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Shiba Inu (SHIB) was launched in 2020 as a memecoin in response to Dogecoin. An anonymous creator released the Ethereum-based ERC-20 token under the pseudonym "Ryoshi." Shiba Inu tokens do not support smart contracts but can be transferred from user to user.

While most cryptocurrencies have a limited supply to remain deflationary, Shiba Inu had an almost unlimited supply of 1 quadrillion tokens. Ryoshi sent half of Shiba Inu's total supply to Ethereum co-founder Vitalik Buterin, who burned around 40 percent of Shiba Inu's total supply, worth an estimated $6 billion.

Unlike Dogecoin, Shina Inu is an altcoin issued on the Ethereum blockchain, making it compatible with the largest decentralized finance (DeFi) ecosystem hosted on Ethereum. Shiba Inu is also widely considered an alternative to Dogecoin, with fervent supporters referring to Shiba Inu as the "Dogecoin killer."