Shiba Inu: Dog Days Over, or a New Dawn Rising?

Shiba Inu ($SHIB ) certainly made a loud entrance onto the crypto scene, but lately, serious doubts hover over its long-term prospects. “Ryoshi,” a mysterious figure, set #SHIB loose in August 2020, pitching it as a grassroots, community-driven venture designed to eclipse Dogecoin and showcase collective strength. Now that the initial hype has quieted, the big question is whether Shiba Inu is simply a leftover from a past bull market, or if it’s secretly preparing for the next wave in cryptocurrency.

How SHIB Began: More Than Just a Meme

Nobody knows who Ryoshi really is, much like #bitcoin ’s own shadowy creator, but the vision was clear: a cryptocurrency entirely in the hands of its community. They decided to build SHIB on the #Ethereum blockchain, choosing it for its proven security and well-developed system.

The project kicked off with an almost unbelievable supply: one quadrillion SHIB tokens. Half of this enormous sum was famously put into Uniswap to help make trading smoother, while the other half landed in the digital wallet of Vitalik Buterin, one of Ethereum’s founders. In a move that few expected, Buterin later destroyed 90% of the SHIB he held—that’s over 410 trillion tokens—and gave the rest to charities, including COVID-19 relief in India. This act, strangely enough, thrust SHIB onto the world stage.

The project’s official document, known as the “WoofPaper,” spelled out ambitions far grander than just being another internet joke coin. The “SHIBArmy,” its enthusiastic group of supporters, was meant to build out an entire ecosystem. This system planned to feature ShibaSwap (their own decentralized exchange), a set of different tokens including LEASH (nicknamed the “Doge Killer”) and BONE (used for voting on project decisions), digital art projects called Shiboshis, and Shibarium, a keenly awaited upgrade to make the network faster and handle more transactions.

Riding the Hype Wave, Then Facing the Music

Back in 2021, SHIB’s climb to fame was fueled by a mix of factors: the craze for meme coins, a price so low that people could buy billions of tokens for very little, passionate promotion by the SHIBArmy on social media, and even some subtle acknowledgments from well-known personalities like Elon Musk.

The idea that SHIB could “kill” Dogecoin added to the excitement, and getting listed on big crypto exchanges meant anyone could easily buy it. All this excitement peaked in October 2021, when SHIB hit its memorable all-time high price of around $0.00008845 (though the exact number differs slightly depending on which exchange, like Coinbase, CoinGecko, or Binance, you look at, with their records showing highs between $0.00008616 and $0.000090).

But the “crypto winter” that came next hit hard. By the middle of May 2025, SHIB was trading at about $0.000022, a drop of a massive 70-75% from its highest point. Such a dramatic fall made many wonder if the project had more bark than bite. The token went through major price drops and long stretches where nothing much happened. In early 2025, the amount of SHIB being traded and the value of those trades on the blockchain fell to lows not seen in years, though there were some flickers of a comeback afterward.

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