Have you ever thought about what would happen if the cryptocurrency mechanism was run solely by its community, which prefers meme coins, such as Dogecoin? Well, the answer is Shiba INU cryptocurrency. Shiba INU is the Japanese dog breed employed as the symbol of Dogecoin, the massively popular peer-to-peer virtual currency. According to the official website, SHIB is a ‘DOGECOIN KILLER’, which was made in August 2020.
At present, it is attempting to turn into the Ethereum-based counterpart to Dogecoin. This token has an excellent circulating supply of 1 quadrillion coins. It garnered popularity due to the massive community of supporters and online influencers. Let us find out about this interesting crypto in detail.
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What Should You Know About Shiba INU Cryptocurrency?
This crypto is an ERC-20 token based on Ethereum. Ethereum is the choice of platform as it’s well-established and highly secure. The coin has a huge following on Twitter of over 2 million people. From January to October 2021, the coin gained more than 27,000,000 percent.
In the words of its official website, ‘SHIBA token has fast transformed into a vibrant ecosystem from a decentralized meme token.’ It is highly popular in the crypto community.
The real individual or group behind shiba inu coin price prediction is still unknown. According to sources, a token was created in 2020 by Ryoshi. It can be the name of a group or individual. Ryoshi created this token to propel a string of doge meme cryptocurrencies. The SHIB coin has witnessed an incredible rise of 150 million percent from August 2021 to October 2021.
Another notable fact is a whopping $1 billion donation that Vitalik Buterin, the co-founder of Ethereum, gave to control the spread of the COVID-19 pandemic in India.
Factors Affecting Shiba INU Tokenomics
The Shiba INU cryptocurrency is categorized into three tokens. They support the operation of the cryptocurrency ecosystem. This is how the SHIBA INU works.
- Shiba INU or Shib: This central currency had a supply of 1 quadrillion tokens at the time of its release. You can exchange it with an ERC20 token in the Ethereum ecosystem.
- LEASH: This figures as the second token in the ecosystem of Shiba INU. LEASH was earlier a rebase token with its price linked to Dodgecoin. Such a token has a flexible monetary base. It means its supply is dynamic to assimilate the token price without altering the worth of anyone’s share of coins. But today, LEASH has an ERC20 design and a supply of 107,646 tokens.
- BONE: This token has a supply of 250,000,000 tokens and is there on the ShibaSwap. It is a governance token aiming to fit between Shib and LEASH regarding circulation supply. This token enabled the supporter community of Shiba INU to vote for proposals.
What Is the Worth of SHIBA Coin?
Currently, the live price of this coin is $0.000011 per SHIB/USD. The coin has a market cap of $6.49V USD. $282.36M USD is the 24-hour trading volume of SHIBA INU. As of now, the circulating supply of the coin is 589,544.77B USD.
Remember that these prices are subject to great volatility and market risk.
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The Future of SHIBA INU Coin
As mentioned before, there’s been a great increase in trading volume for the SHIBA coin. Currently, it seems that its trading volume is increasing again. The future of this coin is also tied to two major events in 2023. The first is the development of She barium. The second is the SHIB: The Metaverse. It will significantly augment the price of the token.
Experts say that the cost of this coin will go up to $0.000036 in 2023. In 2025, experts say that the price will climb to $0.0001. According to cryptocurrency experts, by 2030, many big companies will adopt this coin. So, the token can have $0.0002 value by the end of 2023.
Can Shiba INU Cryptocurrency Reach 1 Dollar?
This cryptocurrency will shiba inu coin reach $1. When it reaches this point, its market cap will have a value of 5.9 trillion. Now, consider that Shib is rising at the rate of 25% yearly. At such a rate, the cryptocurrency will take around 38 years to reach 1 dollar.
However, we cannot say without doubt that this will happen in the real world. To reach 1 cent, we need to look at the quality of the investment of a cryptocurrency, the requisite growth, the market cap at 1 cent, and the time to reach 1 dollar if the cryptocurrency grows at 25% yearly.
Shiba inu coin has a moderate quality of investment. The market cap of 1 dollar and the growth needed to reach 1 dollar are not feasible. As a result, the feasibility of Shiba INU reaching 1 dollar if it grows 25% yearly is not good. So, it is not likely for the coin to reach 1 dollar.
Places to Purchase the Shiba INU and How to Get It?
If you are interested in this crypto, then you can invest in it on various exchanges. Some good places from where you can buy SHIB for US dollars include FTX, Bitfinex, and Coinbase.
The coin can also be turned into Tether. This coin’s value is pegged to the dollar. This is possible in the case of SHIB/USDT. Binance and KuCoin are two exchanges that pair SHIB with Tether. Binance can pair SHIB with Dodge as well.
The process to buy SHIBA INU cryptocurrency is as follows:
- Pick a suitable cryptocurrency exchange. Ensure that the exchange you choose is fully reliable and secure.
- Create an account on the exchange and make your deposit. When the account is funded, you can buy SHIB.
- To order the coin, enter the ticker symbol of SHIBA INU in the crypto trading platform.
- Input the amount you wish to invest.
- Now that you have bought SHIB, store it in hardware or software wallets. You can also store them in offline storage or on an appropriate crypto exchange.
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Concluding Words
The SHIBA INU cryptocurrency is an innovation in the decentralized community formed under the crypto’s ecosystem. This currency is quite abundant and has made many headlines in the cryptocurrency world. If you’re interested in investing in it, stay alert to its live price, which is updated regularly.