Shiba Inu (SHIB) is an Ethereum-based memecoin launched anonymously in August 2020 as an experiment in decentralised community building — billing itself as ‘the Dogecoin killer.’ Half the total supply (500 trillion tokens) was sent to Vitalik Buterin’s address as a marketing move; he donated most to COVID relief efforts and burned a portion, creating a supply shock. SHIB became one of the fastest-growing cryptocurrencies of 2021, rising from near-zero to a market cap of $40 billion — briefly entering the top 10. The Shiba Inu ecosystem has since expanded significantly: ShibaSwap (a DEX), Shibarium (a Layer 2 blockchain on Ethereum), LEASH and BONE (companion tokens), and plans for a metaverse. SHIB uses token burns as a deflationary mechanism — the community burns tokens via a burn portal, with burn amounts tracked publicly. Despite no fundamental utility comparable to DeFi protocols, SHIB’s massive community (‘the SHIB Army’), exchange listings, and regular retail interest make it one of the most widely held cryptocurrencies globally.
Example: In October 2021, SHIB rose 240% in one week after listing on Coinbase. Retail traders piled in via Robinhood and centralised exchanges. Those who bought at the peak saw 80% losses over the following months — a pattern typical of memecoin cycles driven by exchange listings rather than fundamental development.
Learn more: Shiba Inu Official Site
