The Shiba Inu (CRYPTO: SHIB) cryptocurrency was created in 2020 by an anonymous developer named Ryoshi, who saw the success of the Dogecoin meme coin and wanted to launch an alternative. Ryoshi built Shiba Inu on the legacy Ethereum (CRYPTO: ETH) network, so it's more functional than Dogecoin and, therefore, can create real value in more ways. Shiba Inu soared in value by a staggering 45,278,000% in 2021, a return strong enough to have turned a perfectly timed investment of just $3 into over $1 million. It remains one of the largest one-year gains in the history of the financial markets, so it's no surprise many investors still keep one eye on this token. Unfortunately, most of the upside was driven by speculative investors, so Shiba Inu has since lost over 90% of its peak value and trades at just $0.000005 per token as I write this (Oct. 24). But leading cryptocurrencies like Bitcoin and Ether have posted strong gains over the last few months, leading some analysts to believe a new bull market might be on the horizon.
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