Shiba Inu (SHIB) Heads for New Record
Shiba Inu (SHIB) turned into one of the most popular tokens in 2021, despite its volatile nature. During the latest altcoin rally, SHIB took the lead, with a rapid daily gain to a new price tier. SHIB seems to be rising based on the incentive of its community to hold onto the tokens and use them within the ecosystem.
SHIB rose in unison with other altcoins, where once again DeFi tokens were the most active.
SHIB May Enter Top 10 Coins List
SHIB traded at $0.000055, after adding around 30% in the past day and doubling for the past week. The trading volumes rivaled some of the bigger coins, at above $14B in the past 24 hours. SHIB, however, remained highly volatile, crashing by more than 7% rapidly during a sell-off where BTC slid under $60,000.
With the rapid price rises, SHIB may have a shot at entering the top 10 of assets by market capitalization, and even taking the spot of Dogecoin (DOGE), the original asset that led to the creation of the Shiba Inu project.
Despite its status as a meme coin, SHIB has managed to keep its trading volumes high, boosted by its Binance trading pair and a presence on Coinbase. On the Binance exchange, SHIB is once again the most actively traded asset, at double the trading volumes of Bitcoin (BTC) for the past day.
SHIB is one of the rare DeFi tokens to find acceptance with large exchanges almost immediately. The community is also holding onto the asset despite the volatility, and sets expectations the token may soon be added to Robinhood as well.
Robinhood was one of the sources of rapid gains for DOGE as well, though the volatile nature of the asset led to
Where is the Shiba Army
The success of SHIB hinges on a highly organized community located worldwide. There is a prevalence of users in China, but SHIB has also taken root in other crypto hotbeds, such as Turkey.
The SHIB community has been prepared for the coin’s potential to grow by factors of 10 over time, due to a staking and liquidity locking scheme. The goal of SHIB is to drive its price to $0.01, while also building an ecosystem of rewards, decentralized trading and NFTs.
Currently, there are around 394B SHIB in circulation, out of 1 quadrillion coins to be generated in the future. The Shiba Inu economy is also using the LEASH and BONE reward tokens, and supports liquidity in the ShibaSwap decentralized exchange.
LEASH has a very small supply of around 107,000 tokens and is primarily an instrument to provide liquidity. BONE has a similar token structure, with a higher supply of 250M tokens, for a lower per-unit price. SHIB is the native token allowing users to hold billions of assets and later use them within the ecosystem.
The ShibaSwap exchange boasts more than $284M in daily volumes, about half the levels of the Uniswap exchange.
SHIB Burns Drive Scarcity
The SHIB value also derives from both scheduled and sporadic burns. According to social media, some of the owners send SHIB to inaccessible addresses, thus eliminating the coins from circulation.
SHIB burns are not all organized, and some communities choose to diminish the token supply through fee destruction, or another form of daily burns.
It is possible the supply of SHIB may diminish as much as 90% over time, raising the per unit price. As of October 2021, an address listed as “black hole” on Etherscan already holds more than 41% of the total supply.
Other projects burn SHIB in exchange for increased usage, as in the case of the ShibBurner music streamer channel. More usage translates into more SHIB destroyed, adding to the upward price pressure.
A few months earlier, SHIB boasted of locking up a large part of its supply in Vitalik Buterin’s wallet. The Ethereum co-founder, however, decided to sell some of the coins. So far, SHIB has managed to recover from the sale and actually gain from the publicity.
SHIB has been on a relentless climb in the past three months, in effect compensating for previous dips and short-term volatility. Despite this, SHIB remains highly risky in the short term, as it has erased up to 85% of its current value within days.
Is SHIB Really Coming to Robinhood
After the initial hype of DOGE died down on Robinhood, the app has marked a lower interest in crypto trading. Now, the Shiba Army has mentioned Robinhood multiple times. Additionally, some accounts try to shill for adding SHIB to PayPal.
So far, those expectations only give rise to rumors, and SHIB will not be available any time soon through fintech apps. The token is accessible through MetaMask wallet, through both centralized and decentralized marketplaces.
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