Meme cryptocurrency Shib Inu (SHIB) touched record high on October 24 reaching a price of $0.00003995 with a 24-hour trading volume of $8,585,097,334.The meme token is up 36.92 percent in the last 24 hours, according to coinmarketcap.In India, Shiba Inu tops the WazirX exchange in terms of volume with Tether and Bitcoin trailing behind on second and third respectively.
SHIB, the self-proclaimed “dogecoin killer”, which was created in August 2020 by someone who uses the name Ryoshi, is modeled after Dogecoin. The coin has been named after the Japanese dog breed, Shiba Inu.
The mascot of Shiba Inu, which is based on the Shiba pup, was claimed to be the ‘Dogecoin Killer’ when it was launched. The coin aims to be the Ethereum-based counterpart to Dogecoin.In September, Shiba Inu surged nearly 40 percent after US-based Coinbase said its customers can trade, send, receive, or store SHIB on its platform.
Shiba Inu started with a supply of 1 quadrillion but the founder had locked 50 percent in Uniswap, then “burned” the other half to Ethereum co-founder Vitalik Buterin for safekeeping, according to Shiba Inu website.
Earlier, Buterin was given 50 percent of all Shiba Inu tokens by the coin’s creators. Buterin had said that this was the only method through which he could avoid his transactions in Shiba Inu being interpreted as actions.Among other things, he had requested coin creators not to send large amounts of tokens to individuals or charities without their consent.