Shiba INU crypto since its inception is believed to do things differently. The token is named after a Japanese breed dog that originates in the Chubu region. Shiba Inu decapitates itself as a ‘Dogecoin killer’ and is characterized as a ‘meme coin’. The founders of Shiba Inu remain anonymous under the name ‘Ryoshi’ similar to that of Bitcoin’s Satoshi Nakamoto. The meme token was first created in August 2020.
The WoofPaper or Whitepaper notes three main reasons specified by the founders on why SHIB was created,
“We started from zero, with zero”
“The brilliant minds behind SHIB never collaborated before”
“We love Shiba INU dogs”
Shiba INU quickly gained value and the community is widespread, having more than a million investors. It also gained immense popularity with the mentions of famous personalities like Elon Musk and Vitalik Buterin. The SHIB token is the native token of its decentralized cryptocurrency exchange ‘ShibaSwap’ where-in one can also stake SHIB tokens along with the other native tokens like LEASH or BONE having their use cases, and earn good interest.
Did You Know: Shiba INU created a campaign through Amazon Smile under Shiba INU Rescue Association to collect donations to rescue the real Shiba INU dogs.
Shiba INU(SHIB) Fundamental Analysis
The founders created nearly 1 quadrillion tokens and out of which 50% were locked on Uniswap. The other 50% was gifted to Ethereum co-founder Vitalik Buterin. The Uniswap’s keys were just thrown away and hence the tokens remained completely locked. And in response to the gift, Vitalik sent 50 trillion SHIB worth nearly $1 billion to India’s Covid Relief fund. Further Buterin buried 40% of the supply to a dead wallet.
According to the Shiba INU website, along with SHIB, there are two more tokens described – LEASH and BONE. SHIB is the foundational currency that can be held by the investors, LEASH was initially a rebase token but later the total supply was locked to 107,646 tokens. BONE is a governance token having 250,000,000 supply, enabling the ShibArmy to vote on the developments of the network on Shiba INU’s Doggy Decentralized Autonomous Organization(DAO).
The WoofPaper specifies SHIB as an ERC-20 token built on Ethereum, which soon will be transited on the Proof-of-Stake consensus algorithm from Proof-of-Work. The meme coin gained huge user attention amid the recent gigantic rally hitting highs above $0.00008000. No doubt the asset is maintaining a low-key trend at present, yet in the coming days, the bull run is expected to resume very soon.
Will SHIB Price Hit $0.0001 in 2021?
The Shiba token since its inception has remained pretty silent. However, ever since the beginning of 2021, the asset made huge noise on Uniswap. Therefore, not wasting much time, Binance listed the meme coin which was expected to be the turning point. However, the asset just fell into bearish divergence and slipped from $0.00004000 to as low as $0.00000500. The May crash also fueled the plunge.
Yet, in the past couple of months, the ShibArmy gained immense strength which swelled to nearly a million investors which propelled the SHIBA INU crypto price to hit ATH at $0.00008845. Woefully, ever since then, Shiba price fell into a bearish trap and hovered below $0.00003300 at the press time.
The crypto space currently is filled with mixed sentiments and hence it’s pretty misty. Therefore, yet another bull rally could be pretty tough at this point and continuing with the current pace, the SHIB price may end the yearly trade around $0.00005000 levels. The technicals also support the Shiba Inu price prediction as RSI & MACD appear to be hung up between a bearish trend and a slight recovery phase.
Additional Read: SHIBA INU Technical Analysis
Factors Affecting Shiba INU Price Today
As mentioned above, SHIB tokens are locked on Uniswap, and the tokens are also burned over time. Currently, nearly half of the total created tokens appear to be burnt and the total supply stands at 589,736,401,387,117 according to Coinmarket cap. However, the investors, frustrated with the performance of the asset in recent times, demand to burn more SHIB tokens, signing a petition.
Moreover, the cryptocurrency project has expressed its desire to enter the Metaverse space being unaffected by the current price trend. It has been said that the platform is expected to undergo yet another massive coin burn and reduce the total number of coins in circulation.
This may largely impact the Shiba Inu crypto price as the reduction in the total supply may increase the demand which in turn may boost the price of the circulating tokens. On the other hand, Metaverse space is flourishing and gaining huge attention from the investors and hence entering the space may kick start yet another bull run to reduce a couple of zeros in its price.
Additional Read: Top Crypto News 14 December, 2021
Where to buy Shiba INU(SHIB)
As a result of the monstrous rally in the past couple of months, most of the popular exchanges have listed the token and many may list very soon. However, if you want to invest in Shiba Inu coins & are wondering where to buy Shiba INU coins in India, then CoinDCX is at your service.
CoinDCX is India’s most trusted cryptocurrency exchange which offers hassle-free trades at affordable prices. The CoinDCX mobile app offers a unique user experience and a wide variety of assets at a single touch. All you need to do is download the app and register yourself following a few simple steps.
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