Shiba Inu cryptocurrency Records New All Time High

Shiba Inu (SHIB), a meme cryptocurrency, reached a new high on October 24, achieving a price of $0.00003995 with a 24-hour transaction volume of $8,585,097,334. As per coingecko, the meme token has increased by 36.92% in the previous 24 hours. With respect to volume, Shiba Inu leads the WazirX exchange in India, with Tether and Bitcoin lagging in second and third place, respectively.

SHIB, the self-proclaimed “dogecoin killer,” was founded in August 2020 by someone going by the moniker Ryoshi and is based on Dogecoin. Shiba Inu, a Japanese dog breed, inspired the coin’s design. When Shiba Inu’s mascot, modeled on the Shiba dog, was introduced, it was dubbed the “Dogecoin Killer.” The currency aspires to be Dogecoin’s Ethereum-based equivalent.

Shiba Inu gained over 40% in September when US-based Coinbase announced that its clients may trade, transmit, acquire, or retain SHIB on its platform. Shiba Inu began with a supply of one quadrillion, but the creator “burned” the rest 50% by forwarding it to Ethereum co-founder Vitalik Buterin for protection, as per the Shiba Inu website.

Previously, the coin’s developers gave Buterin 50% of all Shiba Inu tokens. Buterin had said that this was the only way he could avoid having his transactions in Shiba Inu construed as activities. He had asked currency developers, among other things, not to transmit significant sums of tokens to people or organizations without their permission.