Shiba Inu was launched on August 1, 2020, to rival Dogecoin, and so far, it has lived up to expectations. According to market capitalisation, the dog-themed token has maintained a positive run in the crypto market, and the team developers and community members have also pushed the SHIB token to greater heights through upgrades and massive participation.
Lead Developer Shytoshi Kusama and the SHIB Team Transform Shiba Inu
Shiba Inu is becoming more than a memecoin that wants to overthrow Dogecoin. The SHIB ecosystem has established significant projects, including SHIB: The Metaverse, a decentralised exchange, the SHIB Burn Portal and so on. The team is also expected to release a play-to-earn (P2E) game, a Layer-2 blockchain dubbed Shibarium.
More businesses and industries are adopting blockchain technology and cryptocurrency payments for products and services in the commercial sector. Shiba Inu has taken advantage of these opportunities and is now accepted as a payment method by thousands of retailers worldwide.
This development is possible because the meme token is listed and available for trading on over 100 exchanges like Robinhood, Coinbase, and Binance.
The SHIB team launched a burning portal that has helped the community burn 60 billion coins in barely five months.
Investors’ Increased Interest in Shiba Inu
The development of the “dogecoin killer” from the SHIB team has gotten the attention of investors.
According to data on Etherscan, over a million unique addresses contain Shiba Inu. Currently, 1,212,272 (1.21 million) unique addresses are holding SHIB. The volume surged from under 1,000 holders in January 2021 to 1.21 million. This update suggests that interest in meme-based cryptocurrency has increased since last year.
It is not surprising to see a massive spike in the number of addresses holding the cryptocurrency. SHIB has been among the most successful cryptocurrencies since August 2020 till date. Shiba’s market cap was $3.75 billion in June 2021, which now stands at $6.68 billion.
It is also interesting to add that the SHIB token started trading at $0.000000000972241 on Ethereum-based decentralised exchange Uniswap. Despite its slow start in the following months, the memecoin began to boost in January 2021, thanks to the growing adoption.
The number of zeros in Shiba Inu’s price also reduced drastically to five in April 2021. Shiba Inu token subsequently surged to an all-time high of $0.00008616 on October 31, 2021, according to Coingecko data.
While the price of SHIB has slumped by 85.9% since hitting an All-Time High, investors are still hopeful that the token’s price will rally again, given the several initiatives lined up for Shiba Inu.