Shiba Inu is one of the popular meme coins that made riches for its holders in 2021. Shiba was created in 2020 by a pseudonymous ‘Ryoshi’ and is one of Doge’s Ethereum counterparts alongside the wide range of dog coins available on the network. It went on a parabolic run to $0.00008 in October, 2021 having famously made a speculator $5.7 billion from a mere $8,000 investment in SHIB the year prior. Since then, the token is down 88%, currently trading at $0.00001.
Recently, Shiba’s community has been hopeful of the various milestones in Ryoshi’s roadmap, the first of them being the ‘Shibarium’ i.e. Shiba Inu’s own L2 on Ethereum meant to make the Shib transactions cheaper. Speaking on the Shiba Discord, Shytoshi Kusama, the Shiba Project Lead, said “Shibarium will offer low fees for every service, game, or whatever builds on it.”
Furthermore, Shiba Inu also plans to develop SHI, which will be the “global exchange of value for plebs,” an algorithmic stablecoin pegged to one cent instead of one dollar. Its launch is planned after the Shibarium layer-2 solution goes live. Ryoshi expects SHI to work like DAI, and help grow Shiba Inu’s own financial ecosystem.
The tokenomic overhaul increasing the digital asset’s burn rate by 113% has also renewed interest from the community overnight, with the supply crunch pushing prices upwards. In total, 410.36 trillion SHIB has been burnt. Bigger Entertainment, a crypto record label selling merch, NFTs and concert tickets, organized a SHIB burn party that burned over 239 million SHIB over Christmas.
SHIB Coin or Shitcoin?
While developments are underway, adoption is also positive. Bitpay, a crypto payment service provider, has implemented the Shiba Inu token into their wallet and onboarding processors, enabling 179 countries to access the famous dog cryptocurrency. This followed the adoption of SHIB by over 500 merchants, according to payments firm CoinGate, with even Samsung-backed digital wallet provider ZenGo adding SHIB to its arsenal. The token is also getting its fair share of popular acceptance with celebrities like Paris Hilton showing love for the dog coin.
So why the dull prices? The token has a 37% 30-day correlation with Bitcoin and realistically, any sustained move north is wishful thinking if Bitcoin remains in the woods. Immediate forecasts also look bearish, with SHIB forming a descending triangle pattern, and TA indicating a potential nosedive to $0.000005 i.e. another 50% fall from current prices. However, this will be invalidated if SHIB is swept by an uptrend as it has hovered around the current support for some time.
None of this, however, is discouraging the whales. Despite the bearish outlook on Shiba Inu, the largest Ethereum wallet addresses have continued accumulating the meme coin. The 100 largest Ethereum whales have yet to shed their holdings of over $5 million in Shiba Inu tokens. The community also stands strong, as evident from the petitions for Robinhood listing, and meme art NFT incubators for community and social media activity.
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With a veteran ex-Morgan Stanley team at the helm, and a determined goal to improve the investment experience for retail investors, Phemex appears to have a healthy future in store., If the number of active traders on the platform are anything to go by, the Phemex community agrees with that notion.