hiba Inu (SHIB) has been in existence for quite some time now, and it has repeatedly been known as one of the cryptocurrencies with a vibrant community backing. The token is inspired by the Dogecoin crypto and has since become one of its major rivals. Since its launch, the cryptocurrency has grown immensely, and today, it is one of the top 20 cryptocurrencies ranked by its market capitalization.
Going with the current news of what is happening in the crypto world, it is likely that this token’s price will continue going up, giving an even better reason to Invest in SHIB.
The Shiba Inu burning has surpassed a significant milestone of 4.4 billion tokens for gaining more bullishness from highly-interested crypto investors. This ongoing Shiba Inu burning strategy can increase the cryptocurrency price in the near future with a constant value in the top cryptocurrency list. It has been speculated that ShibaSwap 2.0 is set to support a new burning mechanism for this Shiba Inu burning strategy. This can skyrocket SHIB to the next level, as expected by its community.
A Metaverse project named “SHIB: The Metaverse” is soon to be launched as detailed in an official post on its website, The developers of the famous meme coin described the virtual reality space as the creation of an enabling environment for growth and sharing among Shiba Inu traders – the ShibArmy.
Today’s Shiba Inu price is $0.000010 with a 24-hour trading volume of $230,655,816. Shiba Inu is down 2.00% in the last 24 hours. The current CoinMarketCap ranking is #16, with a live market cap of $5,697,902,755. It has a circulating supply of 549,063,278,876,302 SHIB coins and the max. supply is not available.
Let’s walk through Shiba Inu’s tracks through time to help decide whether SHIB is an excellent addition to your crypto portfolio. Let’s see what Elon Musk will do to help push the meme coin.
What is Shiba Inu?
Shiba Inu has realized significant gains following its recent listings on popular crypto exchanges like Binance. However, there are bold critics of this ranking by market cap. However, on 6 April 2022, the price of several of the most popular cryptocurrencies fell today as investors evaluated moves by the Federal Reserve, which is desperately trying to rein in surging inflation.
Shiba Inu Overview
Shiba Inu was initially listed on ShibaSwap, a decentralized exchange platform for Shiba Inu. The token, however, was created anonymously, just like Bitcoin, with the founder calling himself, Ryoshi.
Shiba has since grown over time, and now the token is listed as one of the most popular cryptocurrencies in the world, with a stable ranking consistently above #20 on CoinMarket1cap.
Shiba Inu has an inherent relationship with other tokens such as LEASH and BONE, used as governance tokens on Shiba Inu’s Decentralized Autonomous Organization.
One famed investor bought $5,000 Shiba Inu in late 2020, which was worth over $5 billion at its peak. This being said, that same investor is now barely a billionaire –– Shiba Inu has depreciated nearly 75% from its all-time highs.
There are several broad aspects to consider when determining the application of a cryptocurrency. The meme coin, for instance, borrows several qualities from different cryptocurrencies, making it relatively similar to other meme coins.
Although these tokens are often referred to as meme coins, it is evident that they sometimes offer value that can’t be found achieved when using mainstream tokens like Bitcoin and Ethereum.
So, what are some of the merits of Shiba Inu that warrant its usage?
SHIBA INU is built on the Ethereum blockchain and borrows several security features from its parent blockchain. Therefore, the Shiba Inu prediction analyzes the technology used behind a particular cryptocurrency to determine its longevity in the crypto space. Since the Ethereum blockchain is quite stable, the Shiba coin has a promising future.
Due to its relatively low transaction fees, the SHIB can essentially be used as an online currency – one of the main goals of developing Bitcoin, according to Satoshi’s Bitcoin Whitepaper.
Shiba Inu Price History
Shiba Inu was created in August 2020 by an anonymous ‘Ryoshi’ and started as a joke. Data from Coinmarketcap show the coin first listed at $0.000000000145.Shiba Inu has since had two notable pumps both characterized by high trading volumes. The first happened on 4 May 2021. Shiba Inu surged by over 1000%. Even at this price, Shiba Inu would have made the early bulk buyers crypto millionaires. The second pump started on 3 October 2021. The pump was fuelled by major endorsements from big celebrities like Elon Musk. Shiba Inu would then reach its all-time high of $0.00008845 on 28 October 2021. The pump would have Shiba Inu dubbed the ‘Dogecoin Killer’ after it almost toppled Doge as the top meme coin by market capitalization. Shiba Inu today boasts a return on investment of 653,481%.
Shiba Inu Technical Analysis
After a long period of consolidation since February, Shiba Inu had a bad turn of events in May. This came after the crash of Luna which brought the crypto market down with it. The William alligator trend lines show the downward price momentum slowing down. Shiba has been trading close to the oversold territory since the beginning of May. MACD histogram shows decreasing price momentum to the upside.