Shib is the "DOGECOIN KILLER," according to the SHIBA INU website, and is listed on their own ShibaSwap, a DEX. Under the alias "Ryoshi," Shiba Inu coin was developed anonymously in August 2020. Ryoshi claims that he is a nobody and unimportant, and that even if his identity were to be revealed, the results would be disappointing.
As a community of investors were drawn in by the cute charm of the coin combined with headlines and tweets from individuals like Elon Musk and Vitalik Buterin, this meme coin quickly gained speed and value. Long thought to be the creator of the Shiba Inu, Vitalik Buterin refuted these claims on the Lex Fridman podcast on June 5, 2021.
Shiba Inu aims to be the Srypt-based mining algorithm for Dogecoin on Ethereum. Dog-themed cryptocurrencies such as Baby Dogecoin (BabyDoge), Dogecoin (DOGE), JINDO INU (JIND), Alaska Inu (LAS), and Alaskan Malamute Token are all present, along with Shiba Inu and the SHIB token (LASM). Investors who missed the Dogecoin pump from 0.0002 to almost 0.75 USD have shown interest in these lower-valued tokens.
Following Shiba's success, a slew of imitators emerged, including BitShiba, Shiba Fantom, Shibalana, King Shiba, SHIBAVAX, Captain Shibarrow, SHIBA2K22, SpookyShiba, and countless others. There may be more than 100 Shiba Inu copies in existence, and the number keeps increasing.
Shiba Inu was added to Coinbase's platform on September 17, 2021, the biggest cryptocurrency exchange in the United States. Shiba Inu prices increased over 40% in the two days that followed this news, resurfacing the meme dog token.
Since then, Shiba Inus have also gotten more attention from other exchanges. The biggest cryptocurrency exchange in Mexico, Bitso, declared in September that SHIB would begin trading there. Indian cryptocurrency exchange Giottus made the same announcement. The largest cryptocurrency exchange in Europe, Bitstamp, announced that Shiba Inus would be listed for trading at the start of 2022. In 2021, the South Korean exchange Korbit became the first in the nation to list the SHIB token.