Shiba Inu
About Shiba Inu
The price of Shiba Inu (SHIB) is $1.38249e-5 today, as of Aug 30 05:12 p.m., with a 24-hour trading volume of $387.42M. Over the last 24 hours, the price has decreased by -3.69%. Shiba Inu currently has a circulating supply of 589.26T and a market cap of $8.15B.
The shiba inu coin, or SHIB, is an ERC-20 token that fuels the Shiba ecosystem. Comprising three separate tokens – SHIB, BONE and LEASH – that users can stake, swap or deposit into liquidity pools on the ShibaSwap decentralized exchange to earn interest and rewards.
Shiba inu is generally perceived as a meme currency similar to other dog-themed cryptocurrencies such as dogecoin and has a similarly viral following of more than 1.2 million people on Twitter. SHIB’s price often makes news headlines, as it routinely notches tremendous gains and endures equally steep losses.
SHIB had an initial total supply of 1 quadrillion, or 1,000,000,000,000,000 tokens. In May 2021, however, the pseudonymous creator of SHIB known as “Ryoshi” sent half of the total supply to Vitalik Buterin, one of the co-founders of the Ethereum blockchain who burned 90% of his tokens right away, meaning he permanently removed them from circulation. Buterin donated the remaining 10% to charity.
There is no burning or halving mechanism in place to reduce the supply of SHIB further.
SHIB has been one of the most volatile crypto assets in 2021. It started around May 11, when SHIB price rose 1,953% to $0.00003532 from $0.00000172, although it plummeted quickly to $0.00000793 in the next three weeks.
After months of sideways trading, SHIB rose sharply on Oct. 2, 2021, from $0.00000766 to $0.00002913 by Oct. 13. Two weeks later, SHIB recorded its current all-time high of $0.000089 on Oct. 28, although the market has since corrected again.
The market momentum affecting shiba inu can mainly be attributed to Tesla CEO Elon Musk, who was also responsible for dogecoin’s massive price surge. Musk’s interest in dogecoin creates the market’s excitement for SHIB. Musk even got a Shiba Inu puppy, named Floki Frunkpuppy, triggering another market surge.