A cryptocurrency that was created as a spin-off from a joke about a dog meme is surging in price on the digital coin exchange.
The shiba inu coin rose by a staggering 18.8 per cent in value over the weekend.
The massive spike came after the coin’s mysterious developers announced a coin burn, which means tokens are taken out of circulation, permanently.
This jacked up the price of shiba inu, or SHIB as it is known on the cryptocurrency exchange, because there will be less supply and more demand for the coin.
At time this writing, the coin trades for around $0.000010, according to CoinMarketCap.
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Shiba inu started with a supply of 1 quadrillion coins, however that number has since dwindled after multiple coin burns.
In May, rival cryptocurrency boss Vitalik Buterin, who founded ethereum, was gifted 50 per cent of all shiba inu coins.
He “burned” most of them by putting them in a digital wallet inaccessible to everyone, then donated the rest to charity.
This sparked the coin’s all-time high in May 10 of $0.000052, which is roughly 400 per cent higher than it is right now, despite the 20 per cent rise.
The shiba inu coin was created in August 2020 by an anonymous person who called themselves “Ryoshi”.
The mystery founder created the coin as a spin-off of dogecoin.