Shiba token – what is it?

Shiba Inu (SHIB) is a token named after the Shiba Inu dog breed. Its creator, known by the nickname Ryoshi, aimed for it to be a meme-based success like Dogecoin. The goal was to surpass Dogecoin in terms of market capitalization.

Despite its focus on memetic value, the plans are quite ambitious. The intention is to build a full ecosystem around the coin, with the first step being the creation of its own decentralized exchange. It is noteworthy that the token's creators decided not to own any tokens themselves. Half of the tokens were sent to the Uniswap exchange, and the other half was sent to Vitalik Buterin's wallet. This setup made Buterin a sort of guarantor of the project.

As a result, SHIB managed to attract a lot of attention. Its price started rising rapidly, leading to listings on some major exchanges. By the end of October 2021, the project's market capitalization reached $41 billion. However, since then, it has significantly decreased to below $12 billion. This decline has shaken the faith of many in Shiba Inu, but not everyone. Some still believe that the project has a bright future and will grow exponentially, becoming one of the most important tokens in the entire cryptocurrency community.

It is possible that Shiba Inu will continue to grow, but currently, it is primarily seen as a memetic token that has lost some of its memetic appeal. Google search interest has declined sharply, and over time, it may simply be forgotten, especially if another successful memetic token emerges. On the positive side, the team is actively working on developing the ecosystem, giving the token increasing real-world value. However, the technological aspect of the project is not particularly remarkable.