History of Shiba Inu Meme Coin
Shiba Inu is a so-called memecoin — it originally started as an internet joke as opposed to a significant blockchain project, such as Bitcoin or Ethereum.
Founded in August 2020, Shiba Inu references another memecoin, Dogecoin, which itself is a reference to an internet meme involving the Shiba Inu dog-cat, which is jokingly called “doge.” It's almost as complicated as blockchain technology.
But Shiba Inu—already the 13th largest cryptocurrency, with a market capitalization approaching $7 billion—may get more serious.
Shiba Inu developers revealed plans for “Shibarium” this week, detailing plans to launch a layer-2 blockchain — one that sits on top of another network, in this case Ethereum — that will dramatically build out the Shiba Inu ecosystem. Shiba Inu, along with its sister coin in the Shib universe called Bone and Leash, is already on top of the network that supports Ether, the second largest digital asset.
Shibarium will use Shiba Inu, Bone, and Leash in protocols serving the metaverse, gaming, and Web3, the developer said. Specifically, Bone will be the network’s “native token,” used to pay for transactions on the blockchain.
There are likely several factors supporting Shiba Inu's pump higher, according to analysts, including an overall lack of liquidity amid high volume—with few sellers to meet demand—and a general wave of optimism across crypto.
As long as volume supports, risk tokens such as Shiba Inu, Dogecoin and Decentraland may catch bids from retail looking to take part in the market rally,” wrote the team at Kaiko. “Bitcoin volume has reached its highest level since the FTX collapse, a sign that investors are returning to the crypto market.
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