Ryoshi claims to not hold any coins and gave 50% of the coins to Ethereum cofounder Vitalik Buterin after creating the currency. “The meme coin movement rejects formalities and protocol…Hence Dogecoin started off as a joke, and the Shiba white paper is called the woofpaper,” he says. “SHIB coin is a meme coin and embraces that,” says Caselin, referring to the new class of coins based on memes and promoted on platforms like TikTok and Reddit. Ryoshi could not be reached for comment on this article. Ryoshi, in the paper, says that the coin-along with the “Shiba Inu Ecosystem” that includes the ShibSwap exchange and a decentralized Shib Army of developers, coin holders, and fans-was an experiment in “spontaneous community building.” Ryoshi says in the paper that Shiba Inu are “incredible dogs” and encourages people to donate to the Shiba Inu Rescue Association. “We have the ability to outpace the value of Dogecoin, exponentially, without ever crossing the $0.01 mark,” the founder wrote in a SHIB “woofpaper,” better known as a white paper. And Ryoshi has heralded its minuscule worth. Ryoshi has promoted the coin’s “Dogecoin killer” nickname, arguing that SHIB’s technology is more “community-driven” than its counterpart, which uses the Shiba Inu as its mascot. The SHIB coin was created in August 2020, but little is known about its founder, who goes by Ryoshi. “Rather than simply dismissing the hype outright, it’s important to realize that what we’re seeing is the mass movement of traders new to crypto moving into the space,” says Ben Caselin, head of research and strategy at cryptocurrency exchange AAX. But experts say that its popularity should not be ignored since it reflects the behaviors of a new, growing class of cryptocurrency traders. Before SHIB was added to the trading platforms this week, its trading volume maxed out at just over $500 million in a single day, and as recently as January its daily trading volume was lower than $1.įor now, SHIB may be a “meme coin” and have little to no underlying value or use cases. SHIB’s 24-hour trading volume is over $8 billion, and it has a market capitalization of over $11 billion, according to. Chinese traders have helped propel SHIB’s rise, with the Chinese-founded exchange Huobi, which is popular among Chinese traders, handling the largest share of SHIB’s trading volume in recent days.

The Shiba Inu coin, launched less than a year ago and named after the dog breed, is a cryptocurrency that trades as SHIB and champions itself as the “Dogecoin killer.” A single SHIB coin is nearly worthless-less than $0.000029 as of Wednesday-but its trading surged this week after it was added to cryptocurrency trading platforms OKEx and Binance.

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