Shiba inu coin (SHIB) is an Ethereum-based ERC-20 token that has risen in popularity, largely because of its dog-themed ecosystem, speculation on its price by retail investors and strong community engagement. The official Shib Twitter account, for example, has over 3.6 million followers – more than leading crypto companies such as Cardano, Kraken and Solana. If Shiba Inu actually reaches $0.01, its market cap would nearly hit $5.9 trillion — compared to a combined market cap of $2.3 trillion for the entire crypto market today.
What Is Shiba Inu (SHIB)? Dogecoin’s Meme Coin Rival Explained
The price movements of meme coins are frequently linked to sentiment around breaking news and influencer activity on social media. Shiba Inu itself is named after the eponymous dog breed, which became the face of the “doge” meme that inspired the creation of Dogecoin. LEASH launched as a rebase or elastic token, with it’s supply adjusted to track the price of DOGE at a rate of 1/1,000. When it was first launched, Ryoshi locked 50% of the total supply in Uniswap to provide liquidity. Uniswap is an automated market maker (AMM) protocol on the Ethereum blockchain and is one of the most successful projects in the decentralized finance (DeFi) space.
Shiba Inu Token Unlocks
- Shiba Inu is an Ethereum-based altcoin (a cryptocurrency other than Bitcoin) that features the Shiba Inu—a Japanese breed of hunting dog—as its mascot.
- It’s part of the dog-themed cryptocurrency family, an interesting sub-section of the crypto market that includes Dogecoin (DOGE) and Baby Dogecoin (BabyDoge).
- It is possible to buy Shiba Inu on Binance, Huobi, Coinbase, Gate.io, Uniswap (V2) and OKEx, among other exchanges.
- However, since its inception it has grown to launch an exchange, ShibaSwap, and is now adding extra utility with the Shiba Inu metaverse.
- By the end of 2023, it was being traded in large volumes to take advantage of microscopic price movements and used as a payment method.
Dogecoin and Shiba Inu, along with hundreds of other meme cryptocurrencies, are known as meme coins or meme tokens. For example, Dogecoin and Shiba Inu were inspired by memes of an adorable Shiba Inu https://cryptolisting.org/ dog, while PepeCoin (MEME) was inspired by Pepe the Frog, a popular anthropomorphic frog meme. Shiba Inu is one of a newer wave of cryptocurrencies, riding a surge of interest in digital assets.
Blockchain Updates
And according to Shiba Inu’s own burn tracker, it would need to reduce its supply to about 85 billion to reach $0.01 with a sustainable valuation. It was created in August 2020 by an anonymous developer known as “Ryoshi” and quickly gained popularity due to its dog-themed branding and active community. The price of Shiba Inu can fluctuate significantly due to market conditions, social media influence, and the evolving nature of the memecoin space. However, the launch of Shibarium, the project’s Layer 2 solution, has potentially transformed the project from a memecoin to a longer-term player in the industry, potentially enhancing the value of the project’s token.
Shiba Inu price SHIB
Transactions on the Shiba Inu network are validated using a Proof-of-Stake (PoS) consensus mechanism. The SHIB Army is a community of SHIB holders and supporters whose members are encouraged to guide the community. The live price of Shiba Inu coin (SHIB) is updated and available in real time on Binance.
In that case, Ryoshi expects forks of the major DeFi protocols to appear in the Shiba Inu ecosystem, which would require an immutable bridge to function. The Shiba Inu universe also consists of two other tokens, “LEASH” and “BONE” (see below). The comments, opinions, and analyses expressed on Investopedia are for informational purposes only.
Institutional investors, meanwhile, want nothing to do with meme coins and tokens; one exec working on institutional crypto custody told Decrypt that “zero” clients are looking to allocate a portion of their portfolios to SHIB. ShibaSwap is a decentralized exchange – a type of peer-to-peer trading platform similar to Uniswap that allows users to trade SHIB and other cryptocurrencies without an intermediary company. Investing in cryptocurrencies is risky enough because of their massive volatility and lack of regulation.
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Meme coins can be super volatile, so you should always DYOR and never invest what you cannot afford to lose. Ryoshi locked 50% of the token in Uniswap to create liquidity, and sent the other 50% to Ethereum co-founder Vitalik Buterin’s wallet. However, Vitalik decided to burn 90% of the coins and donate the remaining 10% to charity. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and services, or by you clicking on certain links posted on our site.
SHIB’s meteoric rise has made some people very rich indeed; one wallet saw its holdings rise from around $8,000 to over $5 billion in 400 days. But for all that, it remains a “joke token” propelled by retail investor sentiment. It’s a similar phenomenon to the WallStreetBets movement that saw Reddit traders “ape in” to stocks such as GameStop and AMC because it amused them, or Crypto Twitter snapping up stocks of tungsten cubes.
Many performed extremely well throughout 2023 and began the new year with vigour. With a circulating supply of 107,646 tokens, LEASH was initially used as a rebase token to track Dogecoin’s price. LEASH holders can stake their tokens in the liquidity pool and earn xLEASH as rewards. The SHIB roadmap and ecosystem also features an NFT art incubator called Shiba Artist Incubator, 10,000 “Shiboshi” NFTs, and an NFT best mining gpu 2020 game Shiboshi Game. Alongside SHIB, Ryoshi has also created the “Dogecoin killer” token LEASH, albeit in limited quantities, while BONE launched alongside the ShibaSwap decentralized exchange (DEX). Dogecoin (DOGE) was the original meme coin, but since its rise to prominence, a number of rival dog-themed cryptocurrencies have emerged as challengers for its crown, including Doge Cash, Akita Inu, and Dogelon Mars.
Whether or not SHIB is a good investment depends on your investing goals, risk tolerance, strategy, personal preferences, and outlook. Some trades have become the stuff of investing legend, such as George Soros’ wager against the British pound in 1991 or the short subprime mortgages trade by John Paulson from 2007 to 2009. In terms of sheer percentage gains, a purported trade in Shiba Inu by an unknown trader puts even those legendary trades in the shade. The trader bought about 70 trillion SHIB tokens for approximately $8,000 in August 2020. One year later, that stake accounted for about 13% of SHIB’s total circulation of 550 trillion and gained a staggering value of $5.7 billion. Founded in 1993, The Motley Fool is a financial services company dedicated to making the world smarter, happier, and richer.
The year 2022 has been rough for Shiba Inu, with its price plummeting, but it still remains one of the world’s most popular cryptocurrencies, according to CoinMarketCap. But don’t get this coin confused with the Japanese dog breed that inspired its name. Additionally, retailers increasingly started adopting SHIB as a means of payment following its popularity among small-time investors. American electronics retailer Newegg added SHIB at the start of December 2021, partnering with crypto payments platform BitPay to unlock payments in SHIB. At one point, the Shiba Inu community called for McDonald’s to accept Shiba Inu, although the social media effort eventually fell short.
With the current circulating supply of 589,339,261,583,408, this would equate to a market cap of $294,669,630,791,705—over 200 times the total value of all cryptocurrencies combined. For Shiba Inu to reach a price of $1, it would need a market capitalisation equal to the price multiplied by its circulating supply. As of the current circulating supply of 589,339,261,583,408, this would equate to a market cap of $589,339,261,583,408, which is almost 500 times the current total market cap of all cryptocurrencies combined. As with any cryptocurrency, Shiba Inu’s price in 2025 depends on various factors, including market trends, demand, and the success of its upcoming projects like Shibarium. The advent of Shibarium, aimed at expanding Shiba Inu’s use case, may play a pivotal role in its valuation.
When it comes to reasons to be optimistic about Shiba Inu’s future, Drozdz points towards its trending nature and the overall positive market sentiment. While bitcoin has more data points and a longer history to help inform predictions, Shiba Inu’s relative newness and the highly volatile environment in which it operates make its future performance harder to forecast. To the extent any recommendations or statements of opinion or fact made in a story may constitute financial advice, they constitute general information and not personal financial advice in any form. As such, any recommendations or statements do not take into account the financial circumstances, investment objectives, tax implications, or any specific requirements of readers. The purpose of this website is solely to display information regarding the products and services available on the Crypto.com App. Alternatively, users can also buy Shiba Inu and its affiliated tokens on the Crypto.com Exchange.
As of the date this article was written, the author does not own cryptocurrency. It is difficult to tell which cryptocurrency, if any, will experience a boom. The space constantly undergoes changes and reacts, almost explosively, to the news.
However, the rebase mechanism was later removed, making LEASH a scarce asset with a total supply of only 107,646 tokens. This scarcity has made LEASH highly sought after by traders looking for exclusivity within the ecosystem. Shiba Inu (SHIB) is a meme cryptocurrency running on the Ethereum blockchain. It was created in August 2020 by an anonymous developer named Ryoshi, whose identity is as mysterious as Bitcoin’s creator Satoshi Nakamoto. As the name suggests, SHIB was inspired by the Japanese dog breed Shiba Inu. Shiba Inu (SHIB) is a dog-themed meme cryptocurrency named after a Japanese dog breed.
This article delves into the intricacies of the Shiba Inu cryptocurrency ecosystem, exploring its origins, key components, and future prospects. The amount of BONE tokens you can earn is proportional to the amount of liquidity you provide to the pool. A complete overview of Shiba Inu (SHIB) price history and meme-filled timeline, from Elon Musk tweeting about the memecoin to the Dogecoin “flippening” — where SHIB briefly overtook the OG.