Crypto bubbleheads are proving the truth of the adage, “build it and they will come.” People have been scrabbling to invest in the Dogecoin clone Shiba Inu (SHIB).
In the process, blockchain Ethereum founder Vitalik Buterin is $8 billion richer. Buterin received 50 percent of the SHIB supply from the developers.
The price of SHIB, a canine-themed meme token and Dogecoin knockoff, has spiked a whopping 734 percent over the past week, Decrypt reported. This development made SHIB the 28th largest cryptocurrency.
Buterin isn’t involved with SHIB. The token’s anonymous developers stated in their white paper (“woofpaper”) that they sent 50 percent of the coin supply to Buterin’s address to remove them from circulation. They did so in case the price went up, the supply would be capped.
People on Twitter were excited about SHIB.
Amber @amber85749786 tweeted, “It’s worth it. I bought in last night and made back the fees by this morning”
“Don’t sell ur shiba it’s gonna be huge in upcoming days this pump is nothing resons : 1) Elon Musk indirect tweets 2) Shibaswap is coming don’t forget 3) Listed on top exchange like Binance and Kucoin”, Sourabh Ghosh @Sourabh35422143 tweeted.
Today SHIB is up 120 percent after it was listed on the major cryptocurrency exchange Binance.
Binance announced the SHIB listing on the afternoon of April 10, calling it “another meme coin similar to Doge.”
SHIB is currently worth around $0.00003 after its steep spike in price today, and the total value of all SHIB in circulation is $12.4 billion, Newsweek reported.
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The identity of SHIB’s founder is not listed on the token’s website. All that is known is that the founder uses the online identity Ryoshi, Newsweek reported.
SHIB debuted in August 2020 and, according to its website, it “an experiment in decentralized spontaneous community building.” SHIB’s symbol is an image of a Shiba Inu dog—the same breed associated with Dogecoin.
Dubbed the “Dogecoin killer,” SHIB reached an all-time high of $0.0000195 on May 8, just 1.5 hours before Dogecoin supporter Elon Musk’s much-touted “Saturday Night Live” appearance. Like Dogecoin, SHIB crashed almost immediately after the air showed, falling to $0.000012.