Shiba Inu (SHIB), an ERC-20 Token running on the Ethereum blockchain, was launched in August 2020 by an anonymous person or group called Ryoshi. It aims to become the Ethereum-based equivalent of Dogecoin’s Srypt-based mining algorithm. The initial aim of Shiba Inu (SHIB) was to create a decentralized and spontaneous community.
In the last 24 hours, SHIB has increased by 18.01%. SHIB’s trading volume in all markets has increased by 165% in the last 24 hours, reaching approximately $833M.
Blockchain analytics platform Nansen reported heavy trading on SHIB on both DeFi platforms and centralized exchanges. According to Nansen, approximately $1.1B worth of SHIB traded hands between Jan. 17 and 18. Investors expect the Layer-2 network Shibarium to be operational soon. A Testnet is expected to launch in the coming weeks. Also, SHIB was recently listed on a South Korea-based crypto asset platform. All these developments have contributed to the rise of SHIB.
