SHIB is a cryptocurrency created in 2020 and inspired by memes and Japanese culture. It was introduced as an alternative to another popular cryptocurrency, Dogecoin (DOGE), which also has its roots in internet memes.
Like many other cryptocurrencies, SHIB aims to be a decentralized medium of exchange and is based on blockchain technology. Its creator remains anonymous with the pseudonym "Rai". The main idea is to create an ecosystem where the community has full control over the coin and the development of the project.
Creation and Distribution
SHIB was created as a result of an experiment. The founders of the project decided to create a cryptocurrency that would be completely decentralized and cutting-edge. It is important to note that the initial distribution of SHIB was done by "burning" a significant portion of the coins, sending them to an address that cannot be accessed. This was done to create a deflationary effect, reducing the total supply of the coin.
SHIB Popularity
SHIB quickly gained the attention of the crypto community and investors. However, its popularity skyrocketed in May 2021 when billionaire and entrepreneur Elon Musk tweeted an image of Shiba Inu. This tweet fueled interest in the coin and its price began to rise.
SHIB also became available on several major cryptocurrency exchanges, making it more accessible for trading. This attracted more investors to trade and hold SHIB.
