tech news

Shibu Inu coin cryptocurrency sees 750,000% price gain

The Shiba Inu coin is surging at the moment (Getty Images)

The Shibu Ina coin was launched a year ago as a joke following the internet’s love of dogecoin.

But the so-called ‘dogecoin killer’ seems to have overtaken its rival amid a surge of investment that has seen its value rocket in recent weeks.

Shiba Inu’s crazy price gains have seen it grow in value by 750,000% since January 2021.

When you look at that across the market, it gives the joke investment a real-world market cap above $40 billion.

The cryptocurrency is currently trading at £0.00005064 – which is a tiny amount.

But, if you bought thousands of tokens when it launched, you’d be making a tidy profit by now.

Here’s just one example:

The Shiba Inu coin is built on the Ethereum blockchain and has effectively become a meme investment riding on the the coattails of dogecoin.

Dogecoin, for its part, is championed by the world’s richest man: Elon Musk.

What is Shiba Inu coin?

The Shiba Inu coin is a new favourite for internet traders (Getty Images)

The crypto token is listed as SHIB and allows users to hold billions or trillions of them.

Its website states: ‘Nicknamed the DOGECOIN KILLER, this ERC-20 ONLY token can remain well under a penny and still outpace Dogecoin in a small amount of time (relatively speaking).’

The Shiba website says 50% of the total supply has been locked to Uniswap, which is a decentralised finance protocol using the Ethereum blockchain.

The other 50% was burned to Ethereum co-founder Vitalik Buterin.

‘To help reverse the devastating spread of Covid-19 in India, VB has since utilized SHIB in the largest crypto donation in history, and then actually burned 40% of its total supply to a dead wallet, ensuring our long-term success and stability,’ the website states.

‘In the words of Ryoshi, “Thank you to the woofmeister for enabling true decentralization. Now we truly begin.”’

Bitcoin price crash wipes billions from crypto’s global markets

MORE : PayPal now lets UK users buy and sell cryptocurrency like Bitcoin and Ethereum


Leave a Reply

This website uses cookies. By continuing to use this site, you accept our use of cookies.  Learn more