Shiba Inu was created in August 2020 by someone who goes by the name Ryoshi.
Shiba Inu, a meme coin touted as the "Dogecoin killer," soared to all-time highs over the weekend to become the 11th largest cryptocurrency in terms of market value. The increase was mainly due to two reasons. One, there were unconfirmed rumors floating around the cryptocurrency world that the coin will soon be listed on the popular stock trading app, Robinhood. The other reason for its rapid rise was tech billionaire Elon Musk, who tweeted a photograph of the SHIB token going to the Moon. However, the Shiba Inu manifestation was short-lived.
Musk tweeted the photo of Shiba Inu on October 18, when the token was trading at $ 0.000026 (Rs 0.0020). His tweet pushed the coin to gradually gain value. On Saturday it was trading around $ 0.000027. In the next 24 hours, it was up nearly 50 percent to hit a high of $ 0.000044 (Rs. 0.0033), according to CoinMarketCap.
Meanwhile, a petition on Change.org implored Robinhood to list SHIB on its platform. He obtained almost 3 lakh of signatures. This led to speculation that the platform might consider the request.
Then one of Shiba Inu's Twitter accounts got excited and asked Musk how many SHIB tokens he owns. Musk gave an unequivocal and definitive answer, "None." With that, the meme coin began to lose its profits. At the time of writing, Shiba Inu was trading at $ 0.000038 (Rs 0.0029). With that, it also slid to 13th place on the list of the largest cryptocurrencies by market capitalization.
Additionally, Musk, a well-known Dogecoin supporter, had previously supported the Shiba Inu coin by tweeting a photograph of a dog sitting in a Tesla car. Shiba Inu was created in August 2020 by someone using the name Ryoshi, and has touted it as a "Dogecoin killer". Its goal is to be the Ethereum-based replacement for Doge tokens. Its supporters claim that Shiba Inu is more "community-driven" than its counterpart and primarily supports art projects such as non-fungible token (NFT) art incubators.
