Shiba Inu Team Affirms Ongoing Experiment Amid Price Surge

The Shiba Inu team has reaffirmed its commitment to the ongoing experiment as the meme coin's price surges by roughly 20% within a week. This increase comes despite the token being down around 95% from its record peak in October 2021, when it briefly surpassed Dogecoin (DOGE) in market cap.

Launched on August 1, 2020, by anonymous developer Ryoshi as an ERC-20 token on Ethereum, SHIB started to gain attention during the first months of 2021. In May 2021, a significant boost came when Vitalik Buterin burned 41% of the supply while donating 50 trillion tokens.

The token's enormous supply and apparent lack of real-world utility have been major criticisms. However, the team remains focused on its experiment, which will continue.