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Shiba Inu (SHIB) exploded onto the cryptocurrency scene in 2021, delivering outsized returns and garnering mainstream attention. However, the meme-inspired token remains controversial in the crypto community.
In this extensive guide, we explore the origins, functionality, price history and future outlook for Shiba Inu coin across multiple chapters:
Whether you are currently invested in SHIB or simply curious to learn more, this deep dive has you covered on everything Shiba Inu coin and ecosystem related. Time to bone up on this viral meme token!
Shiba Inu coin first emerged onto the cryptocurrency scene in August 2020, branded as an “experiment in decentralized spontaneous community building.” It was created anonymously by a person or group known only by the pseudonym Ryoshi.
In a blog posted on Medium, Ryoshi cited being inspired by the viral success of Dogecoin — itself based on a popular internet meme. They aimed to replicate Dogecoin’s popularity while also enabling greater decentralization and project control by the community itself.
Ryoshi stressed that SHIB was an experiment and high risk venture, writing:
“I don’t know what I’m doing. I’m just a random person on the internet creating what is now a globally traded asset…There is no guarantee this experiment succeeds at all. It might fail miserably.”
True to those words, they transferred ownership of the SHIB token contract to the decentralized protocol Vitalik Buterin shortly after launch. The intention was for Buterin to become a form of decentralized custodian, preventing any centralized control or alterations to Shiba Inu coin’s path forward.
However, in a surprise move in May 2021, Buterin donated trillions of dollars worth of SHIB tokens to a Covid-19 relief fund for India. This unexpected liquidation of a huge portion of Shiba Inu coins in circulation caused brief panic selling in crypto markets.
Since that event, remaining members of the anonymous Shiba Inu development team have…
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