Shiba – The crypto market is always unpredictable, whether it is the prices of its cryptocurrencies or its general trends. The arrival of Bitcoin, Ethereum, and others to record levels made the world’s eyes turn to this young market, which overgrew to reach 2.5 trillion dollars in a little more than a decade.
The growth, maturity, and prosperity of the crypto arena have made some new crypto market trends stand out firmly with no clear and logical explanation.
Dogecoin exploded in 2021, rising from a price of under $0.01 for most of January to an all-time high of $0.68 set last week, according to Nomics.
But there is a new puppy coin on the scene, and it has also exploded in May 2021.
What is a Shiba?
“Shiba Inu” is its name, and “ERC20” is a standard built on the Ethereum blockchain.
The digital currency SHIB appeared suddenly and quickly and emerged as an alternative to “Dogecoin.”
It is possible to say that SHIB is a copycat of DOGE, especially since “d
oge” is a descendant of “Shiba Inu” as well.
Yes, the two currencies compete together, not with the technical solutions provided or the established goals, but rather which of them captures the hearts of investors by showing the cutest dog of the “Shiba Inu” breed, which appears as a logo for both 🙂
According to CoinGecko, the current price of SHIB is $0.00002898, which is 22772% more than it was 30 days ago, and the coin has seen a 1527% uptick in the last week alone.
CoinGecko does not provide a market cap or ranking for SHIB yet. Still, CoinMarketCap reports that the coin has a market capitalization of nearly $11.4 billion, putting it in the 20th place in terms of total coin value by its standards.
The “SHIB” coin price has risen more than 2 million percent since its inception (July 31, 2020, according to CoinMarketCap), much higher than the rise of Bitcoin or Ethereum since its inception.
This is wild for a coin that seems to have come out of nowhere.
While still well below Dogecoin’s current market cap of $64 billion, making it the fourth most valuable coin as of this writing, Shiba Inu has also seen more significant gains in recent times.
Where is Shiba available?
The SHIB digital currency can be purchased via exchanges such as Binance, Huobi Global, and OKEx.
The currency is also traded on decentralized exchange (DEX) platforms, such as Uniswap, 1inch, and 0x.
SHIB’s price has jumped in the past few days after Binance listed it after apparently massive demand from users.
Binance CEO CZ tweeted on May 10 that Binance has run out of ETH deposit addresses due to SHIB today and that this has never happened before for any other ERC20 coin.
But while Binance will benefit from higher trading volumes, its CEO cautioned about potential risks ahead, noting this:
The currency carries a very high risk.
What is the story of SHIB?
Besides being an ethereum-based meme and a competitor to Dogecoin, what exactly is the “Shiba Inu” project?
According to the official website, SHIB was created to build a decentralized spontaneous community, the first of several planned cryptocurrencies all under or in connection with the dog breed.
“LEASH” is another coin that was released, but in limited quantities, and its price has skyrocketed (according to CoinMarketCap); its price is estimated at 5800 dollars at the time of preparing this article, and this coin describes itself as a Dogecoin killer as well, it seems that Dogecoin has many enemies and those who promise to kill it 🙂 .
In addition to the digital currency LEASH and SHIB, the BONE coin uses the dog’s bone as its emblem.
The “Shiba Inu” project promises to launch the “ShibaSwap” decentralized exchange (DEX) platform, and there is even a “white paper” detailing the team’s plans, but so far, it just promises on a website page.
A total of 1 quadrillion SHIB was minted. The anonymous developers behind “Shiba Inu” sent over half of the total supply, just over 505 trillion SHIB, to the address of the founder of Ethereum.
The developers treat this amount as “burned” or removed from the market, which could increase the value of the coin that is still available for trading, but the founder of Ethereum already has access to his received coins.
If a lot of this sounds silly or even illogical, you’re probably not alone in this thinking.
But Dogecoin was also long considered a “joke” cryptocurrency before 2021 became its year and became the talk of fans like Mark Cuban and Elon Musk.
Can SHIB follow a similar path to DOGE?
When it comes to the sudden rise in prices, this has already happened.
As for the expectation of doubling the investment in the SHIB currency tenfold, it is difficult, if not impossible, because, in the crypto market, everything is possible, but for the SHIB to rise tenfold, this means that its market value will also rise to the level of 110 billion, which means that it will become the third-largest cryptocurrency and surpass BNB.