Shiba Inu (SHIB), the self-proclaimed ‘Dogecoin killer’, is a meme-coin that has a lot of social media hype behind it. Shiba Inu (SHIB) is based on Ethereum, the world’s second-largest cryptocurrency after Bitcoin.
At first glance, Shiba Inu is nothing more than a meme token built on the Ethereum blockchain. It was created anonymously by a person or entity known as “Ryoshi” in August 2020. It takes only a few minutes nowadays to launch one’s token on an existing blockchain. There’s even a graphical user interface site called cointool.app that helps those who cannot write code to make their cryptocurrency.
Shiba enjoyed a lot of success stories when the token exploded in the crypto market, however, after reaching an all-time high of US$0.00003791 on May 10, 2021, Bitcoin witnessed a steep downfall and took the entire crypto market with it. Shiba Inu was also engulfed in the bearish market and kept falling for the next two weeks or so. From May 22, Shiba Inu’s price stabilized at US$0.0000083 and kept it maintained at this level for the next two months. As of August 30, 2021, Shiba Inu is priced at US$0.000007023 with a trading volume of US$221,677,612.22 in the past 24 hours, which is a 6.31% drop from yesterday.
So, Shiba Inu is up a stunning 45.63% in the past 24 hours to US$0.00001588. The coin’s marvelous rally came as Tesla’s CEO Elon Musk tweeted about the “Dogecoin killer” cryptocurrency on social media. As a result, Shiba Inu is now the 33rd largest cryptocurrency in the world, with a market cap of US$6.42 billion.
Shiba Inu soared to record highs over the weekend to become the 11th-biggest cryptocurrency by market value. SHIBA, as it’s known, was up 50 percent in the 24 hours. The token has gained more than 40 million percent in the past year.
Shiba Inu coin has had a run of luck recently, holding off a huge dip that other cryptocurrencies have seen, according to FXStreet. But the Shiba Inu cryptocurrency still faces some obstacles. For example, Shib coin has not gained much attention on social media or from speculators, according to FXStreet. If the Shiba token starts to drop, it may even lose more support since cryptocurrencies like Shib and Dogecoin rely on social media hype for investment.
David Hsiao, CEO of crypto magazine Block Journal, told The Inverse that Shib coin only rises because of the community. So investors should keep that in mind before investing.
Shiba Inu might see some success, too, because of Dogecoin. As per Yahoo! Finance, SHIB coin has gained some momentum because Dogecoin has been getting some lift.
SHIB coin will only see more of those opportunities because investors may put more money into the cryptocurrency due to a “sympathy trade,” according to Yahoo! Finance.
“Shiba Inu’s current market capitalization is about US$3.9 billion compared to Dogecoin’s US$55.5 billion, and some traders may be willing to bet that Shiba Inu will start to close the gap in case it becomes more popular,” per Yahoo! Finance.
Shib coin is selling for about US$0.0000085 per coin with a market value of US$3.4 billion, so there’s still plenty of time to grow.
As per Market Realist, the current predictions suggest Shib coin will reach a value of US$0.000019 per coin in 2022 and later hit US$0.000061 per coin in 2025. That would be a near 620% increase from where the Shib coin is at now, which might sound like a good opportunity to invest.