Shiba Inu, an ERC-20 token, was introduced on the Ethereum network. The coin was released in 2020 by an individual or organization writing under the pen name RYOSHI. Because the project is so decentralized, the community leaders are in charge of monitoring it. For more info check out this link: https://bitvestment.software/
Shiba Inu has sought to join the meme-inspired currency phenomena that has characterized the Dogecoin capitalization since its creation. Based on the company’s Woof Paper, when RYOSHI made the decision to form SHIB, “the bright minds behind SHIB had never worked before, and we began from zero, with nothing.”
A global Shiba movement could be started by people who are motivated by Shiba Inu dogs, as suggested by the breed’s main site.
Factors Involved In Raising The Price Of Shib
- The Shiba Inu gained recognition after it rose 2405% in only 3 days to reach a new high of USD 0.0000388 in May despite the fact that traders have been looking for a new bitcoin investment since the currency’s launch. One of the key causes of the increase was Elon Musk’s speech, in which he referred to DOGE as a “hustle,” which caused DOGE to decline and new SHIB purchases to begin.
- Shiba rivals Dogecoin, so a big cryptocurrency exchange like Binance needs to add it to its list of altcoins, according to a Change.org petition. According to the appeal, SHIB’s price will increase by 16 percent as a result of being listed on Binance. As of the time of writing, the petition had more than 500,000 signatures.
- The value of a meme token increased in response to Elon Musk’s comments in October when the Tesla CEO shared a photo of a Shiba Inu dog driving shotgun in a Tesla. FLOKI and DOGE are two additional altcoins that have had comparable results.
- Shiba and Playside, an Australian video game developer, signed a strategic work-for-hire agreement, it was revealed in December. The objective is a multi-player collectible card game. The same day, Bitstamp announced that SHIB would be listed on its system the next day. The stock’s price increased as a result of these causes.
The fact that SHIB is so inexpensive-looking due to its low price per unit is one of the main factors in its appeal. The fact that the common person can buy millions of SHIB tokens has drawn interest from some.
Although consumers should actually consider a token’s capitalization rather than its value, the psychological cheap coin impact can occasionally be extremely genuine. Shiba Inu’s fame has a drawback in that there may not be as much space for growth as some SHIB owners might want. Shiba Inu has a group of programmers working to offer the token greater utility even though it can legitimately be referred to be a meme token.
Reasons Why SHIBA INU’s Value May Not Rise
Simply told, the Shiba Inu program has not yet generated any technologically ground-breaking results. The majority of the team’s efforts center on crypto trends that are already well established; for example, ShibaSwap was developed well after Uniswap’s astounding popularity, while Shiboshis NFTs were introduced rather late in the 2021 NFT boom.
Shiba Inu’s rapid rise was largely due to the fact that cryptocurrency investors were searching for the next Dogecoin after DOGE experienced an extraordinary price increase in the summer of 2021, and Shiba Inu appeared as a strong contender. It is unclear whether Shiba Inu’s popularity as a meme coin will last or if other coins will eventually overtake it.
SHIB is also doubtful to ever reach one penny. A price of USD 0.01 would indicate a market cap of USD 5.89 trillion for SHIB given the available supply of tokens. To put this figure into perspective, consider that the all-time high for the market capitalization of cryptocurrencies is USD 3 trillion.
Conclusion
According to investors, crypto specialists, and buyers, the price of Shiba Inu tokens is anticipated to rise in the future, making it a great long-term investment. No one can predict what the value of Shibu Inu will be in 5 or 10 years due to a large number of unknowns.
When considering whether to buy or not, it is important to take your risk appetite, prior cryptocurrency trading expertise, and selection of dependable bitcoin trading software into account. Before making a purchase, it is a wise decision to refer back to this article and conduct your own investigation on Shiba Inus.
