As Shiba Inu Coin surged upwards of 28% Wednesday,TheStreet took a look at what the cryptocurrency is and who created it.
This fairly new crypto coin, created in August 2020, emerged following the popularity of Tesla (TSLA) - Get Tesla Inc Report CEO Elon Musk's favorite Dogecoin. Shiba Inu Coin got its name after the dog breed, which represents Dogecoin.
Related: What Is Dogecoin?
Ryoshi created this cryptocurrency as a decentralized meme token on the Ethereum blockchain. Wondering who Ryoshi is? Like Bitcoin creator Satoshi Nakamoto, Ryoshi’s identity is still unknown.
However, on May 29, Ryoshi wrote a blog post titled “I am Ryoshi," without revealing his identity.
“I have said from the beginning, I am a nobody, I am not important. The efforts to unmask my “identity” even if successful would be underwhelming. I am just some guy of no consequence tapping at a keyboard and I am replaceable. I am Ryoshi," wrote Ryoshi.
"When you come to the appointed place at the appointed time and meet some person, introduce yourself as Ryoshi. If they do the same, then you have met a special person," he adds.
Want to know if Shiba Inu Coin makes a good investment? Check out the special coverage on TheStreet's Crypto channel.