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Shiba Inu: more than just hype, isn’t it?
2022-01-21 • Updated
Some cryptocurrencies, like Bitcoin or Ethereum, are useful and bring real value to the world. Others, like Litecoin or Binance coin, are used to develop technologies faster or to be used as native exchange tokens. But we won’t talk about them today. There is a whole world of cryptocurrencies, that was created as a joke and our subject today is one of them. Give it up for Shiba Inu, or just SHIB!
It all started in 2013. After Bitcoin was created, dozens of other projects tried to get a piece of cake and offered various technologies and solutions in everlasting attempts to become famous. But among them, there was a Dogecoin. You probably know about DOGE. This meme coin was created as a joke, just to make fun of Bitcoin and cryptocurrency fans. But the day of the DOGE had come suddenly when Elon Musk started to advertise it relentlessly. In less than a year Dogecoin market capitalization reached $81 billion.
Dogecoin has initiated a weird but interesting trend on animal coins.
First, there's Nyancoin, which represents the world-famous Nyan Cat meme.
Second, Pandacoin, that was created in China and launched on Valentine's Day - February 14.
And our today’s hero: Shiba Inu coin.
What is Shiba coin?
Launched in August 2020 by an anonymous person going by the name Ryoshi, Shiba Inu was a challenge to Dogecoin from the very beginning. Its mascot — the coin’s namesake breed of Japanese dog — is also the mascot of Dogecoin, which itself was started as a joke based on a viral canine Internet meme.
Like so many other cryptocurrencies, Shiba Inu is based on the Ethereum blockchain. Ryoshi started with a supply of 1 quadrillion tokens — that’s 1,000 raised to the power of five. Ryoshi then locked half of the tokens in a decentralized finance protocol called Uniswap and “burned” the other half, worth $1 billion, to Ethereum co-founder Vitalik Buterin for safekeeping. Buterin then donated trillions of Shiba Inu coins to India to help stem the spread of COVID-19 — it was history’s largest cryptocurrency donation — before “burning” 40% of the total supply to a “dead wallet.”
Unlike Bitcoin, which is currently trading at around $59 000 per coin (as of November 18, 2021), Shiba Inu goes much cheaper — about $0.00004500 per token. The logic is that cheaper coins draw wider audiences. Dogecoin, by comparison, is trading at a much more expensive 23 cents.
There are a couple more coins in the Shiba ecosystem: LEASH, which issuance is limited to 107 646 tokens, and BONE, which has 250,000,000 tokens, and “is designed to fit perfectly between the previous two tokens regarding circulation supply” (as stated by Ryoshi).
What to be expected from the Shiba?
Now the price is having a rest after another 200% bullish wave, but 0.00004000 and 0.00003500 levels may become pivotal. Descending triangle has formed. In case of breakout we can expect a 7-15% bearish wave.
SHIB/USDT daily chart
Support: 0.00004000, 0.00003600
Resistance: 0.00004670, 0.00005600
After all, why not? Shiba has a chance to have the same fate as dogecoin. With universal recognition and an extremely bullish crypto market (from time to time), SHIB might be the next candidate for the “to the moon” flight. But be aware, SHIB is a meme coin! It doesn’t do anything useful or serves some common sense. Understand the risks and be careful with such investments. Yet the reward can be unbelievable. Dogecoin has gained %110 000 in less than a year, why can’t Shiba do the same?
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