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Welcome to the cryptohunt jam where we spend one minute a day to explain crypto. In plain english.
Today, we’ll talk about yet another dog themed coin, Shiba Inu.
Shiba Inu, with its ticker SHIB, was created as a Dogecoin equivalent on the Ethereum blockchain. It’s a great example of a meme coin that doesn’t have much of a special purpose.
Created by anonymous people in late 2020, the coin gained popularity as Elon Musk’s Tweet about the bigger brother Dogecoin drove attention to dog-themed crypto currencies. It has been riding that wave of investor enthusiasm and speculation ever since, exploding in value and making a lot of people very rich.
So, why did all those people buy Shiba Inu in the first place? Most likely because those who missed out on the meteoric rise of Dogecoin were hoping for another similar coin to do the same. And they got lucky! Despite having very little practical use over other coins and blockchains, SHIB sits in the top 15 cryptocurrencies by market capitalization today.
And that’s Shiba Inu! And next time, we’ll get back to blockchains with actual innovation as a goal and talk about Polygon.
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