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Bad Shiba Inu Price Data
The live Shiba Inu price today is $0.00002719 with a 24-hour trading volume of $699,745,936.
We update our SHIB to USD price in real-time. The price of Shiba Inu has changed 2.63% in the last 24 hours.
Currently, Shiba Inu is the #12 largest cryptocurrency by market cap, with a live market cap of $16,036,745,554.00. It has a circulating supply of 589,263,413,333,042 SHIB coins but the maximum supply is not available.
See where to buy Shiba Inu or use our Shiba Inu Profit Calculator to calculate and track the performance of your investment.
Shiba Inu at a glance
Shiba Inu (SHIB) is the second-largest meme cryptocurrency and among the world’s most well-known alternative coins. It is known for its playful branding, signified by the Shiba Inu mascot.
In this article, we will explore more details related to the price of Shiba Inu and help you make the right decision for yourself.
What determines Shiba Inu (SHIB) Price
The price of Shiba Inu is primarily influenced by supply and demand dynamics in the crypto market. Specific determinants of Shiba Inu price include market sentiment, trading volume, overall interest in the coin, and speculations on social media. Learn more here.
A Beginner’s Guide to Shiba Inu
- 1.What is Shiba Inu?
- 2.What Determines the Price of Shiba Inu (SHIB)?
- 3.Shiba Inu (SHIB) prediction
- 4.Shiba Inu Price History
- 5.How Shiba Inu Works
- 6.What is Shiba Inu Used For?
- 7.Tokens in the Shiba Inu ecosystem
- 8.Who are the Founders of Shiba Inu?
- 9.What Makes Shiba Inu Unique?
- 10.How is Shiba Inu Secured?
What is Shiba Inu?
Shiba Inu is a meme cryptocurrency that has gained significant attention in the crypto community due to its resemblance to Dogecoin, the largest meme coin by market cap.
Launched in August 2020, Shiba Inu quickly became popular in the crypto community for its ShibaSwap decentralized exchange and its mascot, the Shiba Inu dog.
Shiba Inu (SHIB) is built on Ethereum and is classified as an alt-coin (cryptocurrencies other than Bitcoin).
It uses the Japanese dog breed Shiba Inu as its symbol and if that sounds familiar, it’s because the same dog breed is used as a symbol by another cryptocurrency – Dogecoin. The similarities between the two cryptocurrencies do not end there.
Both Dogecoin and Shiba Inu coin are defined as meme coins. Meme coins are usually a satirical attempt at another cryptocurrency (like in the case of Dogecoin) or based on a particular theme.
Shiba Inu’s proponents usually refer to it as the “Dogecoin Killer”, but that nickname is still far from reality.
A snapshot of Shiba Inu
- Shiba Inu was created in August 2020 by a person or group of persons using the pseudonym Ryoshi.
- It is an alternative cryptocurrency deployed on the Ethereum blockchain.
- Shiba Inu has a circulating supply of one quadrillion.
- The Shiba Inu dog used by Shiba Inu is also the same symbol used by Dogecoin.
- Shiba Inu has been called the “Dogecoin Killer” by its proponents, a group known as the SHIBArmy.
- On October 29, 2021, Shiba Inu’s price grew by more than tenfold, giving the token a market value of $41 billion.
- The Shiba Inu token ecosystem is characterized by projects such as the NFT art incubator and a decentralized exchange called Shibaswap.
The creators of Shiba Inu describe it as “an experiment in decentralized spontaneous community creation” and say it came about in response to the question:
“What would happen if a cryptocurrency project was 100% run by its community?”
According to Ryoshi, collective decentralization has the ability to build stronger bonds than a centralized team ever could.
Shiba Inu reached its all-time high price in the peak of 2021, but this was followed by the market correction in late 2021 that stretched into 2022.
What Determines the Price of Shiba Inu (SHIB)?
The price of Shiba Inu, like many other cryptocurrencies, is primarily influenced by supply and demand dynamics in the crypto market.
Specific determinants of Shiba Inu price include market sentiment, trading volume, overall interest in the coin, and speculations on social media.
Because the price of Shiba Inu is heavily influenced by the activity of its fanbase, it’s hard to predict its future price trajectory.
Shiba Inu (SHIB) prediction
What are Shiba Inu price forecasts and what does its future hold?
Crypto analysts predict that the cryptocurrency’s price will rise long-term, regardless of short-term trends and market movements.
According to Changelly, SHIB is expected to trade in the $0.0000134987 and $0.0000165083 range in 2023.
On the other hand, Benzinga also provides a minimum price of about $0.0000135 and a maximum price of about $0.0000165.
Shiba Inu Price History
Since its inception, Shiba Inu has experienced both remarkable price surges and massive swings in the opposite direction.
The token began trading at a price of $0.00000001 in August 2020. The price remained relatively flat until 2021 when it started to rise.
SHIB gained widespread attention in early 2021 when it saw an incredible price increase. This surge continued till the end of 2021.
In October 2021, it reached an all-time high price of 0.000088 dollars. At its peak, it attained a market capitalization of $41 billion.
The market reached its peak later that year and started to recede. Over the next couple of months, SHIB lost significant chunks of its value.
Eventually, SHIB lost more than 90% of its value.
How Shiba Inu Works
Shiba Inu operates on the Ethereum blockchain and uses smart contracts to enable various functionalities.
Its ecosystem includes ShibaSwap, a decentralized exchange where users can trade tokens and provide liquidity to earn rewards.
Because Shiba Inu is deployed on the Ethereum blockchain, it utilizes the same consensus mechanism as the network: the proof of stake consensus system. Prior to September 15, 2022, Ethereum (and by extension Shiba Inu) used the Proof of Work Consensus mechanism.
Proof of Work (PoW) vs Proof of Stake (PoS)
- In Proof-of-Work (PoW), the algorithm is based on complex problems that “miners” must solve using powerful computers. Whoever solves the cryptographic equation first gets the privilege of adding new blocks to the blockchain. When the block is confirmed, units of the digital currency are added to the blockchain, and the miner receives compensation in coins.
- Proof-of-Stake (PoS) was created as an alternative to PoW to limit the energy used and reduce the environmental impact. In PoS, in order to validate a block, miners must pledge (or stake) their own coins. The choice of who validates each transaction is random.
What is Shiba Inu Used For?
Shiba Inu finds applications mostly within its own ecosystem. Users can hold SHIB tokens as an investment, trade them on exchanges, or provide liquidity to earn rewards.
At launch, SHIB had a circulating supply of one quadrillion. Rioshi, the founder of the token later gave half of the circulating supply of SHIB to Vitalik Buterin, co-founder of Ethereum, for safekeeping, and deposited the other half in Uniswap for liquidity reasons.
Vitalik Later donated part of the money to charity and burnt the rest.
In May 2021, when India was going through a difficult period with COVID19, Buterin made a donation of SHIB tokens worth about $1 billion.
Tokens in the Shiba Inu ecosystem
SHIB is not the only token in the Shiba Inu ecosystem. In addition to this token, the following tokens are also available to community members:
- LEASH: Leash is offered as a reward to users – in the Shiba Inu ecosystem – who validate network transactions with a pledge. There are a total of 107,646 LEASH.
- BONE: With a limit of 250 million units, BONE is the token for managing the ecosystem. Community members vote on different proposals using BONE to decide which ones are accepted.
Other integral components of the Shiba Inu ecosystem include:
- ShibaSwap: a DeFi platform that aims to offer a secure and decentralized environment for cryptocurrency trading. ShibaSwap is the best place to buy and sell SHIB and LEASH.
- Shiba Inu Incubator: The incubator aims to explore artistic mediums such as painting, photography, and computer imaging.
- Shiboshis: Shiboshis are one-of-a-kind tokens also known as Non-Fungible Tokens (or NFTs for short). Shiboshis are created from 10,000 Shiba Inus and stored in the Ethereum blockchain. Each Shiboshi is different and valuable because of its distinct characteristics.
Who are the Founders of Shiba Inu?
Shiba Inu was launched in August 2020 as an experiment by an anonymous developer or group of developers using the pseudonym “Ryoshi.”
Ryoshi’s true identity is unknown to this day, much like that of the founder of Bitcoin.
What Makes Shiba Inu Unique?
Shiba Inu stands out in the cryptocurrency space due to its playful branding, the ShibaSwap decentralized exchange, and its innovative tokenomics, which include token burns and rewards.
Its community-driven approach and meme-inspired branding have also contributed to its popularity.
Meme currencies live and die based on the attention they receive, and the peculiar story of SHIB has its origins in a publicity stunt:
Shortly after its lauch, Shiba Inu’s founder, Ryoshi, sent Vitalik Buterin – one of the most respected and well-known figures in the cryptocurrency world – half of SHIB’s supply. Although Ryoshi sent the tokens unsolicited, it created hype around SHIB, boosting its popularity.
How is Shiba Inu Secured?
Shiba Inu relies on the Ethereum blockchain for its security. Ethereum’s network, powered by blockchain technology and a global network of nodes, provides a high level of security for Shiba Inu and its ecosystem.
Additionally, the decentralized nature of ShibaSwap and the community’s involvement contribute to its overall security.
FAQs
Is Shiba Inu a good long-term investment?
Whether Shiba Inu is a good long-term investment or not is hard to say. While the Shiba Inu ecosystem is in constant evolution it’s hard to plot its future trajectory.
Will Shiba Inu reach $1?
It’s highly unlikely that Shiba Inu will ever reach $1 as that would mean hundreds of trillions of dollars in market cap: a highly unlikely prospect.
Why was Shiba Inu in the news in October 2021?
The price of SHIB rose tenfold in October 2021 and briefly made it one of the top 10 cryptocurrencies. As a result, the coin attracted numerous investors and solid media attention.
