The price of the hugely popular meme-inspired cryptocurrency Shiba Inu ($SHIB) is increasing by nearly 6% on Tuesday (May 10), a day when $BTC is down nearly 4% and $LUNA is down over 43%.
When BitPay revealed in a blog post in December that $SHIB enthusiasts would finally be able to “purchase, save, swap, and spend with this Ethereum ERC-20 token directly in the BitPay app,” it added of the Shiba Inu project:
Here is what crypto payment processor said about the Shiba Inu project last December
Anonymously created in August 2020, the decentralized meme token is another token inspired by the Japanese dog breed Shiba Inu. The token has recorded the greatest increase in value and popularity in 2021 of all the cryptocurrencies thanks to its community of supporters, the SHIBArmy.
“Unlike other cryptocurrencies, SHIB was built with a total supply of one quadrillion, so investors of SHIB can hold up to trillions in their wallets. The token has evolved into the Shiba Inu ecosystem called ShibaSwap, a decentralized exchange on the Ethereum network. SHIB has two sibling tokens, Leash and Bone.“
According to data by TradingView, on crypto exchange FTX, $SHIB is currently (as of 12:30 p.m. UTC on May 10) trading around $0.00001761, up 6.21% in the past 24-hour period.
One of the main reasons for the excitement around $SHIB is that the recently-launched $SHIB burn portal will be offering rewards starting next Tuesday (May 17)