What is shiba inu coin? Is there anything real behind its blistering rally, or is it pure hype?

What is shiba inu coin? Is there anything real behind its blistering rally, or is it pure hype?

Altcoin season is upon us again, though most are selling off Wednesday, and one unsuspecting frontrunner continues to set new records: shiba inu. The meme token, which seemingly vaulted out of nowhere, is now looking to takeover dogecoin's spot to become the 10th largest digital assets in the cryptocurrency ecosystem. Shiba inu surged as much as 45% Wednesday to a fresh intraday high of $0.00006220, according to data from , taking its gains over the past month to nearly 710%. With a market value of $30.9 million, it is the 11th biggest crypto asset. Shiba inu is an ethereum-based alternative to dogecoin, a meme token favored by the likes of Elon Musk and Mark Cuban. It even calls itself a and, like dogecoin, features the Shiba Inu dog as its mascot as well. "I don't know if there is room in the market for multiple meme coins," Chris Kline, COO and co-founder of Bitcoin IRA, told Insider. "Is it a zero sum game?" The token was founded in August 2020 by someone called Ryoshi whose goal was to move away from "rigid social structures and traditional mindsets," according to its 28-page white paper, or in shiba inu's case, woof paper.