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Shiba Inu token holder turns $17 into $5.9 million

Quick Take

  • A dogecoin-like project with a huge total supply of coins has shot up in value in recent weeks.
  • The growth was helped by listings at several major exchanges.
  • As a result, some early token holders have seen their holdings grow enormously.

While dogecoin got name-dropped on Saturday Night Live last weekend, another dog-themed cryptocurrency is making waves this week.

Like dogecoin, shiba inu tokens (SHIB) are themed around the shiba Inu breed of dog. They are also designed to be “fun tokens” that come with a “woofpaper” instead of a whitepaper. They have a total supply of one quadrillion tokens — compared with an unlimited total supply and a circulating supply of 129 billion of dogecoins — and each token is worth just a fraction of a cent.

Since the start of May, shiba inu tokens have shot up in value. According to CoinGecko, the tokens have gone from $0.0000015 to their current value of $0.00003 — a 1,900% rise. This was helped by recent listings on crypto exchanges OKEx, Huobi, FTX and Poloniex and an upcoming listing on crypto exchange Binance.

Read more at – The Block

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