Over the last year, we have seen new tokens being released by companies and firms from all over the world. One of the coins that have been launched to the market is Shiba Inu (SHIB), a virtual currency that wants to become an option to compete against Dogecoin (DOGE).
One of the main things about SHIB is related to its scarcity. While Bitcoin is scarce, Shiba Inu is not scarce. There is 1 quadrillion SHIB tokens in existence. This ecosystem supports Non-Fungible tokens (NFT) and other types of decentralized applications such as a decentralized exchange (DEX).
Disclaimer: the information shared by AltSignals and its writers should not be considered financial advice. This is for educational purposes only. We are not responsible for any investment decision you make after reading this post. Never invest more than what you are able to lose. Always contact your professional. financial advisor.
We all know Dogecoin (DOGE) and how this virtual currency works. In 2021, DOGE attracted the attention of several investors as Elon Musk tweeted about it on a regular basis. The coin was considered to be a joke and it indeed started as such. Nonetheless, things have changed over the last years and things are now different.
Shiba Inu comes as a new digital currency that was created by an anonymous team in 2020. The person behind this project is known as Ryoshi and he was able to attract a large number of investors that wanted an alternative to Dogecoin.
One of the similar things with Dogecoin is related to the Shiba Inu dog. This dog is not only the name of this virtual currency but also the logo of the Dogecoin virtual currency. Shiba could also be Dogecoin killer. At least, this is what their website claims.
Another thing that is similar to Dogecoin is related to the fact that these coins have a large supply compared to other virtual currencies. Rather than being deflationary tokens with limited supplies, they prefer to be and have large supplies of coins.
Nevertheless, the Shiba Inu team claims that they have locked 50% of the supply on Uniswap, one of the most popular decentralized exchanges (DEX) on the Ethereum (ETH) platform. The remaining 50% of tokens have also been sent to Vitalik Buterin, the founder of Ethereum.
Due to the success of this coin, several exchanges have added the virtual currency to their platforms. That includes Binance, Huobi, Uniswap and Okex, among others.
The coin has existed for several months without price bumps. Indeed, the price of Shiba Inu couldn’t even be valued in USD. Things changed when the price of the coin skyrocketed to $0,0000000407 per coin, as you can see in the image below.
Despite that, things became bumpy after February 2021. As you can see, the price of the token skyrocketed to $0.00003431 per coin, an all-time high for this virtual currency. Nowadays, things look different and its price has stabilized close to $0.000007 per coin.
It is worth mentioning that the coin has had a trading volume of over $845 million in the last 24 hours and it also has a market capitalization of $2.79 billion. Due to this reason, the SHIB token has now reached the 28th position in the market, becoming one of the largest cryptocurrencies in the world.
SHIB has surpassed coins such as Algorand (ALGO), Crypto.com (CRO), Bitcoin SV (BSV), NEO, IOTA, Tezos (XTZ), Zcash (ZEC), NEM (XEM), Basic Attention Token (BAT), Decentraland (MANA) and DigiByte (DGB), among others.
The future of this virtual currency is closely related to the future of the cryptocurrency market. In general, coins such as DOGE and SHIB expand due to an increased demand for risk and massive returns when the crypto market gets close to an overbought situation.
Things could become different in the future. However, if the market does not start moving higher and receiving a new inflow of money in the coming weeks and months, it might be difficult for SHIB to continue growing in the short term.
At the time of writing this article, Bitcoin and most of the largest virtual currencies seem to be in a very bearish moment. If the trend continues, SHIB could lose part of its market valuation. Nevertheless, if the bull market continues, pushing Bitcoin towards new highs, we could see SHIB and DOGE at the forefront of the altcoin bull run.
providing you with access to some of the most exclusive, game changing cryptocurrency signals, newsletters, magazines, trading indicators, tools and more.