Up 63% year to date, Shiba Inu (CRYPTO: SHIB) has been on an impressive rally. This year has so far proved to be terrific for cryptocurrencies as investors regain optimism about a possible soft landing in the economy.

However, can the token's excellent performance and growing valuation continue over the long term? Let's discuss. 

Founded in 2020 by an anonymous individual or group called Ryoshi, Shiba Inu is a meme coin designed to compete with its rival Dogecoin. It hearkens back to Dogecoin's dog-themed branding and Tesla CEO Elon Musk's pet dog, which is a Shiba Inu.

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Source Fool.com