Although Shiba Inu has shown huge signs that it’s here to stay, there are concerns about its future and the reason for the recent bullish trends. This article will explain everything you need to know about Shiba Inu and help you decide if it is a good investment.
Shiba Inu has been making headlines since its release in August 2020. In the last year, the meme coin has increased by approximately 60,000,000%.
Shiba Inu has a market capitalisation of approximately USD 42,872,152,862, surpassing its competitor, Dogecoin, which has a market capitalisation of approximately $38,980,698,872. Since its inception, the Shiba Inu has been dubbed the “Dogecoin killer.”
Shiba Inu has been performing well in recent days. Recent events may have fueled the market’s sudden rise, but everyone is concerned about Shiba Inu’s future.
Some speculate that Shiba Inu is here to stay, while others argue that the Shiba Inu market is only experiencing a brief surge.
Potential investors are looking for answers, which is why a thorough examination of Shiba Inu and the future of the crypto token is necessary.
What is Shiba Inu?
Shiba Inu (SHIB) is a decentralized token created anonymously; the group or individual goes by the alias ‘Ryoshi.’ Shiba Inu was named after a well-known Japanese dog breed, and the Shiba Inu dog serves as its mascot.
It was released on the Ethereum network as part of a swarm of dog-themed cryptocurrencies such as Dogecoin and Alaska INU.
On its initial launch, a quadrillion SHIBS were minted, with 50% of this supply locked in Uniswap. The remaining 50% were sent to Ethereum co-founder Vitalik Buterin, who burned most of them.
Remember that Dogecoin was created as a parody of other cryptocurrencies. Shiba Inu’s creators called it a meme coin meant to mimic Doge.
Although the recent crypto market price bear run has had a significant impact on Shiba Inu, the number one memecoin has amassed wealth for many investors through its resurgent rise in recent months.
A joke token is now the third most googled cryptocurrency in 2021.
Shiba Inu Has Had a Steady Growth
Going back to the drawing board to see how it all started and the driving force behind Shiba Inu can help you predict what the future holds for Shiba Inu.
Dogecoin was invented in 2013 as a “joke” to mock the volatility of the cryptocurrency market.
Doge’s value increased from US$0.00026 in December 2013 to $0.017 on January 7, 2018. The rise occurred before Twitter owner Elon Musk’s famous tweet, which saw Doge gain over 800% in 24 hours.
In August 2020, Shiba Inu was created to mock Doge.
The preceding demonstrates that it was not the singular action of one man that propelled Dogecoin from zero to the top ten coins in terms of market cap.
It resulted from the Doge community’s consistent efforts on Reddit, Facebook, Twitter, and other social media platforms.
Investors who saw the rise of Dogecoin but missed the opportunity are said to be the driving force behind Shiba Inu.
Dogecoin is a meme coin that defies all predictions; the crypto community sees Shiba Inu as a reenactment of history.
Shiba Inu began trading at $0.0000000001 in October 2020 and reached an all-time high of $0.000086 on October 27, 2021.
The recent surge began in May 2021, when Binance announced it would list Shiba Inu on its exchange platform, resulting in a 120% increase in price.
Shiba Inu received media attention on May 13 after Vitalik Buterin donated 50 trillion SHIB to the India COVID-Crypto Relief Fund.
Shiba Inu was thrust into the spotlight after Coinbase listed the coin on its exchange platform on September 17, 2021. Over the next two days, the price rose by more than 40%.
Related Article: Shiba Inu (Shib) Is Now Listed on Bitstamp U.S.
Shiba Inu Future Predictions
While the future is filled with limitless possibilities, uniformity and events can shape it.
Even though there are many questions about Shiba Inu’s future and price prediction, Shiba Inu has risen, fallen, and risen again, but the underlying question is: Does Shiba Inu have a future?
According to Coinmarketcap, 589,738,963,616,206 SHIB available, but approximately 549,096,677,783,927 SHIB are already in circulation.
As recent events have demonstrated, the Shiba Inu community’s fervent support has been a significant driving force behind the crypto coin.
Shiba Inu’s official Twitter account has over 1.2 million followers, which exceeds the current followers of major crypto firms such as Solana, Cardano, and Kraken.
This consistent fellowship sends a message to Shiba Inu Creators that the community has arrived.
This camaraderie can be seen in the recent launch of ShibSwap, a decentralized exchange (DEX) owned by Shiba Inu. The Shibswap now includes new tokens from the Shiba Inu project.
According to Du Jun, co-founder of crypto exchange Huobi, Shiba Inu’s DEX performs many functions, such as swapping, staking, farming, and even non-fungible tokens (NFTs).
The Shiba Inu project, he claims, has evolved from a meme coin to a sophisticated Defi project.
Du Jun also claimed that Shiba Inu’s price increase is due to Shiba Inu’s massive community.
“Shiba Inu has a large user base, and its projects are relatively simple and easy to understand for crypto newcomers,” he said.
The Shiba Inu community’s growing support has been unwavering. According to a recent news report, a Parisian restaurant now accepts Shiba Inu as payment.
A Change.org petition urging Robinhood, a cryptocurrency trading platform, to accept Shiba Inu has received over 334,000 signatures. Later, Robinhood CEO Vladimir Tenev stated that the exchange site is considering listing new coins.
The preceding events indicate that Shiba Inu is backed by a strong force and that the digital coin is not going away anytime soon.
The cryptocurrency market is still regarded as a high-risk venture. When dealing with cryptocurrency, potential investors should remember that it may be better to play the long game.
Non-traders may be better off buying and HODLing.
The cryptocurrency market is riddled with losses and gains, but this can be mitigated by trading or investing with spare funds.
As previously stated, the future of Shiba Inu may be entirely dependent on its community. The community has made an impression on the cryptocurrency market.
Some cryptocurrency analysts believe that cryptocurrency newcomers have stayed active in the Shiba Inu project because they are grateful for the wealth they have gained through SHIB.
Shiba Inu, according to Du Jun, “is already considered a mainstream coin and unlikely to go away anytime soon.”