Shiba Inu Coin (SHIB) is an Ethereum-based ERC-20 token that has risen in demand, largely due to its dog-themed ecosystem, speculative pricing by trading investors, and strong public participation.
The digital asset was inspired by a Japanese dog breed with the same name, which introduced the viral meme trend in 2013 and later led to the formation of the infamous Dogecoin cryptocurrency. Shiba Inu, along with Dogecoin and hundreds of other animal-inspired digital assets, has become known in the industry as "meme coins."
Often, a meme coin offers owners very minute or less value compared to more established currencies such as Bitcoin and Ether. In the case of the Shiba coin, however, there seems to be a legitimate effort by the developer's team to provide more value to the SHIB owners, which includes the introduction of a decentralized exchange.
The Shiba coin was launched in August 2020, but unlike Dogecoin, the mysterious creator of Shiba Inu, known as Ryoshi, has made design decisions that have divided tokens.
The first great moment in Shiba Inu's history came in May 2021 when its founder sent half of the total to Ethereum co-founder Vitalik Buterin. This was widely regarded as a publicity stunt to piggyback on the success of a more popular cryptocurrency.
Most of the coins and tokens are built to solve some problems and issues that are faced by other crypto assets, while on the other hand, Shiba Inu was launched as a joke and a direct competitor to Dogecoin. The Shiba Inu coin has already taken over other Dogecoin markets and is rising as a favorite among crypto-market investors.
· ShibaSwap: The goal of the DeFi platform ShibaSwap is to provide a secure cryptocurrency trading platform while it is fragmented. SHIB and LEASH are heavily traded and sold through ShibaSwap.
· Shiba Inu Incubator: The incubator aims to remove the focus beyond popular forms of art such as painting, photography, and digital presentation and find ways to honor artistry and innovation.
· Shiboshis: 10,000 Shiboshi Shiba Inu tokens produced by non-fungible (NFTs) are listed on the Ethereum blockchain, with unique features that make each Shiboshi unique and compact.
The use cases of tokens are: · SHIB - This is a basic Shiba Inu currency that can be traded and used as an exchange. · LEASH - This token is limited to 107,646 units, making it the limit for coins associated with Shiba Inu. It offers solid rewards for those who guarantee cryptocurrency transactions. · BONE - This token has 250 million units, and is used to enable Shiba Inu users to vote on various proposals.
| DATE | NEWS/EVENTS | IMPACT |
| 21/06/2022 | Bitcoin price reaches 5-day highs as Shiba Inu leads advances among altcoins | +45% Increase
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| 07/05/2022 | TerraUSD and LUNA both collapsed and as a result, a number of crypto platforms folded in the aftermath | -45% Decrease |
| 12/04/2022 | Shiba Inu price increases within a day after Robinhood's listing of SHIB for trading | +35% Increase |
| 14/01/2022 | Shiba Inu (SHIB) gains on Robinhood listing speculation | +30% Increase |
| 29/11/2021 | Kraken announced the listing of Shiba Inu on its platform | +20% Increase |
| 23/11/2021 | The government proposes to introduce a cryptocurrency bill for the next Parliamentary winter session | -21% Decrease |
| 04/10/2021 | Elon Musk tweeted yet another image of the pup with the caption ‘‘Floki Frunkpuppy’’ | +127% Increase |
| 14/09/2021 | Tesla and SpaceX founder Elon Musk tweeted a caption “Floki has arrived” with a photo of his new pet dog | +30% Increase |
Although the Shib coin or the Shiba Inu coin is only known as a meme coin, its growing popularity and people’s interest in participating in it point to a different but wonderful future.
The Shiba Inu coin has a limited supply, a fixed amount of one quadrillion tokens. While this is a large number that can easily accommodate an investment force, it is still a limited number, which can help spark speculation in the future.
The key to Shiba Inu's future success lies in speculation and market capitalization, and Shiba has the potential to become the next Dogecoin. Shiba Inu is currently among the top 20 cryptocurrencies today, this is a healthy number, especially considering Shiba Inu is a new token in the world of cryptocurrency.
Investment, whether in the stock market or cryptocurrency, involves a certain amount of risk. Nothing is certain. However, the Shiba Inu coin has the potential to become a leading player in the cryptocurrency market!
Shiba Inu