One of the hottest cryptocurrencies of the week has been Shiba Inu (CRYPTO: SHIB), a coin that was launched in August 2020 modeled after Dogecoin (CRYPTO: DOGE).
What Happened: Shiba Inu coin was launched as a decentralized meme token that “evolved into a vibrant ecosystem,” according to its website.
The ecosystem includes SHIB, LEASH and BONE, three cryptocurrencies. The Shiba ecosystem also include ShibaSwap, an incubator and an innovative reward system.
The founder of Shiba Inu launched the coin with a supply of one quadrillion. Fifty percent of the total was locked in Uniswap and the other half was burned to Ethereum (CRYPTO: ETH) co-founder Vitalik Buterin.
Buterin donated the SHIB to the Covid Relief Fund to support the devastating pandemic efforts in India.
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With a low price point per coin, investors are able to hold millions, billions or in some cases trillions of the coin in their wallet.
“Between its international recognition and its legitimate utility, SHIB is up thousands of times and is constantly expanding its reach.”
SHIB can be purchased using crypto exchange services like Uniswap or the company’s own ShibaSwap platform.
Shiba can be purchased on several leading crypto brokerages included Coinbase Global (NASDAQ:COIN), eToro, Webull and Voyager Digital (OTC:VYGVF). There are rumors the coin will be added to Robinhood Markets Inc (NASDAQ:HOOD) later this year when the broker rolls out crypto wallets.
Shiba Inu is currently experiencing a surge in trends across Google and social media and seeing increased volume in trading activity.
Investing $1,000: The earliest data for Shiba Inu on Coinmarketcap dates back to Jan. 31, 2021, likely due to the low price per coin and the long list of numbers after the decimal point.
On Jan. 31, the Shiba Inu coin traded at $0.00000008. A $1,000 purchase could have bought 12,500,000,000 coins. The 12.5 billion coins would be worth $285,500 today based on a current price of $0.00002284 for SHIB.