About Shiba Inu (SHIB)
Shiba Inu was created in August 2020 by an anonymous person called Ryoshi. Shiba Inu aims to become a Dogecoin killer. In order to highlight its massive supply, users are able to hold billions or more of tokens. In addition, Shiba Inu also has its own decentralized exchange called ShibaSwap.
SHIB or Doge Coins are also called meme coins because they do not have a solid infrastructure development or specific application. The rise of meme tokens can be owing to Tesla CEO Elon Musk. Elon Musk often posts about meme coins on Twitter. Because SHIB is also one of the dog-related tokens and has a low value, it is attractive to some investors of Dogecoins, or investors who have missed Dogecoin wishing to keep up with this meme coins trend.
SHIB hit $0.00008799 all-time high in the early morning of October 28, 2021 (a surge of 85.75%), surpassing Dogecoin (DOGE) and stood in with USDC as the 9th largest cryptocurrency by market cap, which made SHIB the King of all dog-related coin.
The Dramatic Rise in price of SHIB
The rise can be owing to many reasons, hereby we will list some possible factors.
The Issuance of NFT – Shiboshi by SHIB’s team
In order to promote its community and keep up with the recent NFT fever, the SHIB team has now issued the Shiboshi NFTs and completed their listing on Opensea.
Listed On Centralized Exchanges
Other than the listing of SHIB on many exchanges, one of the reasons for its rise is that LEAH, which is another token of the Shiba Inu ecosystem, has been listed on CoinFlex, Bitkan, StealthEx, AOFEX, and other exchanges.
Tweets of Elon Musk
In September, Tesla CEO Elon Musk tweeted a photo of his new pet Floki, a Shiba Inu, which may lead to the rise of SHIB. More than that, the coin with the same name as Floki, Flokilnu (FLOKI), has risen 57% at that time due to the update.
A Suprise Donation of Vitalik Buterin
In May 2021, when no one thought that Vitalik (the founder of Ethereum) would do anything about his SHIB holdings (The Shiba Inu team sent 50% of SHIB’s supply to Vitalik’s wallet as a tribute when created), he donated 50 trillion out of his 495 trillion SHIB holding to India Crypto Covid Relief Fund and destroyed the rest of his SHIB holdings after then. And now the selling pressure of these SHIB has dropped.
India Crypto Covid Relief posted on Twitter on September 18, 2021, stating that they would convert 80% of the SHIB donation into USDC, valued at approximately US$387 million. On September 24, 2021, the foundation pointed out that the remaining 20% was also converted into USDC, which means that all SHIB have been converted into stable coins, about 464 million USD.
Holding Position Rises
According to Bybt, the open position of SHIB futures rose from $15.7 million on October 3 to $179.8 million on October 27.
Why is it Unique
The Shiba Inu team invites artists from all over the world who focus their creation on dogs on Shiba Inu website, introducing Shiba Inu into the NFT market and facilitating the “Shiba Inu Art Movement”. Shiba Inu also launched a fund-raising campaign on Amazon Associate to rescue Shiba Inu dogs.
The Use Cases
As a meme coin, Dogecoin has been added as a payment option by Coinbase Commerce in July this year. In addition to paying by cryptocurrency online, the payment can also be integrated directly into the store’s checkout system.
And what is the case of Shiba Inu? A few days ago, Adam Aron, CEO of AMC Cinemas, launched a poll on Twitter, asking if everyone should add DOGE or SHIB as a payment option for movie tickets. Since the poll started on October 29, 2021, 81% of the people have considered SHIB as a payment option.
The recent surge of SHIB has definitely drawn many people’s attention. Let’s wait and see if there will be more of SHIB’s applications in the future!
The Price
- Market Cap: US$39,241,414,006
- Circulating Supply: 549,153,003,135,127 (55%)
- Total Supply: 1,000,000,000,000,000
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SHIBA INU Officials
- Twitter：https://twitter.com/Shibtoken
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