- Meme coin, Shiba Inu, is a “copyDoge,” turned Dogecoin killer.
- Shiba Inu broke the internet, gaining over 350% in value in 9 days after Elon Musk Tweeted about the meme coin.
- Shiba Inu has announced a partnership with NowPayments.io to move from its frictional burn system.
- After a 30 billion SHIB sell-off, Shiba is staging a recovery, gaining 18% over the last 24 hours.
Meme coin Shiba Inu, is a decentralized crypto created in August 2020 by an anonymous person, or entity, known as “Ryoshi.” The project was modelled on the original Dogecoin, and looked to become a Dogecoin-killer itself.
Entering October, Shiba Inu quickly became the crypto of the week after gaining 300% in 7 days. Thanks to the rally, the Dogecoin killer surpassed Litecoin, Chainlink and Bitcoin Cash, entering the top 15 biggest cryptos. So, how has Shiba Inu fared in recent times
Like most meme coins, Shiba Inu (SHIB) remains susceptible to major dumps. On October 7th, SHIB whales dumped over 31 billion SHIB tokens, sending the price down from $0.00003488 to $0.00002128.
The five day price chart for Shiba Inu (SHIB). Source: Tradingview
However, the crypto market is experiencing a resurgence, which has seen SHIBA also stage a recovery. Over the last 24 hours, SHIBA has gained over 18% and is now trading at $0.00003117 at the time of writing.
The 24 hour price chart for Shiba Inu (SHIB). Source: Tradingview
On Shiba’s path to recovery, its trading volume has also peaked by 51.71%. Over $6.13 billion worth of SHIB has been traded over the last 24 hours. Shiba is now ranked as the 17th largest cryptocurrency with a market cap of $12.21 billion.
Shiba Inu was created as a killer of the original meme coin, Dogecoin, but had not enjoyed the status of being a Doge-Killer until recently. On October 4th, Elon Musk, a popular backer of Dogecoin, tweeted a picture of his puppy, Floki.
Musk’s dog, Floki, Shiba Inu, started the spike since SHIB is also named after the Shiba Inu breed of Japanese hunting dog. Tesla’s chief Tweeted;
With its recent gains, Shiba Inu celebrated reaching a market cap of $12 billion. What is more outstanding is that SHIB managed the feat in only 14 months, while it took Dogecoin 6 times longer to reach the same market cap.
The Shiba Inu team has not relented, keeping up with the growing trends in the crypto space, and has consistently announced new updates to the ecosystem.
On October 7th, Shiba announced a partnership with NowPayments.io to facilitate the burn of a percentage of tokens in each transaction. Following the partnership, a percentage of every token in the Shiba Inu ecosystem will be burned through every transaction, beginning with SHIB.
Before the announcement, Shiba Inu operated on a fractional burn system. This system was greatly criticized by its community because burning a considerable percentage of SHIB will take years. While the details of the new burn mechanism haven’t been revealed, the Shiba Community has welcomed the development. Frank wrote;
On October 8th, one of the leading crypto exchanges, Bitpanda, announced that it had listed SHIBA on its platform. Trading opened on the same day, with a total of €10,000 for the 3 top traders of SHIBA on Bitpanda.
The trading competition will run between Friday, October 8th and Sunday, October 17th. To qualify, one must trade SHIB worth over $100 within the period. The winner will be announced on October 22nd and will earn €5,000 worth of SHIB.
One of the most anticipated events on the Shiba Inu network is the launch of NFT Shibas, or Shiboshi, as they are known on the network. According to the announcement, there will be 10,000 Shiboshi NFTs on the network very soon.
While there are no dates regarding the launch of the NFT collection, users will be able to buy them on Shibaswap when they launch. Following the launch, holders will be able to sell Shiboshis on secondary markets like OpenSea.
On The Flipside
- The Shiba Inu project has come under criticism from market analysts as SHIB continues to explode.
- The project has been likened to pump and dump schemes, where the project offers little to no value.
- Attention has been drawn to Dogecoin, a fellow meme coin that is down 68% from its ATH.
Shiba Inu has one of the biggest communities amongst crypto projects. On October 6th, the project celebrated 1 million followers on Twitter. The Dogecoin-Killer also has 269K members on Reddit, 111K on Discord, and over 28k subscribers on Telegram,
From scouring the internet, the DailyCoin team discovered that the Shiba Inu community, or the Shiba Army, as they like to refer to themselves, are full of optimistic individuals who are cheering SHIB on to become the biggest crypto, after Bitcoin and Ethereum.
Crypto analyst, @DelCrxpto, wrote on Twitter;
Popular Youtuber and Shiba follower, @Yourpop8, Tweeted;
Why You Should Care?
Shiba Inu is changing the narrative for meme coins. Once labelled a valueless token, the team behind Shiba Inu has built an ecosystem that stays up to date with the crypto trend, made evident by the coming launch of NFTs on the network.