Key Takeaways:
Shiba Inu began its journey as a fun cryptocurrency. It has now gathered the attention of crypto enthusiasts, positioning itself as a meme coin. When they assumed the role of meme coins, developers built a decentralized ecosystem for the token. Developers have also dedicated an L2 Chain Shibarium. When the token was launched, 50% was allocated to Vitalik Buterin’s Ethereum wallet. The lowest price of SHIB was $0.000000000056, and this has significantly increased to $0.000084 within eight months. This highlights the increase in its price by 150,000 times. Vitalik Buterin donated 10% of his SHIB holdings to COVID-19 relief in India, which was valued at $1 billion at the time. It was one of the greatest donations in the world. He burned the remaining 40% of SHIB forever.
Shiba Inu’s valuation is increasing incrementally with the bullish momentum of the market. There is an increase of 6.18% in the combined market capitalization in just 24 hours. Now the market capitalization amounts to $2.45 trillion. This unusual bullish trend supports not only SHIB but also other alt-coins to showcase their core values.
As per the reports Shib Wales has made an increment of 341% in the last 24 hours. IntotheBlock considers large transactions worth at least $100000 as a metric. At the time of analysis, the transaction volume increased to $68.02 million.
SHIB whale action is not rare among meme coins. However, this incremental increase was unexpected due to the slow volatility outlook showcased by the coin over the past week. In the past 24 hours span the total count of whale transactions amounts to almost 170.
A total volume of 3.73 trillion on-chain Shibu Inu tokens was transacted by Wales. This increased the popularity of Shibu Inu among the meme coins in the digital currency world. Multiple performance metrics have to be used to analyze Shib Inu.
At the time of writing, the token price increased by 11.42% in 24 hours to $0.00001923. Professional investors are waiting for the token to breach the $0.00002 resistance level. With the recent increase, the token has made a temporary victory. With this gain, SHIB bypassed Avalanche (AVAX) and became the 12th largest digital asset in the market.
The sustainable progress of Shiba Inu in the market is unpredictable. This increase in the token may trigger a needed change. If the large customer base interested in this token can sustain the current incremental increase then Shibu Inu will continue its upsurge within a short time.
Ecosystem Trend
ShibuInu is a meme coin with a vibrant ecosystem apart from the whales. The token introduces new use cases for its users through its Shibarium Layer 2 scaling platform. A new bridge feature called Shibarium was introduced for its affiliated Non-Fungible Token(NFT)Shibosis. Apart from this Shibu Inu is planning to compete with the existing Ethereum L2 protocols in the industry.
A unique feature of the Shibu Inu ecosystem is the auto-burn feature. This feature is known as the Shib torch. Its launch timeline is kept secret to date, but it has created an impression among the community. ShibuInu is one of the top meme coins in the market and it places a premium on burning its excess supply. To date, the meme coin has managed to maintain its goodwill from the community by burning its excess SHIB in circulation. The total amount of coins burnt caused fluctuations in the market as the burning was largely a manual process before the launch of ShibTorch. According to the developers, the need for token burning is according to three anchors they are controlling, inflation, reducing supply to create more value, and providing incentives to token holders. Shibarium burn protocol burns excess SHIBS in scheduled intervals and other positive ecosystem updates remark a sustained growth potential for the token.
Buying SHIB
You can easily buy SHIB tokens from centralized crypto exchanges. Upbit is the most popular option with a trading volume of $131,181,857 and the active trading pair is SHIB/KRW. Other trading platforms include OKX and DigiFinex. Do your research on the credibility, transparency, and fee structure of the platform before creating an account and starting trading.
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