Following a tweet by Tesla CEO Elon Musk about his new puppy, a second cryptocurrency inspired by memes depicting the Japanese dog breed Shiba Inu has swiftly surged up the ranks of popular digital assets.
Despite its low per-token value of $0.000031 as of 11 a.m. BST on October 7, it has risen by more than 40,750,000 percent — or 40.75 million percent — since the beginning of 2021.
1 Month Shiba Inu Price Chart – Source: CoinMarketCap
SHIB’s surge coincides with the rise of dogecoin, another Shiba Inu-inspired crypto favored by Musk, reaching an all-time high of $0.74 in May after Musk praised the joke token. Despite the fact that the price of dogecoin has declined substantially since then, to about $0.24, it has still returned more than 5,090% so far this year.
Ryoshi, a pseudonym for an anonymous individual or organization, created the token in May. According to its website, it began with a supply of a quadrillion tokens, half of which were given to Ethereum co-founder Vitalik Buterin for “safe-keeping.”
SHIB is described on the website as “a decentralized meme token that has grown into a thriving ecosystem.” Ryoshi’s half of the supply was previously restricted to the crypto exchange Uniswap, but it has subsequently expanded to include exchanges owned by the SHIB community.
Buterin eventually contributed over 50 trillion SHIB from his stockpile, which was valued at over $1 billion at the time, to Covid relief efforts in India. Ryoshi then transmitted 40% of SHIB’s entire supply to a defunct crypto wallet, claiming that this “allowed] genuine decentralization” of the currency.