Shiba Inu is an Ethereum-based altcoin (a cryptocurrency other than Bitcoin) that features the Shiba Inu—a Japanese breed of hunting dog—as its mascot. It was created in August 2020 by an anonymous individual or group called Ryoshi.
This ‘’memecoin’’ is widely considered to be an alternative to Dogecoin and is touted as “the Dogecoin killer” by its supporters, a community known as the SHIBArmy.
Shiba Inu’s price peaked more than tenfold on Oct. 29, 2021, giving it a market capitalization of $41 billion. Even with a steep drop in market cap to today’s $12 billion (as of March 21, 2022), Shiba Inu still ranks in the top 15.
Why Shiba reached it’s peak in 2021?
Shiba Inu’s price soared more than tenfold in October 2021, giving it a peak market capitalization of $41 billion (on October 29, 2021) and became one of the top ten meme cryptocurrencies by this measure.56 A tweet from Tesla founder Elon Musk on Oct. 3, 2021, featuring a picture of his new Shiba Inu puppy Floki provided the initial impetus for the meme coin’s price surge. Because Musk is one of the most high-profile supporters of Dogecoin and the self-proclaimed “Dogefather,” his cryptic tweets often result in heightened volatility in the cryptocurrency space.
Is Shiba a Risky investment?
Yes, Shiba Inu is a very risky, speculative investment. Cryptocurrencies can be extremely volatile, and SHIB’s recent gains may make it vulnerable to a significant decline. Shiba Inu also has very limited utility, and its value is based mainly on a social-media-fueled speculative frenzy.
But with big risks come big return and the high risk-high return relation may bring Shiba investors to crazy profits even in short term.
So, it’s up to you if you want to join the SHIBArmy.
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