Home » Why This Update Will Boost Shiba Inu SHIB Price

Why This Update Will Boost Shiba Inu SHIB Price

Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated. Despite these optimistic forecasts, it is crucial to acknowledge the inherent unpredictability of the crypto market. “Your Shibdentity, in the form of a Shib Name, will offer a secure, unified way to establish and maintain your digital presence, crucial in today’s interconnected world.

  1. What’s exciting about Sponge right now is that it’s in the process of launching the second version of its token, SPONGE V2.
  2. The SHIB oken is the original utility coin of the project and it has legitimate utility in the project and it is incentivized on the network’s DEX.
  3. The tokens however can be traded on some supported exchanges and all of them charge trading and a withdrawal fee which varies from one exchange to another and might not be the same for each token.
  4. Movements have their own value, and this sense of community, itself, offers an investment thesis to many.

However, since the turn of the year, the media euphoria surrounding BONK and the SAGA phone has dipped. As investor interest wanes, BONK has now fallen behind SHIB in terms of monthly price performance. The table above shows the price and ROI of Kilo Shiba Inu today and previous years on the same date (Jan 30). The table above shows the number of days which Kilo Shiba Inu closed above a certain price level. The main risk with this distribution is the negative effect on price if one of these ‘whales’ were to divest themselves of their SHIB on the open market.

What are the Risks of Owning Shiba Inu?

As an ERC-20 token on Ethereum, Shiba Inu doesn’t have its own blockchain and therefore doesn’t really have any notable energy consumption factor on its own. Referred to as Layer 2 solutions, they make transactions faster as well as cheaper. While many Ethereum-based Layer 2s exist, the Shiba Inu community also has its own, Shibarium, in development.

About Kaiken Shiba

Thanks to its massive supply, a SHIB price of $0.01 would put its valuation, or market capitalization, at $10 trillion, close to that of gold. You can purchase Shiba Inu on many major exchanges, given its status as a consistent top 20 coin and the massive community behind it. It can also be purchased on the ShibaSwap DEX and other decentralized exchanges on the Ethereum network.

Shiba Inu

However,  market metrics provide key insights into how both assets could stack up in February 2024. Kilo Shiba Inu price in US Dollar has increased by 0.00% in the last 1 month. KSHIB is down -0.62% against Ethereum and down -2.64% against Bitcoin in the last 1 month.

Furthermore, and again similar to Dogecoin, SHIB’s decentralization in terms of wallet concentration is somewhat worrisome. Ethereum’s 2.0 transition will shift ETH to proof-of-stake, leaving behind the more energy-intensive proof-of-work consensus mechanism currently being used. Like that of Dogecoin, Shiba Inu’s community is also involved in philanthropy. Notably, Shiba’s use of jargon (bury instead of stake) gamifies the process and makes a lot of DeFi concepts a little easier to process for many users. Many suggest this is an attempt to emulate the decision made by Bitcoin’s founder, Satoshi Nakomoto, to remain pseudonymous. Half of its supply was since locked as liquidity to Uniswap, but as already mentioned, the other half was sent to Vitalik Buterin.

If you are new to crypto, use the Crypto.com University and our Help Center to learn how to start buying Bitcoin, Ethereum, and other cryptocurrencies. As a ‘meme’ token, SHIB is also often driven both up and down by hype and social media traction. As with Dogecoin, SHIB can fluctuate wildly after being mentioned by crypto influencers like Elon Musk. However, greater congestion on Ethereum means that transactions can get slower and more expensive in terms of gas fees.

Alternative Meme Coins for Big Rallies

The cryptocurrency project is named after a Japanese breed of dog called the Shiba Inu, which is the hunting dog breed depicted in Dogecoin’s logo symbol. Shiba Inu experienced a sharp price increase shortly after entering circulation in 2020. With a circulating supply of more than 500 trillion tokens, the Shiba Inu market capitalization reached a multi-billion dollar valuation less than a year after its launch.

At the same time, it will enhance your Web3 journey, empowering you to do more and be more,” team members behind Shiba Inu said in a post. While Lucie refrained from divulging specific details about the impending updates, community members speculated that the development revolves around the kshib price SHIB identity. The SHIB identity will be designed to provide users with a consistent identity across all Shiba Inu projects. The community behind Shiba Inu (SHIB), colloquially known as the Shib army, eagerly awaits a crucial development in the meme coin’s Layer 2 network, Shibarium.

Shiba Inu is a decentralized cryptocurrency launched in August 2020 by an anonymous individual or group known as “Ryoshi”. Complete cryptocurrency market coverage with live coin prices, charts and crypto market cap featuring coins on 750 exchanges. The live Kaiken Shiba price today is $7.85e-14 USD with a 24-hour trading volume of $10.21 USD. The current CoinMarketCap ranking is #7090, with a live market cap of not available. On May 13, 2021, Ethereum network founder Vitalik Buterin donated more than 50 trillion Shiba Tokens to the India COVID-Crypto Relief Fund that were originally donated to him by Shiba Inu developers.

While Shiba Inu reaching $1 is all but impossible, lower milestones like $0.001 or even $0.01 remain within the realms of possibility. Shiba Inu is being traded on 97 cryptocurrency exchanges, including Binance and KuCoin. If you wish to purchase SHIB, check our guide on how to buy Shiba Inu in 6 steps. This development aligns with the digital asset team’s efforts to transform into a versatile blockchain network.

Shiba Inu (SHIB) Price to Soar

The remaining half was sent to Ethereum co-founder Vitalik Buterin as an (unsolicited) gift. The lead developer of Ethereum ended up burning 90% of SHIB he received https://cryptolisting.org/ and donated the remaining 10% to charity. Meanwhile, industry analysts are anticipating the continuation of this positive trajectory in the coming month.

Doggy DAO users can vote on proposals involving the launch of new features and the listing of new trading pairs on the ShibaSwap platform. The Shiba Inu team has put safeguards in place to protect smaller SHIB holders from having their opinions stifled by whales. With a monumental price increase after its launch, many investors have been looking at the possibility of Shiba Inu token reaching new milestones in the future.

In other words, the coin is really struggling to regain momentum, and its trading volume – which now stands at $84 million – certainly isn’t helping matters. This movement means that SHIB has fallen by 4% in a week and by 16% in the last 30 days, with the popular meme token also suffering a 23% drop in the past year. Trading volume represents the total nominal amount of funds that investors have spent on a particular asset during a given period. It essentially serves as a proxy for measuring the level of investor interest and market participation.