Shiba Inu price collapsed to the lowest level since June 2021 as demand for digital coins plunged. The SHIB/USD pair...
Shiba Inu
Shiba Inu is a cryptocurrency created in 2020 by an anonymous person known as Ryoshi. The coin is based on the Shiba Inu dogs, a hunting dog breed found in Japan. It is widely regarded as the dogecoin killer.
Shiba Inu was built and hosted on the Ethereum platform and is an ERC-20 token; hence, it does not have its blockchain platform.
Shiba Inu trades at $0.0000594, which is way below a dollar, and had an initial supply of 1 quadrillion. The crypto’s creator Ryoshi sent half of Shiba Inu’s tokens to Ethereum’s founder Vitlik Buterin hoping that he would keep the coins.
However, Buterin did not keep the Shiba Inu tokens. Instead, he chose to burn a significant percentage of the tokens taking them out of circulation while donating the rest to India’s Covid Relief Fund and other charitable organizations.
While most investors are excited about Shiba Inu, given that it recently rallied over 700% in 30 days, they should remember the vast number of Shiba Inu tokens in circulation. As a result, it may take a long time before the altcoin can trade at 1 cent.
However, investors have recently flocked to Shiba Inu, driving its price and valuation higher, making the “meme token” the 11th most valuable cryptocurrency on the platform, right behind dogecoin, which is number 10.
Shiba Inu latest news
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Long considered to be the alternative to Dogecoin, Shiba Inu’s price has continued to perform in the markets for the...
Last week was rough for Shiba Inu, which dropped by 18 per cent, as the memecoin continued to struggle amidst...
Shiba Inu price has come under fierce pressure in the past few months as demand for the coin continues. The...
The SHIB/USDT pair remains flat, which is why the Shiba Inu price predictions do not have a clear direction at...