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Price (USD)$ 0.00
Circulating SupplySHIB 589.31774T
Volume (24h)$ 466.46585M
Market Cap$ 5.60658B
Low/High 24h$ 0.00 - $ 0.00
Change (24h)$ NAN
In recent months, cryptocurrency values have fallen, and as a result, transaction volumes have remained constant due to a lack of market activity. However, a little improvement has been noticed lately, helping well-known players like Bitcoin and Ethereum as well as meme coins like Shiba Inu and Dogecoin. This has reignited the positive outlook among crypto fans. Let’s take a closer look at the Shiba Inu coin and find out more about its prospects.
Shiba Inu (SHIBUSD) is an alternative cryptocurrency to Bitcoin that is built on Ethereum and has the Shiba Inu (a Japanese hunting dog breed) as its symbol. Shiba Inu is frequently mentioned as a Dogecoin substitute; its supporters even refer to it as ‘the Dogecoin killer.’
Shiba Inu and Dogecoin are examples of meme coins, which are digital currencies tied to a particular theme – in the case of Shiba Inu and Dogecoin, the Shiba Inu dog – but which are frequently introduced as inside jokes or parodies rather than as useful digital products. While Dogecoin was introduced in December 2013, Ryoshi, a pseudonymous person or organization, introduced Shiba Inu in August 2020. The project has the following features:
The Shiba Inu token (SHIB) was developed on and is hosted on the Ethereum blockchain rather than its own blockchain because it is an Ethereum-based ERC-20 token. According to Ryoshi's statement in the paper, he decided to create the Shiba Inu ecosystem on Ethereum since it was already safe, reliable, and permitted the project to maintain its decentralized nature. The SHIBArmy's base embraces its founding principles, which are that the project started from zero, in the spirit of creating something out of nothing, it was not founded from an existing community or pre-assembled team, and a professed love of Shiba Inu dogs has been widely acknowledged by its members.
All in all, Shiba Inu coin is popular for two primary reasons:
As Shiba Inu is compatible with the Ethereum ecosystem, it has allowed the community to create crypto apps like ShibaSwap, a DEX that allows users to trade and stake tokens without an intermediary. The SHIB Decentralized Autonomous Organization (DAO) is key to what the document describes as a ‘true decentralized ecosystem.’ With the SHIB ecosystem set to expand with the Shibarium Layer-2 and Shiberse metaverse project, the Doggy DAO is yet another project on the growing Shiba Inu roadmap. Shibarium has just surpassed 100,000 wallets on its platform.
At the moment, one SHIB costs $ 0.00. The long-haul forecast for Shiba Inu appears promising. Speculations suggest that SHIB could potentially offer a 6-fold to 7-fold return to its investors over several years. In part, this is due to the previous crypto cycles and to Bitcoin’s projected price of 100K.
At the moment, one SHIB costs $0.000007034. The number of Shiba coins that will ever exist is known as the total supply of a cryptocurrency, and it is fixed at 1 quadrillion coins. The total supply of Shiba coins is significant because it can affect their scarcity and, ultimately, value.
Although SHIB has historically had significant price rises, as the asset's market capitalization expands, the likelihood of attaining high multiples decreases. Saying, for instance, that a cryptocurrency with a market cap of $10 million might, given enough time, increase in value by 100 times is not entirely absurd.
However, it would be extremely difficult for Shiba Inu to reach 1 cent. Even during SHIB’s all-time high in October 2021, when the token was trading at $0.0000881, SHIB would have needed to increase in price by 113x to hit a price of $0.01, and such price gains can be attained only under favorable market conditions. If SHIB were to reach $0.01, it would have a market capitalization of approximately $5.89 trillion, which would be 4.6x larger than Bitcoin at its very peak.
While Shiba Inu might make a good investment, at a price of, let’s say, $0.000007 per token, there are 589.3 trillion Shiba Inu tokens available, giving the ecosystem a market value of $4.6 billion. According to the calculations, the ecosystem would have a market valuation of $589.3 trillion if the price of a Shiba Inu token increased to $1. That would be absolutely impossible.
However, the Shiba Inu community is seeking to fix the supply issue by ‘burning' tokens, which permanently removes them from circulation. By moving some of their tokens to a dead wallet, from which they can never be retrieved, investors can take part in the process. Fans can also assist by utilizing the Shiba Search internet search engine or by streaming a specific music playlist. Shiba Inu tokens are burned with some of the earnings from both endeavors.
It’s easy to do the math. In one day, 116 million tokens were burned. If that pace remains constant, roughly 42 billion tokens will be burned this year. That means it will take over 13,900 years to burn enough tokens to send Shiba Inu to $1. Shiba Inu will not reach $10 as it seems unreal.
Shiba Inu is a well-established project with a sizable token holder base and listings on significant cryptocurrency exchanges. As a result, if there is another cryptocurrency bull run and Shiba Inu demand increases, potential purchasers won't have any trouble getting the token.
On a more fundamental level, the Shiba Inu team is developing a number of products aimed at making SHIB a more desirable token to hold. Shibarium, a Layer02 scaling platform for Ethereum that became live in August 2023, stands out among these solutions the most.
Shibarium is aimed at offering inexpensive and quick token transactions for metaverse and gaming use cases, according to Shiba Inu developers. Additionally, SHIB tokens are burned with each transaction through Shibarium's built-in burning mechanism. The Shiba Inu team is also working on the decentralized exchange ShibaSwap, the Shiboshis NFT collection, and SHIB: The Metaverse. The Metaverse has already released a trailer for their Rocket Pond.
If these items are extensively used, they might act as a catalyst for SHIB's price to rise and turn it into one of the finest cryptocurrencies to buy. SHIB is still mostly seen as a speculative meme currency, therefore it will probably require favorable circumstances in the larger crypto market for SHIB to experience significant gains.
Not only this, but whales activity adds fuel to the flames. Just recently, a mysterious whale purchased Shiba Inu (SHIB) tokens valued at a staggering $6 million within only 24 hours. Reputable blockchain surveillance service Whale Alert revealed this curious transaction, showing that the investor bought an astounding 708.41 billion Shiba Inu tokens from cryptocurrency exchange Gemini, valued at $5.99 million.
Due to its low price, Shiba Inu has been the biggest attraction for early investors. In 2021, Shiba Inu was one of the most searched cryptos and SHIB regularly features as one of the best cryptos to buy on Reddit and other influential platforms. A number of sources claim that by 2030, SHIB can reach anything from $0.0000836 to $0.0001204. Some crypto websites, such as Telegaon, believe that its all-time high may even reach $0.000712.
This being said, Shiba Inu remains a highly volatile meme crypto. Investors who can't decide whether to adopt a long or short-term strategy could consider allocating small amounts to a wide range of digital assets, including Shiba Inu.
StealthEX is here to help you buy SHIB crypto. You can do this privately and without the need to sign up for the service. Our crypto collection has more than 1300 different coins and you can do wallet-to-wallet transfers instantly and problem-free.
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Don’t forget to do your own research before buying any crypto. The views and opinions expressed in this article are solely those of the author.
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