If you’ve been following the virtual currency market recently, you’ve probably heard about the Shiba coin. Many individuals believe that this is a meme-type cryptocurrency that will one day displace Dogecoin. What is the reason for this?
1. What is the Shiba Inu (SHIB) dog breed?
SHIB is a Shiba Inu project cryptocurrency that is released in ERC20 format and utilized as a reward for investors that trade on ShibaSwap, a decentralized exchange and Shiba Inu project product.
The founders of the project took the idea of the coin’s emblem, which is an image of an adorable but dangerous Shiba dog with sharp teeth, indicating greed, when it was originally developed. SHIB is being groomed to become a Doge Killer.
SHIB is also one of the most popular coins, with a staggering increase of over 36,000 percent in just over 30 days. Furthermore, this coin has been listed on Binance, the world’s largest cryptocurrency exchange.
2. The Ecosystem of the Shiba Inu
Many individuals are currently interested in SHIB. The token bull run was largely responsible for this. However, it is merely one of the Shiba Inu ecosystem’s three sorts of tokens. There is a BONE token as well as a LEASH token in addition to Shiba Inu.
The LEASH token was initially set up as a rebase token, tied to the Dogecoin coin’s price. When Shiba Inu distributes LEASH tokens, however, there will be no rebasing; also, LEASH will differ from SHIB in that the supply will be limited to 100,000 tokens. It is because of this that it has a completely distinct attraction than Shiba Inu.
The BONE token, which is similar to the central half of the LEASH and Shiba Inu tokens, is also available. BONE has a current supply of 250,000 tokens. This is a type of governance token that will allow holders to vote on the year’s most important issues. The more BONE a person has, the greater influence their votes on future issues will have. The BONE token can move decentralized finance (DeFi) to the next level, according to Shiba’s website.
3. The origins of Shiba’s existence
Shibas are one of the most adorable dogs, but they are also one of the most challenging breeds to raise and care for. This is why there are so many abandoned Shiba dogs all around the world who need to be rescued.
To protect them, the project’s founders have appealed to the community for assistance by using the Amazon Smile function when shopping on Amazon to give to this fund. From there, you may take advantage of the many resources available to Shiba Inu Coin lovers.
4. The cause for the rapid increase in SHIB
In response to the Dogecoin craze
The response to the “meme coin” movement could be one of the key reasons behind Shiba’s recent significant surge in price.
Because the current capitalization of Doge is too high, and it is unable to develop strongly in the near period, the money supply from Dogecoin followers progressively becomes bored.
That’s also when DOGE KILLER tokens with a nice story, like Shiba, surfaced and occupied a portion of Doge’s capitalisation, causing the price to skyrocket.
4.1 Enormous community
Shiba’s current success can be attributed in great part to the community’s backing – ardent supporters of the “meme” movement.
With approximately 300,000 Twitter followers and over 70,000 Reddit members, any good news about a raise in the price of Shiba will be met with a huge response.
4. 2 Supply under control
Unlike many other projects, whose supply is opaque and controlled mostly by developers, the Shiba founding team has chosen a novel approach, sending all 50 percent of the total circulating supply to Vitalik and the remaining 50 percent to participants as an incentive.
Supporters are more confident that the project’s developers will not “discharge” and flee as a result of this strategy. Vitalik, on the other hand, is a human being, and whether he will sell half of his tokens to receive billions of dollars is no longer a major concern.
When it was first created, the price of this token had up to seven zeros after the comma, implying that you could acquire billions of coins for only a few hundred dollars.
This has a significant psychological impact. Because newcomers to the market will have little information of the market capitalization or total supply of coins, they will be at a disadvantage.
So, with the idea that they only need to grow the SHIB by one dollar, even if it’s only 0.1 dollar, they’ll be millionaires in no time. The fact that so many people have the same simplistic mentality will drive up demand for this coin.
5. The number of Shiba Inu virtual currency users is growing.
Shiba Inu (SHIB) is a cryptocurrency that is released in the form of an ERC20 token and belongs to the Japanese Shiba Inu project. The smart dog Shiba in the country of cherry blossoms inspired the name of this coin, with the goal of turning the Shiba Inu virtual currency into a Doge Killer on the electronic money system.
This ERC20 coin is used as a reward for investors that participate in trading on ShibaSwap, a decentralized exchange and product of the Shiba Inu project. Many investors are interested in Shiba Coin, which is currently a “meme coin” trend.
There were around 625,000 Shiba Inu owners on August 13th. However, new statistics suggest that the number of Shiba Inu (SHIB) holders is approaching 1,000,000, as this coin recently set a new high of 970,000 successful investors. This meme has spawned a crypto community.
The Shiba Inu network just gained 40,000 new members in just four days. Another significant milestone is that the Shiba Inu project’s official Twitter account now has over 1.9 million followers. This indicates that the project has a larger Twitter following than Cardano, Kraken Exchange, Solana, and other cryptocurrencies.
This milestone comes after a strong week for the Shiba Inu (SHIB) in the cryptocurrency market. The number of users on Shiba Inu has been steadily increasing. While the market price of the cryptocurrency does not represent the network’s current rapid growth, it can be seen as a sign that the meme coin’s fundamentals are sound. For long-term investors, this is also a significant consideration.
According to TradingView data, the bulk of major cryptocurrencies went through a corrective cycle this week, with a handful of altcoins seeing large drops. In the past, Bitcoin has lost 5.4 percent of its value, Ethereum has lost 3%, and OMG has lost 24 percent. By midweek, though, the Shiba price had risen by 12%. However, at 8%, the asset underwent a negative correction.
6. What is the return on investment for Shiba Inu Virtual Currency (SHIB) holders?
Despite the fact that SHIB has a high level of price volatility, the bulk of its holders are profiting. According to data from IntoTheBlock, more than 72% of cryptocurrency owners are profitable.
The research also shows that only 17% of SHIB holders are losing money on their investments in the coin. This could be attributed to late investors who purchased the coin as the value of the SHIB fell from its recent all-time high.
Shiba Inu has had a considerable price spike in 2021. With Tesla’s help, I believe 2022 will be a fantastic year for Shiba.
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