You might have heard about Shiba Inu. But do you know why is it creating so much hype? This is a meme coin with the name of the Shiba Inu coin, and also the Shiba token or SHIB. In this article, Top 6 things to know about Shiba Inu coin we’re going to explore the important aspects of the Shiba Inu coin. So let’s deep dive into what’s possible for this token.
What is the Shiba Inu token?
The Shiba Inu token was established in August 2020. Recently surged to an extreme high after riding a lot of the attention of Dogecoin. Because of Elon Musk, the wave for Dogecoin has come up in the market. As a result lot of investors have been looking again for the next big coin. Shiba Inu has a Reddit community of around 30,000 people and it’s growing every single day. The token can take the top spot because of the good technology. It is one of the reasons that we’re seeing a lot of Altcoins flood the market.
A couple of them can be categorized as scams. Shiba Inu does seem like a better version of Dogecoin with a bit more purpose. Its only downfall is not being the first mean coin in the crypto space. It might not have the power of being the first in the market. However, Shiba Inu’s mission is to be the Dogecoin killer. Since increasing over 2,000,000% this year, who knows it might end up growing quite substantially.
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What is the market cap of the Shiba Inu coin?
Shiba Inu already has a market cap of 8 billion. This is more than what Dogecoin was trading at for ages until the recent surge this month to about 60 billion US dollars. Therefore it is a power that shouldn’t be undervalued. According to the whitepaper, they say that the coin has a deflationary coin. It means they start with a max circulation of one quadrillion tokens which is 1000 trillion and they burn it down.
They delivered half of it to Ethereum, founder Vitalik Buterin which they’ve named as “burn”. As well as other half was given to Uniswap with the keys thrown away. He gave away billion dollars worth of Shiba Inu into the India COVID relief fund but he did that before announcing what he was doing. So this created a market panic and sell-off the cryptocurrencies. So Vitalik Buterin does have the ability to move Shiba Inu around and it is proved.
Despite it was for a good cause that is still considered as a circulation that can move around the world. It is that additional circulation that will prevent Shiba Inu from hitting 1 cent or $1. While writing this article the Shiba Inu coin price in INR wazirx was ₹ 0.000528. Therefore you need the circulation to go down to then increase the price found on the average crypto market caps that we notice at the moment.
Why did Shiba Inu’s price increase?
The Sheep coin lived in relative obscurity from August until earlier this year. When a wave in interest for Dogecoin drove traders to find the next big thing. Sheep rise has been due to Dogecoin’s success which is a mixture of Elon Musk, Twitter, Reddit, YouTube, and numerous news articles. Speaking about the coin and considering Shiba Inu as a copycat coin to the powerful Doge.
Dogecoin’s sudden rise can be traced in part to the fallout of the GameStop saga in March. This is when all of the individual retail traders who fueled the game speak short. Turned to the meme coin to find the next big thing, and began concentrating on Dogecoin. Ever since then, the price has continued to increase from an average market cap of about 7 billion up to around 70 billion. If Tesla starts accepting Dogecoin as payment for Tesla cars. Then we’ll probably see lots of growth ahead.
Thereby if Shiba Inu coin and Dogecoin tied together in popularity one could help the other. However, if Dogecoin does fall a little bit it might create an opposite effect for Shiba. While investors look for a unique coin that isn’t Dogecoin to try and get into the price that might go up. This is all speculation but also an exciting theory.
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Why Shiba Inu is going down at the moment?
The Sheep token has had a huge wave from zero up to 0.000030. It does not sound like much but in one month that is 30,000%, which is just bonkers. So with anything that rises that quickly, and by that much with the 7 to 8 billion being pumped into it in a really short amount of time. Naturally, some of that trend will calm down to find a new normal or a new baseline. Therefore this is where we start to notice what is known as the correction. It is exactly what’s happening at the moment. It takes place in any stock, crypto, or investment that is traded in a public market. Secondly, the Ethereum co-founder Vitalik Buterin, who was given 50% of Sheep’s circulation to hold on to transferred over a billion dollars worth of coins.
This created a huge market panic and a large sell-off of Shiba Inu. Although it was later announced that because this money was supposedly given to him without his consent. So he wanted to contribute it for good use and transferred it to the India Covid relief fund for the current crisis that they’re going through. This is one of the important aspects among the Top 6 things to know about Shiba Inu coin.
What is Shiba Inu’s worth in the future?
The fact that Shiba was created with more purpose than Dogecoin, technically and under the surface, it’s probably a better coin. Yet the real test is whether over time it can retain its value and media attention to keep climbing. They have programs for an art NFT exchange a wallet and much more. Hence this could make the coin very commercially viable which when compared to Dogecoin was created as a joke by its creators. Two of them have confirmed that they never expected or meant for the coin to make this big.
The value of Meme coins is below $1 it does make them incredibly appealing. And that’s how meme coins work to create an incredibly loyal community and stick by the coin. Over time its value rises just like Dogecoin, even without having super clever technology like smart contracts or sleek payment technology at the moment. One of the big obstacles for the Shiba Inu token is the current circulation. As we’ve mentioned, the coin is a deflationary coin. Hence they start with a quadrillion tokens and they’re slowly being burned down. With that being said over time if the circulation does drop a few more hundred trillion then it will help the price rise somewhat.
Will it be bigger than Dogecoin?
It would be difficult to say yes or no. All we can do is look at their theories about the art of the possible. And what is realistic for both coins. Dogecoin is striving to hit $1 but it’s crawling up slowly. It might be announced as the next Tesla currency by Elon Musk. On the other hand, investors might turn their backs on Dogecoin after a while and look for the next big thing, built on the best technology which Shiba Inu does have going for it. The white paper does have loads of interesting plans in it and they’re building some cool tech amongst the Shiba Inu token. So it could quite easily move out of meme coin territory and it had taken place in the real commercial viable token. These are the Top 6 things to know about the Shiba Inu coin.
For more details visit the official website of Shiba Inu.
Finally, just make sure wherever you invest your money into you’re not putting in more than what you’re willing to lose. If you are unsure about your investment plan then consult a financial adviser. So there will no confusion and you can freely invest.
Do your research and just make sure you don’t put yourself at risk by dumping your entire life savings onto crypto or any investment that could crash the next day. I hope this article Top 6 things to know about the Shiba Inu coin have helped you to know more about Shiba Inu coin.