launch of its new Marketvector meme coin index, “MEMECOIN.” This index, available through Marketvector Indexes—a company focused on digital assets and various other sectors—monitors the performance of the leading six meme coins.

Vaneck Introduces Meme Coin Tracking With ‘MEMECOIN' Index

Investment giant VanEck, known for its exchange-traded funds (ETFs), has taken a plunge into the world of meme coins with the launch of the MarketVector meme coin index called “MEMECOIN”. What Happened: This index tracks the performance of the six largest meme coins, a category of cryptocurrencies often inspired by internet jokes and cultural references.

Bitcoin ETF Issuer VanEck Launches 'MEMECOIN' Index, Includes DOGE, SHIB And 4 More Meme Coins

Everyone's favorite memes have taken the biggest hit today as the wider market sees a moderate drawback in comparison.

News for Shiba Inu Crypto (SHIB)