Cryptocurrency market
Additionally, retailers increasingly started adopting SHIB as a means of payment following its popularity among small-time investors. American electronics retailer Newegg added SHIB at the start of December 2021, partnering with crypto payments platform BitPay to unlock payments in SHIB https://online-casinoaustralia.org/. This followed the adoption of SHIB by over 500 merchants, according to payments firm CoinGate, with even Samsung-backed digital wallet provider ZenGo adding SHIB to its options and a restaurant in Paris accepting it as a payment option. At one point, the Shiba Inu community called for McDonald’s to accept Shiba Inu, although the social media effort eventually fell short.
After months of sideways trading, SHIB rose sharply on Oct. 2, 2021, from $0.00000766 to $0.00002913 by Oct. 13. Two weeks later, SHIB recorded its current all-time high of $0.000089 on Oct. 28, although the market has since corrected again.
Jul 31, 2020: Shiba Inu (SHIB) token launched on the Ethereum platform.May 2021: SHIB gains significant attention following market hype.May 10, 2021: Vitalik Buterin donates $1 billion in SHIB to the India Crypto Covid Relief Fund.November 2021: ShibaSwap, a decentralized exchange for SHIB, is launched.October 2021: SHIB reaches its all-time high.
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Stablecoins are a subclass of cryptocurrencies whose value stabilizes through a mechanism of pegging with a backing asset, such as fiat (e.g., USD, EUR), gold, and financial assets. Unlike most cryptocurrencies, whose value can swing unpredictably, stablecoins enable investors to have a secure store of value and a payment mechanism with fewer price fluctuations.
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What is cryptocurrency
Unlike government-backed money, the value of virtual currencies is driven entirely by supply and demand. This can create wild swings that produce significant gains for investors or big losses. And cryptocurrency investments are subject to far less regulatory protection than traditional financial products like stocks, bonds, and mutual funds.
According to Alan Feuer of The New York Times, libertarians and anarcho-capitalists were attracted to the philosophical idea behind bitcoin. Early bitcoin supporter Roger Ver said: “At first, almost everyone who got involved did so for philosophical reasons. We saw bitcoin as a great idea, as a way to separate money from the state.” Economist Paul Krugman argues that cryptocurrencies like bitcoin are “something of a cult” based in “paranoid fantasies” of government power.
The first cryptocurrency was bitcoin, which was first released as open-source software in 2009. As of June 2023, there were more than 25,000 other cryptocurrencies in the marketplace, of which more than 40 had a market capitalization exceeding $1 billion. As of April 2025, the cryptocurrency market capitalization was already estimated at $2.76 trillion.
Fiat currencies derive their authority from the government or monetary authorities. For example, the U.S. dollar is recognized and issued by the government as the official currency of the United States and is “legal tender.”