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Cryptocurrency News Articles
Shiba Inu (SHIB) Coin Launched in August 2020, and Its Earliest Date Listed for Price History Is Aug. 1, 2020
Sep 28, 2024 at 05:03 pm
Today, the cryptocurrency is one of the 15 largest coins by market capitalization, and has appeared in the top 10 from time to time.
Shiba Inu (CRYPTO: SHIB) is seeing a rising value on Friday.
Here's a look at what happened and what's next.
What Happened: Meme coin Shiba Inu is seeing a rising value on Friday, with the cryptocurrency up 12% over the last day and 44% over the last week.
Shiba Inu is now trading at $0.0002027, up from a price of $0.000140 at the start of the week.
The cryptocurrency has seen increased attention thanks to a teaser from the coin's developer and an increased burn rate.
Shiba Inu also appeared on a list of the top trending searches on Google (NASDAQ:GOOGL) in the United States this week.
Shiba Inu launched as a similarly themed cryptocurrency to Dogecoin (CRYPTO: DOGE) in August 2020.
Today, the cryptocurrency is one of the 15 largest coins by market capitalization, having appeared in the top 10 from time to time.
Shiba Inu leverages the Ethereum (CRYPTO: ETH) network and created a decentralized exchange called ShibaSwap, which includes tokens like BONE (CRYPTO: BONE) and LEASH (CRYPTO: LEASH).
Investors who became familiar with Shiba Inu early on would have profited nicely.
The cryptocurrency launched in August 2020 and its earliest date listed for price history is Aug. 1, 2020, when it traded at $0.00000000051 per token.
A $100 investment at the time could have bought 196,078,431,373 Shiba Inu.
That investment would be worth an astonishing $3,974,509.80 today, based on the current price of a Shiba Inu.
Shiba Inu hit an all-time high of $0.00008845 in October 2021. At its peak, the $100 investment would have been worth $17,343,137.25.
Related Link: Best Cryptocurrency Scanners
Formerly only available on decentralized exchanges like Uniswap (CRYPTO: UNI), Shiba Inu was added to several major cryptocurrency platforms like Coinbase (NASDAQ:COIN), Kraken and Robinhood (NASDAQ:HOOD) in 2021 and 2022.
Not all cryptocurrencies appreciate this much in value and most have low trading volumes when first offered, making this type of investment outcome unlikely for the majority.
This is another example of how investing a small amount in cryptocurrency could have a strong return over time.
What's Next: Optimism is growing for Shiba Inu once again and meme coins are rising, which could benefit one of the largest meme coins in the sector.
Likely helping the SHIB rally is Shytoshi Kusama, the pseudonymous lead of the coin, sharing a meme on X (CRYPTO: X) that could point to optimism ahead.
Shiba Inu's marketing lead also recently teased the launch of a stablecoin called SHI from Shiba Inu.
The launch of a stablecoin and the increasing burn rate of SHIB could point to increased attention on the meme coin in the coming months.
SHIB Price Action: Over the past 52 weeks, Shiba Inu has traded between $0.000006688 and $0.00004534.
This article was previously published by Benzinga and has been updated.
Photo: Shutterstock
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