Shiba Inu is a decentralized cryptocurrency named after a Japanese dog breed, Shiba Inu. It was developed as an altcoin to Dogecoin, with the initial intent of making fun of Dogecoin. But despite its stance as a meme coin, it has bloomed into one of the most sought-after decentralized projects.
All +/- % changes are for a 24 hour window
## The History
Shiba Inu was created in August 2020 by an anonymous entity known as Ryoshi. It was developed as an experiment on the Shiba Inu Ecosystem. And just like most coins at the time of Shiba Inu's creation, it was built on Ethereum Blockchain Network.
Shiba Inu was made to be an antagonist to Dogecoin. As we see, it took up the same dog breed Dogecoin had as its symbol, clearly positioning itself as a "Dogecoin killer," as it is fondly called.
## Shiba Inu's Biggest Claim to Fame
Shiba Inu has been known as one of the hottest meme coins on the planet over the last few months. And although there is no particular reason for this surge and popularity, several factors have directly contributed to its fame.
One of such is Tesla and SpaceX CEO Elon Musk. In early 2021, Musk gave some backing to Bitcoin's altcoin, Dogecoin, and they were even adopted as a means of payment for the purchase of Tesla vehicles.
But a few months later, Elon Musk released some cryptic tweets regarding owning a puppy of the Shiba Inu breed. This action caused an uproar as crypto enthusiasts felt that Elon Musk was switching his loyalty over to Shiba Inu. And Elon Musk, being the influential man he is, led a large crowd to Shiba Inu and kickstarted a 300% price increase through a tweet.
Another factor would be the launch of ShibaSwap decentralized exchange. ShibaSwap encouraged investors to HODL $SHIB for long periods to reap the rewards. It is also worth noting that Ryoshi, Shiba Inu's creator burned 50% of Shiba Inu tokens by giving them to Ethereum's co-founder, Vitalik Buterin, who donated them all out to charity causing a downward spike in the meme coin's price. Other notable claims from Shiba Inu include its NFTs–shiboshis and its listing on Robinhood.
All these notable events, directly or indirectly, saw Shiba Inu plummet in October 2021, with a market capitalization that surpassed Dogecoin's own—it skyrocketed into the top 10 cryptocurrencies. But as a meme coin, its downward surges have been as critical as well.
## The Biggest Criticisms Shiba Inu Has Had
Shiba Inu's criticisms have stemmed from the point of its purpose. As a meme coin, it is always portrayed in the light of pump and dump, and as such, investors are unwilling to take such bargains.
The anonymity of its creator, as well as its absence of real-world value, are also critical points that withhold its presence in the minds of risk-wary investors. There are also claims of a whale wallet controlling most of the tokens, which is terrible for cryptocurrencies.
## The Shiba Inu Team
The team or person behind Shiba Inu's creation has remained anonymous (like Bitcoin's Satoshi Nakamoto), only being identified as Ryoshi. The development of another cryptocurrency on Shiba Inu's Ecosystem, by the name LEASH, is also attributed to Ryoshi.
Ryoshi has stated that he has no intentions of coming into the limelight and wishes to preserve the decentralization of the Shiba Inu project. He even attested to not owning any $SHIB in a blog post on RYOSHI RESEARCH, titled "I AM RYOSHI."
There have been various theories of his identity (including a purported friendship with Vitalik Buterin), but not much else is or might be known about Ryoshi. Regardless, his ideas, such as Shibarium, have remained central to the Ecosystem.
The rest of the work on the Shiba Inu Ecosystem is done by other individuals like Shytoski Kusama, the volunteer project lead.
## In Conclusion
Small investors, degens mostly, have remained the most thrilled when we talk about Shiba Inu. Its promise of dethroning Dogecoin coupled with the ideas yet to come solely speak of a bright future for Shiba Inu, but meme coins would always be meme coins. Volatility has always been something to be wary of in the crypto space, and $SHIB is no exception.