The strange and funny history of Shiba Inu aka ‘the Dogecoin killer’
Move over dog-inspired, Elon Musk-backed cryptocurrencies, there’s a new dog-inspired, Elon Musk-backed cryptocurrency on the doggie block.
It’s a story as old as time: a tech billionaire, a small Japanese dog and a meme-based digital currency.
Dubbed “the Dogecoin killer,” cryptocurrency Shiba Inu was launched in August 2020 as a joke in response to Dogecoin, a meme coin which itself was launched as a joke in response to Bitcoin in 2013.
Just in case you’re having trouble following:
- Shiba Inu is making fun of Dogecoin
- Dogecoin is making fun of Bitcoin
- Bitcoin, you could argue, is making fun of the traditional financial system
Shiba Inu, also known as SHIB, is “an experiment in decentralized spontaneous community building,” according to the Shiba Inu whitepaper and is named after a small Japanese breed of dog, notably Elon Musk’s breed of choice.
Shiba Inu rose to prominence after Musk, a vocal supporter of Dogecoin, made some cryptic tweets suggesting he was switching his allegiance to another dog coin not named Doge — he has since admitted he doesn’t own any SHIB tokens.
Fun fact: Musk also doesn’t own any Floki tokens either — a cryptocurrency named after his pet dog. For Musk, there’s only one meme coin worth betting on and that’s Dogecoin.
“Lots of people I talked to on the production lines at Tesla or building rockets at SpaceX own Doge,” Musk tweeted in October 2021. “They aren’t financial experts or Silicon Valley technologists. That’s why I decided to support Doge – it felt like the people’s crypto.”
Shiba Inu and Bitcoin have two things in common: they are both decentralized cryptocurrencies and their creators are both anonymous. But that’s where comparisons between the two crypto coins end.
Where Bitcoin is designed to be scarce — only 21 million Bitcoin can be mined — Shiba Inu is designed to be plentiful with a supply of one quadrillion (that’s one thousand trillion or one with 15 zeros for anyone keeping count).
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