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Shiba Inu (SHIB) is a cryptocurrency meme coin that was launched in Aug 2020. It is currently ranking 2nd in the meme coin category following the gamer’s favorite, Dogecoin. It is built on the Ethereum blockchain and features the Shiba Inu dog’s face as its token face.
Why is Shiba Inu Coin so popular?
Shiba Inu has recently gotten a lot of attention and has seen some heavy upturns in price. This likeness for the coin is primarily because of the entire ecosystem of the Shiba Inu (SHIB) Coin which is very different from coins like Bitgert or ETH. This coin’s ecosystem boasts features like:
- Shiba Inu has multiple coin tokens of different prices like LEASH and BONE.
- Shibarium, a Layer 2 blockchain of the Shiba Inu Coin ecosystem. This actually improves the transaction speed and reduces gas prices and fees. Quite like the coin ecosystem of Bitgert.
- Shiba Inu coin also has a decentralized exchange called the ShibaSwap.
- If that was not it, Shiba Inu also has “Shiboshi” NFTs. These are 10,000 unique Shiba Inu dog NFTs that are built on the Ethereum blockchain.
Factors leading Shiba Inu coin price growth
These features have gained Shiba Inu coin a popular fan base that calls itself the “ShibArmy”. They actively participate in the coin’s development, contributing to its strong price growth. But probably the biggest factor to consider is that Shiba Inu has more than 1 quadrillion coin tokens. In contrast to Bitcoin’s scarcity design, the SHIB coin boasts its abundance.
If we talk about prices, Shiba Inu has a market cap of $7.82 billion and a current token value of $0.00001326. In the past year, despite the volatility in prices, Shiba Inu’s price collectively rose by 27.45%. But in its recent monthly price activity, it has been even more thrilling. It saw a whopping price gain of 45.9%.
The best thing that the managers of the coin could do for its price was that at its peak of popularity, the project launched SHIBOSHI. This not only helped Shiba Inu stay high on price activity but also gained them further notice from the crypto community.
Will Shiba Inu reach the $1 price mark?
Shiba Inu is believed to have the potential of increasing by more than 800%. This would mean reaching a new all-time high of price $0.00012, effectively eliminating one zero from its price.
The firm Telegaon has even predicted that Shiba Inu could reach the $1 mark in the next 25 years by the year 2050. But this isn’t going to be easy. It is going to be tough because it would mean that Shibarium has to burn trillions of tokens every year, which is around 90% or more of its circulating supply.
Well, what happens next is going to be really exciting, especially how it’s going to perform compared to contenders like Bitgert. But it’s important to remember that this is speculation and not a guaranteed situation or price.
To learn more about Bitgert coin, visit – https://bitgert.com
Source: https://finbold.com/shiba-inu-navigating-the-journey-from-300-to-500k/