What Is Shiba Inu Coin? Is It a Good Investment?

After the meteoric rise of Gamestop, Dogecoin and other speculative assets, new crypto projects have been trying to capitalize on the trend. 

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One newer token called Shiba Inu, named after the dog representing Dogecoin, has dubbed itself the “Dogecoin killer.” But is Shib a legitimate project, or is it just another altcoin looking to take advantage of trends and unsuspecting investors?

Fast Facts:

  • Shiba Inu is an ERC-20 altcoin created on the Ethereum blockchain. 
  • The coin was created by an anonymous individual going by the name Ryoshi and dubbed the “Dogecoin Killer”.
  • There are almost 400 trillion SHIB tokens in circulation, with a max supply of one quadrillion tokens. 
  • The Shiba Inu creators have created an ecosystem of three coins known as SHIB, LEASH and BONE and a decentralized exchange called ShibaSwap
  • Ryoshi sent Vitalik Buterin, the creator of Ethereum, half of the supply of the token.
  • Buterin donated and burned all of his holdings in early May, tanking the price.
  • The SHIB whitepaper was updated after Buterin’s donations saying that they were good for the coin and that Buterin is a “friend of SHIB.”
  • Some SHIB investors were misled to believe that Buterin was an investor in the project.