What’s behind Shiba Inu coin’s stunning rise—up 777% in 30 days

Would you believe it’s dog-theme cryptocurrency Shiba Inu? It’s true. After a crazy run, Shiba Inu now has a market cap of $38.5 billion. As Chris Morris wrote for Fortune: “The crypto that was long dismissed as a joke is up 777% in the past 30 days and hit an all-time high Wednesday amid talk that Robinhood might be considering listing it. That has boosted its market cap to a level that puts it alongside some of the biggest companies in the world—and in many cases, surpassing them.”

What is Shiba Inu coin?

As my colleague Grady McGregor explained recently, “The SHIB coin was created in August 2020, but little is known about its founder, who goes by Ryoshi. 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. And Ryoshi has heralded its minuscule worth. ‘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.” 

Reference: https://fortune.com/2021/10/27/shiba-inu-coin-shib-crypto-dogecoin-killer-robinhood/


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