Shiba Inu is a popular Dog themed coin gaining popularity in the market. The coin began as just a joke and gradually proclaimed to me more than a joke. Since the launch, the Shiba Inu coin price has experienced major evolution. Though the coin had very limited popularity at the beginning it surges in the year 2021 and came into the limelight. As per the past records, it is shown that Shiba Inu traded at US$0.00001377. Seeking the coin promising growth experts to proclaim Shiba Inu will be worth $10 by 2024.
Shiba Inu's appearance in the metaverse world termed Shibaverse could pump the trading prices. Presently as of writing the Shiba Inu price holds the value of US$0.000013 with a trading volume of US$561,822,164. The Shiba Inu developers created ShibaSwap, a decentralized exchange that competes with well-known brands like UniSwap and Curve Finance in order to take advantage of the hype.
ShibaSwap amassed almost $1 billion in total assets locked within 24 hours of its start. SHIB's status as more than simply a meme coin was reinforced by this. When Shopping.io revealed a collaboration with Shiba Inu, it received yet another significant boost. Customers could now use SHIB as a payment method on eBay, Walmart, and Amazon because of the collaboration.
The implementation of Shibarium by Shiba Inu influences the coin to meet US$10 by 2024, so for the same reason, it will be a promising year for Shiba Inu in 2024. Shibarium, the Layer 2 protocol for the Shiba Inu platform, is developing as expected. With this upgrade, users will be able to transfer assets for a lesser gas price, making it simpler to complete small transactions through dApps powered by Shiba Inu. To improve the user interface and user experience of the platform, the team has also added developers.
Like many other cryptocurrencies, the value of Shiba Inu is highly correlated with Bitcoin's performance. Shiba Inu's price fluctuation is significantly influenced by the most valuable digital asset. For instance, over the past 30 days, the SHIB and BTC have a connection of 85%.
Why the coin is so popular?
The popularity of the Shiba coin is for varied reasons: Elon Musk, the founder of Tesla, once tweeted that he wanted to have a Shiba puppy. This stoked the cryptocurrency market and caused its value to increase by 300 percent.
After Vitalik Buterin, the creator of the Ethereum Blockchain Network, contributed Shiba Inu Coins of worth 50 trillion to the India Covid Relief Fund, which was established by an Indian cryptocurrency businessman named Sandeep Naiwal, their prices dropped by as much as 40%.
SHIB is a peer-to-peer (P2P) virtual currency that allows users to make and receive payments decentralized, much the same as DOGE. Compared to DOGE's time duration of ten minutes, Shiba Inu's rapid block time is only one minute. A decentralized cryptocurrency exchange is where Shiba Inu coins can be exchanged. There is no single failure point for the company because decentralized bitcoin exchanges do not depend on centralized power. Moreover, decentralized exchanges are frequently more resistant to fraud and cyberattacks.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.