Leading dog-themed cryptocurrency Shiba Inu (SHIB) has turned two today. Shiba Inu was launched on August 1, 2020, by its pseudonymous founder Ryoshi.
Following its launch, the cryptocurrency became the second meme coin after Dogecoin, with its eyes set on overthrowing DOGE to become the number one meme coin.
Shiba Inu Changing Its Memecoin Title
Its mission of overthrowing Dogecoin to become the number one memecoin in the cryptocurrency market earned Shiba Inu the title “Dogecoin Killer.”
Shiba Inu was also a cryptocurrency launched as a result of a joke on August 1, 2020.
Interestingly, the project’s developers, headed by Shytoshi Kusama, decided
to turn Shiba Inu from a meme coin to a cryptocurrency with enormous utility.
Shiba Inu has made its mark in the entire cryptocurrency space in just two years, confirming that the project is here to stay.
Shiba Inu’s developers have launched incredible projects like a decentralized exchange, metaverse project, an official burn portal, etc. The team behind Shiba Inu is still working on releasing other projects like a play-to-earn (P2E) game, a Layer-2 blockchain dubbed Shibarium, etc.
Shib is now also accepted as a payment method by thousands of retailers and bagged partnerships like John Richmond, available for trading on more than 100 exchanges like Coinbase, Robinhood, and Binance. Shib team launched a burning portal that has helped the community burn 60B coins in a few months.
Interesting Shiba Inu Feats
As Shiba Inu’s team continued to roll out incredible initiatives, investors saw the potential of Shiba Inu, leading to widespread adoption.
According to data on Etherscan, more than 1 million unique addresses are holding Shiba Inu. At the time of writing this line, a total of 1,212,272 (1.21 million) unique addresses are holding SHIB. The volume surged from under 1,000 holders in January 2021 to a whopping 1.21 million today. This suggests that interest in meme-based cryptocurrency has been on the rise since last year.
It is not surprising to see a massive spike in the number of addresses holding the cryptocurrency. Shiba Inu has been among the most successful cryptocurrencies since August 2020 till date.
Shiba’s market cap was $3.75B in June 2021, which now stands at $6.68B.
At the time of going live, Shiba Inu started changing hands for around $0.000000000972241 (nine zeros) on Ethereum-based decentralized exchange Uniswap. Shiba Inu’s price went from bad to worse in subsequent months, as it added another zero to its price, making it ten zeros.
In January 2021, things started looking good for Shiba Inu. The token eliminated two zeros from its price following a growing adoption. At this point, it became clear to many that SHIB would help investors make huge gains.
The number of zeros in Shiba Inu’s price also reduced drastically to five in April 2021. Shiba Inu token subsequently surged to an all-time high of $0.00008616 on October 31, 2021, according to Coingecko data.
While the price of SHIB has slumped by 85.9% since hitting an ATH, investors are still hopeful that the token’s price will rally again, given the several initiatives lined up for Shiba Inu.