Anyone who has been following the crypto space would be familiar with a ‘meme coin’ named Shiba Inu. In October 2021 it was the most searched cryptocurrency on twitter, and the most traded cryptocurrency on numerous exchanges.
Shiba Inu was founded in 2020 by anonymous, Ryoshi, as an experiment in decentralized spontaneous community building. Ryoshi set the initial price of SHIB to $0.00000000005, so that the average retail investor would have the opportunity to accumulate large numbers of the coin.
Shiba Inu was initially dubbed as a ‘shit coin’ by some and a scam by others, but started turning heads in the second quarter of 2021, when it skyrocketed in value by around 40,000%.
In the following months, Ryoshi unveiled ShibaSwap, a decentralised exchange that developers refer to as, an ecosystem where cryptocurrencies can be traded safely. Basically, ShibaSwap provides access to a range of cryptocurrencies and users can also stake their SHIB for crypto rewards.
In October 2021 SHIB again climbed to new all time highs, briefly overtaking Dogecoin on the Top 10 Crypto List (by market cap), before cementing it’s long-term place as a major player in the crypto space.
Investing $1000 in SHIB in 2020 would have made you a billionaire in October 2021.
Although the Shiba Inu project is still young, there are already more than 900,000 holders and SHIB is now available on most major exchanges. Shiboshi NFTs have recently dropped on ShibaSwap and SHIB is also becoming more commonly accepted as payment for goods and services.
What started as an ‘experimental meme currency’ has blossomed into an expanding economic ecosystem… what is yet to come?
Want to invest in Shiba Inu? Head to binance.com to start trading.
SHIB can rise and fall by up to 50% in a matter of hours, so only invest what you are willing to lose. Buy low and sell high, not the opposite.
Who is @ShytoshiKusama?
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