Shiba Inu (SHIB) is a new breed of cryptocurrencies that have taken over the internet. Shiba Inu is known as a pet coin. The phenomenon was started by Dogecoin as it garnered the support of several high-profile figures. Dogecoin is now supported by the lies of Elon Musk and Mark Cuban. The rise of Dogecoin has also led to the rise of the whole breed – pulling coins like Shiba Inu upwards although it is considered as a strong competitor.
What is Shiba Inu?
Shiba Inu is an ERC-20 token based on the blockchain of Ethereum. It is named after the dog breed that is represented by Dogecoin as a sign of the competition it brings to Dogecoin. The competition has earned it the title of “Dogecoin Killer”. The origin story of Shiba Inu is similar to that of Bitcoin. It was created by an unknown person or group of persons that go by the name of “Ryoshi” – nothing more is known about the creator(s) of SHIB.
The creators of Shiba Inu also have a group of other cryptocurrencies – LEASH and BONE – as well as a decentralized exchange by the name of ShibaSwap. In short, they have tried to build a complete ecosystem for Shiba Inu. SHIB has a maximum supply of one quadrillion coins with a total circulating supply of 400 trillion tokens. The creator gifted the Ethereum founder Vitalik Buterin half of the supply of SHIB. Buterin, not wanting to have such an influential position, burned half of the gifted supply – donating the proceeding. Such a large-scale burning resulted in SHIB token’s price falling drastically.
But Shiba Inu is far from perfect. Being a pet coin comes with its own fair share of controversy. Dogecoin has the support of billionaires Elon Musk and Mark Cuban – among many others – but it is still regarded as not having any real value. Shiba Inu is often debated to be a scam.
What is the future of SHIB?
SHIB gained the spotlight in the but run of 2021. Before the year, it was operating at the price level of less $0.0000000000001. The cryptocurrency established its all-time high at $0.000035. The price has fallen since but it is still much higher than the price it was operating at before the year. At the time of writing, SHIB stands at a price level of $0.0000076. In recent timeframes, cryptocurrency has been falling. The price has moved downhill by 7% in the past twenty-four hours while the weekly performance is down by 15%.
SHIB is the forty-fifth largest cryptocurrency in the market. Despite the controversy surrounding it, Shiba Inu has a strong footing; hence, its future trajectory is expected to be moving upwards. According to the estimates of Wallet Investor, Shiba’s five-year price is expected to be at $0.000063. Digital Coin Price’s projections place the cryptocurrency at $0.000026 by 2026.
