Shiba Inu, popularly regarded as “Dogecoin Killer”, is a meme-based digital coin that is based on Ethereum, which is the world’s second-largest cryptocurrency after Bitcoin.
A Walk Through Shiba Inu’s Journey
Created and launched by an unknown person with the name ‘Ryoshi’, Shiba Inu came to the spotlight of the crypto market following its gain of 12505887.6% since it found its way to the crypto space. There has been a fortunate narrative of Shiba Inu buyers becoming millionaires after buying billions of the token for meager amounts.
With the explosion of the token in the crypto market, Shiba Inu has been able to garner remarkable success. The coin reached its all-time high of $0.00008845 on October 28 with a current market cap of over $20 million.
Before today, Shiba Inu has been encapsulated in the bearish market with a dip in value in the last weeks. After rallying at its initial all-time high of $0.00003791 on May 10, 2021, its price experienced some stability for two months till August. By August 30, 2021, Shiba Inu’s price dropped to $0.000007023 with a trading volume of over $221 million.
As designed, Shiba Inu runs on the Ethereum network, which is why it is following suit of Ethereum to transition to Proof-of-Stake (PoS). Its token is fungible as they are ERC-20 tokens.
What Is ShibaSwap?
Launched by the support team behind Shiba Inu, ShibaSwap is a decentralized exchange. Interestingly, ShibaSwap had $1 billion in its locked liquidity within the space of 24 hours.
There are three(3) major tokens available on ShibaSwap. These are Shiba Inu, Leash Dogecoin Killer, and Bone. The exchange offers a ‘Bury and Dig’ feature used to stake tokens and provide liquidity. However, ‘dig’ is the term used to provide liquidity for Shiba Inu on the exchange.
Using the ShibaSwap, Shiba Inu is the first influencer of Shiba Inu’s price concerning the holders of the tokens.
Will Shiba Inu Continue To Be Supported By Vitalik Buterin?
For many who does not know, Vitalik Buterin is the co-founder of Ethereum, and he’s a reputed Shiba community hero. This recognition is hinged on the weight of support he has thrown behind the meme-based coin via his official Twitter account. the highlight of his support for Shiba Inu was the $1 billion donations made to India to further combat the COVID-19 pandemic in May 2021.
Also, the 27-year-old Russian-Canadian programmer gave a total of 500 Ethereum and over 50 trillion Shiba Inu to India’s Covid Relief Fund. This magnanimity plunged Shiba Inu into the crypto market, albeit Shiba Inu’s enthusiasts see the act as a breakthrough of awareness for the billion population of India.
In the sequel to this strategic feat, crypto analysts opine the propensity for crypto users in India to opt for Shiba Inu, which might propel its price to all-time highs. So if Vitalik Buterin continues to support the coin using social media and his statements, there is the likelihood of a bullish price for Shiba Inu.
Market Analysis Of Shiba Inu’s Price By Experts
There is a divergent opinion amongst crypto experts concerning the potential of Shiba Inu to have a spike in price.
Market Realist reportedly predicts that Shiba Inu can reach 0.000061 in 5 years, which is a 620% upside potential.
In a similar vein, Wallet Investor has made the prediction that Shiba Inu will rally at 0.000064, which is an increase of 814.29%. This translates to the market idea that if you invest $100 today in Shiba Inu, this can increase to about $914 by 2026.
Meanwhile, a crypto expert, Liam Andrew Wright does see a bright future for Shiba Inu. He based his claim on the sole benefit that Dogecoin has had from Tesla CEO, Elon Musk’s influence on the coin, which he described as a ” hype play”.
Where To Buy Shiba Inu
Shiba Inu is available on major crypto exchanges, which include Prestmit, Binance, KuCoin, etc.
Conclusion
Shiba Inu is just gaining its ground on the crypto market that has an array of over 2,000 cryptocurrencies, so it is important to access every detail about Shiba Inu before rounding up your interest in trading with it.
