What Is Shiba Inu Coin?
Shiba Inu is a cryptocurrency protocol designed to counter the influence of Dogecoin in the industry. This coin belongs to the so-called meme-coin family and has the popular dog from the memes in the logo. Shiba Inu has multiple tokens in its portfolio, including SHIB, the foundational currency, LEASH, and BONE, the expected governance currency of Shibarium.
Historical Data of Shiba Inu Coin
The meme-coin project, Shiba Inu, hit the Internet in the latter half of 2020 in the pandemic-stricken world. This Dogecoin knockoff created by Ryoshi started as a joke satirizing another joke but ironically got some market seriousness during its run. Soon the token earned a significant fanbase blaring about SHIB on the web. After a year-long turbulent journey, Shiba Inu is one of the top 10 most valuable cryptocurrencies available. Shiba has plans to shrug the meme tag off its back in 2022 with some serious projects and innovative designs.
How Does Shiba Inu Work?
Shiba Inu is an ERC-20 token built on the Ethereum blockchain powered by an innovative contract system. This is a protocol operated by a community of around 120,000 members who freely contribute to it with their vast knowledge. This community has its own crypto space, an ecosystem explicitly designed to enhance SHIB tokens, known as ShibaSwap. It is a peer-to-peer decentralized currency exchange where SHIB is the governance token. The token has a total volume of one quadrillion coins, nearly half of which have been removed from circulation due to regulatory measures.
SHIB Price Analysis: Technical View
The earliest positive change in the trade value owes much to the ‘visionary’ billionaire Elon Musk. In May, his criticisms about Dogecoin gave the much-needed impetus to the assertive ‘Dogecoin Killer.’ This rally brought SHIB from $0.00001842 to a significant $0.00003208, helping the coin catch the investors’ eyes. Early October witnessed a rapid rise on the chart, which carried the coin closer to $0.0000844 with growth closer to 200%. However, this up-current did not last long, and the tokens have lost around 60% of their value in the last couple of months. Shiba Inu, in recent days, has had support reaching out from different platforms and is expected to recuperate in the first quarter of 2022 itself.
Shiba Inu and Its Metaverse Plans
The metaverse concept caught the eyes of big firms worldwide, especially since Facebook officially announced its ambitious plans for it. Platforms like DigiCorp have already announced their plans for the blockchain-based metaverse concept. According to crypto news, Shiba Inu is looking to bring gaming and metaverse into its plans for the future. The anonymous blog post from the pseudonymous founder of Shiba Inu stated clearly about the Shiba metaverse and Shiba Games. The latter is created to design several games and other products with the native dog coin as the game token. Reportedly, Shiba Inu signed a deal with William Volk, who previously worked with Blizzard Activision, to work on future projects on Shiba Games.
Will Shiba Inu Go Up or Down?
The price predictions of Shiba Inu so far seem optimistic about its growth in the upcoming years. Although experts debunked the chances of the coin reaching 1 cent as impossible, it may get rid of a couple of zeroes from its decimals in the future. According to Cryptonewsz about Shib prediction, Shiba Inu’s value for 2022 may hit the $0.0000623 mark. According to Wallet Investor, the coin would reach $0.000289 by 2026 after gradual growth in the preceding years. However, Digital Coin Price seems slightly less optimistic and claims that the coin would reach $0.0002061220 only by 2028. The Coin Price Forecast reports that SHIB would reach its optimal level of 0.001 by 2030.
As an Ethereum whale recently bought a large sum of SHIB coins, the token runs at risk of getting concentrated on the top. Moreover, the Ethereum blockchain invites more gas compared to other coins with enhanced operativity in recent times. However, Shiba is developing the layer-2 solution known as Shibarium, which is expected to address issues regarding affordability and accessibility. Recently, SHIB has also been listed in prominent exchange platforms like Kraken and Huobi giving much more credibility to the coin. Furthermore, with the ongoing futuristic projects, Shiba has more values and reasons for the users to put in their money.
Despite the blow from the market, Shiba Inu’s projects, like the metaverse and gaming, are making the coin’s future bright like never before. With optimistic predictions from every corner, the cryptocurrency looks confident enough for ambitious projects.