Shiba Inu is considered one of the top two meme coins on the market and is ranked the 15th largest cryptocurrency by market cap. Shiba Inu has a market cap of 5.4 billion dollars and trades at $0.00000995 at the time of writing.
Unlike the other top memecoin on the market, like Dogecoin, which is based on the Scrypt algorithm, Shiba Inu is an Ethereum-based token. However, pretty much like Dogecoin, the Shiba Inu logo features the face of a Japanese breed of hunting dog, also called Shiba Inus.
SHIB, in many ways, is similar to Dogecoin and has even been referred to as a "Dogecoin Killer" or "Dogekiller" in the early stages of its launch.
The SHIB (and other meme coins) are referred to as "meme coins" because they are associated with some kind of a meme (in this case, the Shiba Inu Dog meme).
SHIB was created in August 2020, in the heat of the Covid-19 pandemic, by a person (or group of people) known only as "Ryoshi." Contrary to most of the other cryptocurrencies, Shiba Inu was created with the goal of making a cryptocurrency that is 100% run by its community.
SHIB, according to Ryoshi, was built on the Ethereum platform because the Ethereum network is "already secure", and needed no further optimization.
On May 13th, 2021, after being gifted a large amount of SHIB Coins by its founding team, Ethereum Creator Vitalik Buterin donated about 50 trillion SHIB (worth about $1 billion) to the India Covid-19 relief fund.
This generous donation further increased the cryptocurrency's popularity and, therefore, its price. The cryptocurrency's price soared soon after gaining 240% in a single week.
SHIB has a maximum limit of 589,735,030,408,323 SHIB. As of mid-2022, 549,000,000,000,000 has been mined. This means that the remaining supply of SHIB to be mined is about 7% of the total supply.
In recent news, Shiba Eternity, a game built on top of the SHIB ecosystem, was launched in the third quarter of 2023. Shiba Eternity is now available for downloads on a global scale, and the download numbers are skyrocketing.
Shiba Inu's ecosystem is also one of the fastest growing in the latter half of 2022 and has welcomed more than 100,000 new holders this year alone. The number of Shiba Inu addresses also currently sits at 1.2 million.
The Shiba Inu team has also recently released updates on the testing phase for Shiba Inu's layer-2 solution, Shibarium.
In October, Shiba Inu's main developer, Shytoshi Kusama, announced the link between the game Shiba Eternity and Shibarium. Kusama has also explained that Shibarium is expected to be the cornerstone of the SHIB ecosystem.
As of September, Shiba Inu has been added to the list of offerings by the crypto exchange, Binance in Argentina.
So far, Shiba Inu is one of the worst-affected cryptocurrencies on the market. The cryptocurrency has dropped 88.57% from its all-time high of $0.00008845.
The price action of Shiba Inu appears bullish in the future but also carries an equal possibility of a huge plunge.
While the bulls appear to be intent on pushing the price of the cryptocurrency to the upside and the development activity on Shiba Inu appears promising, the price action of the cryptocurrency has flashed no signs of recovery over the long term, especially during the current market dip.
After hitting a local high of $0.0000179 in August, Shiba Inu continued to make lower lows.
The cryptocurrency hovered around the $0.000012 and $0.000013 zone throughout September and faced a rejection that dropped it further down to the $0.000993 zone in October, where it now sits and is trying to rise beyond.
The bulls on SHIB have a slim window to take action. Failure to initiate a bounce to the upside may be taken advantage of by the bears, who may attempt to push the price lower to the $0.000008 zone and complete a 90% dip from Shiba Inu's all-time highs.
Assuming the bulls manage to take action before the bears push the prices lower, SHIB is expected to experience bullish momentum before the end of the year.
The cryptocurrency is expected to hit the $0.000011989 zone at least before 2022 ends. And if the bullish momentum proves to be strong enough, SHIB may reach $0.00001223 before the year ends.
The year 2023 is expected to be a bullish one for cryptocurrencies as the next crypto cycle approaches. SHIB is expected to reach $0.0000167, at least in the first half of the year. And if the bullish momentum on the cryptocurrency appears to be strong enough, SHIB may hit $0.0000195.
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