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Shiba Inu Coin: The Dramatic $14.3 Billion Rise and Fall of the Dogecoin Inspired Cryptocurrency
The story of Shiba Inu coin and what drove its rapid rise and fall
Cryptocurrency investors have seen huge returns in 2021. Bitcoin and Ethereum have led the pack in smashing through previous all-time highs to set new record prices. Other cryptocurrencies have seen even more dramatic price increases. Dogecoin began 2021 trading at fractions of a cent per coin. In May, Dogecoin soared to a new all-time high above 72 cents.
Amid the Dogecoin hype, a new cryptocurrency token was launched with a similar dog-inspired aesthetic. Shiba Inu coin is named for the iconic Shiba Inu dog which has been Dogecoin’s meme mascot since the Bitcoin-spoofing cryptocurrency was created in 2013.
Dogecoin hype reached fever pitch in the build-up to Elon Musk’s hosting of Saturday Night Live (SNL). Dogecoin holders were anticipating a likely mention of the cryptocurrency by Musk on the show. Musk did bring up Dogecoin in SNL’s “Weekend Update” sketch, but what he said did little to help Dogecoin fans achieve their goal of pushing the cryptocurrency on to a $1 valuation.
The SNL sketch saw the regular cast members ask Musk a simple question: “What is Dogecoin?” Musk responded with several…
