Shiba Inu (SHIB) is a decentralized cryptocurrency. It was created in August 2020 by an anonymous individual or group known as "Ryoshi." It is an Ethereum-based ERC-20 token, often described as a meme coin. It derives its value mostly from social media attention, internet trends, and the surrounding community, rather than intrinsic economic factors. Currently, Shiba Inu's price in CAD is around $0.00003214.
The SHIB ecosystem promotes a decentralized and community-driven approach. It emphasizes that the community fully runs the project, with no central leadership. This is uncommon even in the other decentralized cryptocurrencies.
The initial total supply of SHIB was one quadrillion tokens. In a notable event, half of the supply was sent to Ethereum co-founder, Vitalik Buterin. He burned a significant portion of this by sending it to an inaccessible address and also donated a substantial amount to charity, notably to India for COVID-19 relief efforts.
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