What is the Shiba Inu digital currency?

"Shiba Inu" and "Dogecoin" are meme currencies that share common features, such as their logo being the Shiba Inu dog. Both were launched as a parody or joke rather than as a digital product that actually has some benefits.

“Dogecoin” was launched in December 2013, while “Shiba Inu” was created in August 2020 by an anonymous person or group called “Ryoshi.” The price of the Shiba Inu rose more than tenfold in October 2021, giving it a market capitalization of $30 billion (as of November 8, 2021) and ranking it 11th among all cryptocurrencies according to this metric.

A tweet from the Tesla founder on October 4, 2021, in which Elon Musk showed off a photo of his new Shiba Inu puppy, provided the initial impetus for the meme coin price spike. Since Musk is one of Dogecoin's most prominent proponents and a self-proclaimed "Dogefather," his "cryptic" tweets often lead to increased volatility in the cryptocurrency space.

The Shiba Inu price surge in October 2021 nearly caught up with Dogecoin's market capitalization of $36.9 billion, after which the coin fell behind, placing Dogecoin in ninth place, ahead of Shiba. It remains to be seen whether the Shiba Inu will actually become the “Dogecoin killer” that its community of supporters expects it to be