By Shiba Inu, Why this Token Could Come Back to the Top
Coin Ticker –
SHIB (SHIB-USD)
Coin Name and Trading Exchange Platform –
SHIB was launched in August 2020 as a meme coin. Its popular image is of the Japanese Shiba Inu hunting dog breed.
The founder of the coin remains anonymous and goes by the Alias:
Ryoshi
just like Bitcoin’s Satoshi.
This anonymity is necessary for decentralized tokens to hedge from government intervention and create network ownership that is not pegged to any one single individual.
SHIB was created to be the:
Dogecoin killer.
The coin has garnered a huge significant following from notable investors like Elon Musk, Vitalik Buterin, co-founder of Ethereum, and many more.
The coin is one of the most prominent in the market and ranks as the second most valuable meme coin after DOGE.
SHIB is an ERC-20 token, hosted on the Ethereum Blockchain. It has in development, its decentralized exchange called SHIBA Swap.
Recent Most Important News on SHIB –
The token has tanked with the bear market, but significant activity has been witnessed in its development.
It is yet to achieve its dream of making to make it to $1, now revised to $0.01.
While meme coins have had it rough in the bear market, the secret to thriving in any market comes from the essential utility of the product.
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In this light, SHI has launched several applications including a game (Shiba Eternity) that has been rated #Top 1 in the App store.
SHIB is still actively pursuing the dynamic burn strategy, with the total supply still hovering around a whopping 548 Trillion.
More burns are anticipated and rightly so as forecasts show it could take decades to reduce the current supply to feasible amounts.
Impediments have risen affecting the burn rate of the token to plunge. A new mysterious whale account transferred at least half a trillion of the tokens to another address.
Thankfully, it was not hacking, with the last token faced leading to over $200M being stolen.
The token has received free positive advertisement with Google and the Boring company (courtesy of Elon) is accepting SHIB as means of payment.
SHIB announced last week that it is taking control of the burn portal, cutting relations with Ryoshi vision. Shytoshi Kusama, the lead dev for the token reaffirmed his resolve to stay.
CertiK ranked SHIB as the second most secure crypto project. It added another zero to its price and revived faith in its holders that it is far from dead.
Current Position of SHIB –
The dog-faced token has thoroughly been obliterated with the supply reaching north of 570 trillion.
The fall of SHIB has cast doubts on its validity as a speculative asset. The token has the faith of the masses, but it is not backed by major institutions or influential figures.
SHIB has been degraded to a joke, negative sentiments surround the token and industry as a whole. As a meme coin, it holds to the Wall Street Vs Mainstream saga.
The coin draws support from the small investors who look to upend the large bullies. Unwavering loyalty is still seen by the SHIB community, which is a really strong factor.
Underlying developments are ongoing in the chain, with many utilities still on the way.
The most thrilling is the launch of the Shibarium layer 2 blockchains. The developer community has also realized the potential of blockchain gaming and is launching its own called Shiba Eternity.
SHIB ranks among the #top 15 cryptocurrencies by market capitalization. The coin is sadly in the oversold region which, is subjected to bearish action this year.
Its internal mechanisms still have an issue, especially concerning supply. Its market capitalization seats at a good $5.48B.
Challenges nevertheless exist in the token with supply being a key issue. Active burns reduce the supply with huge burns implemented.
Several creative ways have been developed to burn the token including a Fiverr link, a popular freelancing website.
Burning is progressing at a slower rate than expected but is still taking place in the millions daily.
The current supply makes the rallying of the coin impossible as it would be larger than the global economy if it reached the desired $1.
The burns will continue but some fear it could take a great deal of time to reduce the supply to financially sound levels. The token can still rally with the more deflationary it gets.
SHIB has made its accessibility easy and can now be bought with more than 100 fiat currencies. This could improve its use case and offer an alternative to many countries worldwide.
According to data provided by CoinMarketCap, SHIB is one of the most viewed assets in crypto across the globe.
It is gaining a lot of attention, and this was likely influenced by accessibility in a hundred fiat currencies.
A top whale holding the token added 96 billion SHIB to the wallet, amounting to 322 billion in a week. This accumulation sends positive signals to the market.
SHIB also found utility by tech giants. The token can now be used to shop on Amazon and pay for Netflix subscriptions.
They are many payment integration systems that enable this thus bridging the gap between consumers and sellers.
SHIB is a highly trusted token, and this is needed in abundance to see through the bears.
SHIB Token Trading Chart –
The coin has been decimated this year with the bearish market. It has lost at least 95% of its total value from its highs last year.
SHIB is hoping to reach the $1 target which seems a galaxy away.
Price action at this point is inconsequential and the focus is only on supply reduction. The token started with 1 quadrillion coin and the current supply is half of this, an amazing feat.
Social media attention could fuel the rise of the coin. Any investment is only as good as the number of followers it has.
SHIB is close to its intrinsic value after the drop and could break the graph on its way up. It is a good consideration in one’s portfolio.
Sentiment on SHIB –
There are mixed reactions to the price action of the token. Bullish investors see a chance of the token rising with the many activities it is involved in.
Google accepting the token was a really big deal for the community. Its Twitter following of about 3 million people is anticipating a move up after the dust settles.
Naysayers are convinced that the market has fallen out of favor with cryptocurrencies, and it will be difficult to recover.
It is the consensus that more time is needed to tell where the coin is going. These are unprecedented times and call for unconventional measures.
SHIB’s ever-growing utility is seen as vital in advancing it to the next level.
Pros of Investing in SHIB –
- Cheap price – The coin is now at ridiculously low prices which makes entry accessible to virtually everyone. Buying now could see the price multiply tremendously later.
- Huge following – SHIB has an active community in the millions, together with many others throughout the globe.
- Interoperability – It can interact with many other decentralized projects and is looking to build its chain which could be even better.
- Industry backing – It trades on major exchanges in the globe and has the trust of crypto legends like Vitalis Buterin, co-founder of Ethereum.
Cons of Investing in SHIB –
- Lacks Independence – It is an ERC-20 token, which means that it is tied to the ETH chain. It is working to develop its own but could take some time. The token is also confused with the dog breed on popular search engines.
- Competition – There are dozens of coins out there that are giving the token a run for its money. Other meme coins like Dogecoin, XLM, and more are looking to get more market share too.
Growth Likelihood and Potential on SHIB –
Uncertainty reigns in the market right now and threatens to wipe out the very existence of entire corporations. Cryptocurrencies are even more in the danger considering they are viewed as ‘risk assets.
Ultimately, it comes down to the faith bestowed upon the coin by its holders. SHIB and many of these emerging tokens are today where the dot com bubble is in the 90s.
The mania will likely continue and will burst at some point. This is especially in the current market where an imminent collapse is due.
Many of the coins will disappear after the crash and completely go out of business. This is estimated to be worth nearly half of the sector, just as it occurred in the dot com crash.
The good news is however the most useful and problem-solving enterprises will survive, going on to the bastions of the industry. SHIB definitely fits into this frame.
It is relatively well-known and increases in utility with each passing day. It is among the 1% in the sector and is gearing to become a single chain of its own.
Its Shibarium layer 2 blockchains will catapult its goals to gain independence from the ETH chain, just like Binance and others followed suit. The ETH chain also has the limitation of having a low processing speed.
Bitcoin was trading for cents before 2010, it has since climbed to the moon and back, hitting a high of $67000.
SHIB is now sitting at cents and holds massive potential to be a multi-bagger.
The faith seen in the coin is truly amazing and these tips the scales in its favor.
Again, any investment is only as good as its network and SHIB has a strong one at that. SHIB is not without its fair share of flaws. Competition, over-dependence, and supply issues derail its full potential.
The token can rise from the ashes and get back to crushing it as it was doing in the last year if they put the pedal to the metal in these trying times.
Bear markets are often the best times for developments for smart companies. Larger companies tend to slow down during crashes which eventually leads to their downfall.
SHIB is at very low prices and therefore no downside risks even if it falls at the moment.
Decentralized gaming, finance, and other applications are ventures that SHIB is at the forefront of delivering, fulfilling the true promise of crypto.
SHIB is also very big on the metaverse and could launch applications that could accelerate progress in this sector.
If depression is coming, no asset will be spared in hindsight, but the aftermath will determine the winners.
Those that stand strong in times of adversity will be rewarded when the good times come back rolling.
The introduction of the CBDC aka Fed coin will also cause the masses to rush into crypto as an alternative non-trackable asset class.
SHIB has set its roadmap to be vertically integrated with the decentralization space. Its plan includes Shibanet, SHI stablecoin, and Shibswap 2.0.
These are e-commerce, stablecoins, and a decentralized exchange.
SHIB is not a pyramid scheme and does not rely on the theory of the greater fool who is left holding the bag when it crashes.
By this logic, everything can be classified as a Ponzi scheme, even traditional assets require the faith of the next buyer.
SHIB is an interesting play and is instrumental in shaping the future of crypto.
It is fully decentralized which is ironically becoming a rare feature in crypto, with many tokens including BTC can be tracked by federal authorities.
Overall Verdict on SHIB –
SHIB is a top-tier coin to consider for the next phase of the crypto revolution. Analysts covering the token say it could reach up to $0.00022 in the next year.
SHIB hit a high of $0.77 last year and any move back to this region could be a game changer.
The community will not relent on burning the token which makes it even more bullish.
The token is the best defense from centralization and regulation. SHIB has endless use cases and betting on the coin, is trusting in the faith of millions.
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