Here are the full details and fundamentals of Shiba Inu (SHIB) ¹ ² ³:
*What Is Shiba Inu (SHIB)?*
- Shiba Inu is an Ethereum-based altcoin that features the Shiba Inu as its mascot.
- Shiba Inu is widely considered an alternative to Dogecoin and is touted as "the Dogecoin killer" by its supporters, a community calling itself the SHIBArmy.
- Shiba Inu was created in August 2020 by an individual or group called Ryoshi.
- Shiba Inu's price peaked more than tenfold on Oct. 29, 2021, giving it a market capitalization of $41 billion at the time.
*Key Features*
- Shiba Inu is a decentralized, community-led currency held by millions across the globe.
- Since its inception in late 2020, the Ethereum-based SHIB token has grown to become a worldwide phenomenon.
- Shiba Inu is now accepted as a form of payment at hundreds of locations, either directly or through third-party intermediaries.
- Shiba Inu coin was created anonymously in August 2020 under the pseudonym "Ryoshi."
- Ryoshi says about himself that he is a nobody and not important and that the efforts to unmask his identity, even if successful, would be underwhelming.
- This meme coin quickly gained speed and value as a community of investors was drawn in by the cute charm of the coin paired with headlines and tweets from personalities like Elon Musk and Vitalik Buterin.
*How Does It Work*
- The guiding tenets of the Shiba Inu ecosystem are spelled out in a "woof paper" (presumably a play on the term "white paper"), available at the (link unavailable) website.
- According to the paper, Shiba Inu was developed to answer a simple question: "What would happen if a cryptocurrency project was 100% run by its community?"
- Its founder, Ryoshi, attributes its origins to an "experiment in decentralized spontaneous community building."
- According to Ryoshi, the power of collective decentralization can build something stronger than a centralized team ever could create.
- The SHIBArmy's base of nearly 500,000 Reddit members embraces its founding principles, which are: