Shiba Inu Coin
What is Shiba Inu?
Shiba Inu (SHIB) is an ERC-20 token, meaning it operates on the Ethereum blockchain. It was launched in August 2020 by the anonymous Ryoshi. Half of the initial supply was gifted to Ethereum creator, Vitalik Buterin. However, Buterin sold his stake early on and donated it to charity. If he held his tokens, they would currently be worth over $20 billion!
Shiba Inu is based off of Dogecoin (DOGE.) A Shiba Inu is a breed of dog and is Dogecoin’s mascot. Shiba Inu was created in response to the wild popularity of DOGE and is hoping to capitalize on the hype.
Shiba Inu is used to power the decentralized exchange (DEX) called ShibaSwap. Users can stake their holdings, provide liquidity and swap SHIB with other tokens on the exchange. However, ShibaSwap has not gained much popularity due to its novelty and is less secure than competitors. While it does not offer a ton of new features to the DeFi space, it is still adds to the value of SHIB.
SHIB is also used as a form of payment. SHIB can be sent to anyone else on the chain for a small fee. This is used by retailers as some accept SHIB as a form of payment. While not a lot of retailers currently accept SHIB as a form of payment, the list may get larger as the token becomes more popular.
Shiba Inu Market Capitalization
SHIB is currently trading around $0.00007 with a market capitalization of nearly $40 billion. This is a huge difference from its 2021 lows of $0.00000516 and market cap of under $1 billion. SHIB has consistently gotten rid of 0’s in its price, up over 90,800,000% on the year. It has been one of the most profitable investments of not only the past year, but in the history of economics.
Can Shiba Inu Hit $0.01?
If Shiba Inu taught us anything, it’s that nothing is out of the question. Shiba has flipped DOGE in market capitalization, which few investors saw coming. However, a per token price of $0.01 would imply a market cap in the trillions of dollars. If Shiba Inu were to reach a penny, the cryptocurrency would be worth multiples more than Bitcoin. Because of the massive amount of capital required for SHIB to reach a penny, it’s highly unlikely this will happen.
If you are asking yourself when is shiba inu reach a cent, check The Moving Average video for more explanation.