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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.”’


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