The global cryptocurrency market cap on Wednesday, April 20, was standing at US$1.92 trillion. Emerging altcoin Shiba Inu is recently the talk of the town as it gets listed on crypto trading app Robinhood. The token has gained more than 40 million percent in the past year. The SHIB ecosystem has also dropped several non-fungible tokens or NFTs, and a page for them says they're currently sold out, though it promises other packs in near future. Crypto experts believe that Shiba Inu could record a 10% price hike this month. Altcoin investors are having high hopes for Shiba Inu. It is a tempting investment, especially as its price has skyrocketed in recent times. However, it's also an incredibly risky altcoin, and it's likely to experience even more volatility in the future. By understanding these risks, it will be easier to make informed investment decisions and protect your portfolio.
Shiba Inu is an ERC-20 token created on Ethereum by an anonymous individual known as Ryoshi. Shiba Inu's website says that the coin is a decentralized meme token that is growing into a vibrant ecosystem.
"SHIB is an experiment in decentralized spontaneous community building. SHIB token is our first token and allows users to hold Billions or even Trillions of them. Nicknamed the DOGECOIN KILLER, this ERC-20 ONLY token can remain well under a penny and still outpace Dogecoin in a small amount of time (relatively speaking)."
The token's whitepaper says that the intention is to build an ecosystem consisting of three tokens with different supplies.
SHIB is the ecosystem's foundational currency with a max supply of one quadrillion. LEASH is the second token created and has a supply of 107,646 tokens and the third token is BONE with a supply of 250,000,000 tokens.
The team behind the tokens has also created a decentralized exchange known as ShibaSwap that allows users to "dig" (provide liquidity), "bury" (stake coins), and "fetch" (retrieve tokens from Uniswap or SushiSwap) and swap coins. This exchange is similar to others on the Ethereum network, like SushiSwap and Uniswap.
After getting listed on Robinhood the dog-based memecoin zoomed more than 32 percent in the last 24 hours to US$0.00002945 from US$0.00002239. The rally has led its market cap to hit the US$15.5 billion mark, putting it back in the top 15 cryptos in terms of market cap.
The rally in Shiba Inu is widely supported by the volumes which rose more than 250 percent in the last 24 hours. SHIB tokens worth more than US$2.7 Billion have exchanged hands during the period under review.
NFTs are Non-Fungible Tokens and represent uniqueness on the blockchain. Whereas Metaverse is a world of endless, interconnected virtual communities where people meet, work, play, and socialize. It's an online realm that looks similar to the real world, but it's computer-generated.
The connection between these two is that metaverse allows anybody to create, buy, and engagingly see NFTs; it is working to merge disparate online worlds into one seamless entity. While holding such potential, enthusiasts are naming it the next evolution of the internet.
Remarkably, Shiba Inu announced that it will be entering into the metaverse space with a planned launch of 'Shiberse' in 2022. On the other hand, it released 10,000 digitalized 'lovable creatures' for sale.
Shiba Inu hit all-time highs above US$0.00008 per token in early November 2021, surpassing Dogecoin's market cap. At the time, the project's market cap was over US$40 billion, ranking it in the top 10 most valuable cryptocurrencies. However, Shiba Inu has fallen harder than most other cryptocurrencies with the most recent correction in December 2021. It currently sits around US$0.000025 per token which is less than half its all-time high price. Dogecoin has held up better than SHIB and has since reclaimed its spot as the most valuable meme coin measured by market capitalization.
According to CryptoPredictions.com, Shiba Inu is expected to return to its previous highs. The prediction suggests that SHIB will touch US$0.000084 in Q1 2022 and continue to grow to US$0.000088 by Q3 2022.
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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.