It might sound ridiculous compared to the groundbreaking technology behind Bitcoin and Ethereum, but Shiba Inu trading helps put the crypto market on the map.
The meteoric gains from large-cap coins are a thing of the past, but trending meme coins like Shiba Inu (SHIB) and Bonk (BONK) continue to attract newcomers to the cryptocurrency world in droves.
While vibrant social media communities and charts full of green candles might look appealing, crypto newbies should always remember that nothing goes up forever.
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What Is Shiba Inu (SHIB)?
SHIB is a cryptocurrency styled after the internet’s favorite dog breed, the Shiba Inu. Like many crypto assets, SHIB is notorious for its wildly volatile price action, delivering 1,000x gains for early buyers and -90% drawdowns for those late to the party.
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With time, Shiba Inu has worked hard to shake off its meme coin reputation. Led by Shytoshi Kusama, the Shiba Inu development team has built a vast range of blockchain products and services, all designed to expand the Shiba Inu ecosystem and bring greater value to the SHIB token.
Why is Shiba Inu Trading such a Big Deal?
While Dogecoin (DOGE) still is, and probably always will be, the largest and most recognizable meme coin in the crypto market, Shiba Inu has captivated the general public. SHIB has attracted hundreds of thousands of investors over the years, including many from the younger generation who have less interest in cornerstone digital assets like Bitcoin or Ethereum.
One of the biggest reasons for SHIB’s success is its accessibility. You see, while most meme coins are limited to on-chain DEXes and smaller cryptocurrency exchanges, Shiba Inu trading made it to the big leagues.
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SHIB proved itself so popular during the 2021 crypto bull run that the digital currency was listed on some traditional trading platforms. Trusted financial exchanges like Robinhood and Etoro support SHIB, listing the asset and making it available to millions of users.
For a meme coin, Shiba Inu has shown remarkable resilience. While most on-chain meme coins are short-lived and quickly trend to zero, SHIB defied belief and eventually cemented itself as one of the top 50 cryptocurrency assets by market capitalization.
A Timeline of Shiba Inu Trading and Price History
Shiba Inu’s trading history has certainly been a wild ride. From euphoric highs to despairing lows, SHIB’s emotional roller-coaster is one of the crypto industry’s favorite stories. Let’s recap some of the biggest moments in Shiba Inu’s price history.
Launch
Let’s roll the clock back to the summer of 2020 when on-chain DeFi (decentralized finance) was even more of a perilous Wild West than it is now. After the collapse of the 2017 bull run, the devastating winter had flushed out all but the most devout crypto enthusiasts.
Those who remained were still heavily involved, but circles were small, and the number of active wallets was dramatically smaller than what we are used to today. DeFi apps like Uniswap and AAVE were the bread and butter of the Ethereum ecosystem, but meme coins were far less prevalent than in today’s market.
Amongst the relative quiet, an anonymous founder known only as Ryoshi deployed a new token on Ethereum. With a supply of 1 quadrillion tokens, a new meme coin appeared with the sole vision of becoming the ultimate Doge Killer and usurping crypto’s original meme coin.
Ryoshi sent half of the token’s supply to Vitalik Buterin, the founder of Ethereum, as a fun way of paying respects to the network’s origins.
With just $3,000 USD in initial liquidity, SHIB was born.
Vitalik’s Burn: SHIB’s First Moon Mission
In the months that followed, Shiba Inu churned away quietly. Trading volumes were almost non-existent, with SHIB barely managing $1000 worth of trades per day.
However, in January 2021, things started heating up. The crypto market was making new all-time highs, and funds were rotating into the deepest recesses of on-chain DeFi.
SHIB started seeing enormous price spikes and unprecedented volume, thanks to its burgeoning community and immense presence on social media. Zero after zero melted off SHIB’s market price, attracting the attention of some of crypto’s biggest names.
As per Ryoshi’s design, Vitalik Buterin still held 50% of SHIB’s total supply. Valued at around $6B, Buterin’s power and influence over the meme coin’s future was undeniable. Like a true stalwart of decentralization, Buterin decided to burn almost all of his SHIB holdings and permanently remove himself from any involvement with the crypto project.
By destroying almost half of SHIB’s token supply in May 2021, the value of the remaining tokens skyrocketed. SHIB exploded to a new all-time high of $0.00003, transacting billions of dollars in trading volume.
The euphoria was short-lived, however, with a market-wide crash bringing all digital assets in the industry to their knees. In the space of just a few days, SHIB retraced around 70% from its colossal move, forming a new price floor of around 0.000006.
Meme Coin Mania
The next few months passed without much action in the charts, although some key pieces were in motion. Most importantly, SHIB was gaining the attention of the masses, with traditional trading platforms like Etoro moving to list the cryptocurrency in Jul 2021.
As Bitcoin rallied and the altcoin market surged in Q4, SHIB began its next parabolic ascent. Meme coin mania sent the crypto market into hyperdrive in October 2021. The Shiba Inu team had been burning the midnight oil deploying products like the ShibaSwap DEX and Shiboshi NFT collection, and the market was showing its appreciation.
Again, SHIB catapulted to new highs, spiking to its current all-time high of $0.00008845. As it happens, this signaled the peak of 2021’s crypto bull cycle, with prices across the board bleeding out in the following months.
Ryoshi’s Departure
Unfortunately, there was more pain on the horizon for the SHIB Army. In May 2022, Ryoshi, Shiba Inu’s enigmatic founder, abandoned the project. He vanished from social media and deleted the legendary blog posts and articles that had become the mainstays of Shiba Inu’s vision.
SHIB price tumbled yet again, dropping another 40% and leaving those who first entered in Q4 2021 over 85% down on their holdings. Panic ensued, with many calling for the end of Shiba Inu.
Against all odds, it was just the beginning of a new chapter.
Shytoshi Kusama, a passionate and devout community member, stepped up to captain the ship. Taking the reins, Shytoshi steadied the sinking vessel and set out a plan of motion to continue Ryoshi’s work and see Shiba Inu succeed.
Since then, Shytoshi has relentlessly pursued the growth and development of the Shiba Inu ecosystem, developing new products like Shibarium, a layer 2 scaling solution, and the Shiba Inu metaverse.
What’s Next for Shiba Inu Price?
No one can predict the future, especially in an environment as volatile as the crypto market. We do know that the Shiba Inu development team has proven they are committed to staying the course and will continue to develop meaningful products that bring value to SHIB.
On the Flipside
- At heart, SHIB is a meme coin. Given that most meme coins are simple jokes with no utility, the fact the Shiba Inu team is still relevant years after the coin’s launch shows how resilient the Shiba Inu crypto project is.
Why This Matters
Shiba Inu is one of the most popular cryptocurrencies in the market, with enormous trading volume. Understanding its history will help you to make more informed decisions in the crypto market.
FAQs
Shiba Inu registered its all-time high price of $0.00008845 on October 28, 2021.
You can buy SHIB on top cryptocurrency exchanges like Binance and Coinbase.
