Shiba Inu: Is It Bouncing Back?

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Shiba Inu (SHIB) is a new memecoin that came out in 2020 as a fun experiment in building a decentralized community and creating value out of thin air.

The token is based on Shiba Inu, a Japanese breed of hunting dog, and claims to be the “Dogecoin killer”, aiming to beat Dogecoin in market cap and popularity.

Shiba Inu Journey

Shiba Inu got a lot of attention and hype in 2021, especially after it got listed on Binance, one of the biggest crypto exchanges in the world. Shiba Inu hit its all-time high of $0.0000388 on May 10, 2021, making some early investors rich overnight. Shiba Inu also got the interest of Vitalik Buterin, the co-founder of Ethereum, who got half of the total supply of SHIB as a donation from the developers. Buterin later burned 90% of his SHIB holdings, sending them to a dead address.

But Shiba Inu also had some problems, like network congestion, scalability issues, and competition from other memecoins. In June 2023, Shiba Inu dropped to $0.0000065 after Ethereum had a big upgrade that made it faster and better. The upgrade also made the gas fees for transactions on Ethereum lower, making SHIB less appealing as a cheaper option.

Shiba Inu Price Analysis

In July 2023, Shiba Inu has shown some signs of recovery, trading at around $0.0000079. Shiba Inu has gained from the positive mood in the crypto market, as well as the launch of new products and services that support Shiba Inu adoption. For example, ShibSwap, a decentralized exchange that lets users swap SHIB and other tokens, went live on July 6, making a lot of noise and activity.

Shiba Inu

On Daily timeframe level the price action of it formed out Falling Wedge pattern level, where the price action bounced back from its Support Trendline level and currently consolidating within the Horizontal Support level marked within the $0.00000845 to $0.00000769 level.

What Makes Shiba Inu Special?

Shiba Inu is special in many ways, but one of its most important features is its ecosystem. Shiba Inu is not just a token, but a whole network of projects and platforms that aim to give value and use to its users. The ecosystem includes:

  • SHIB: The main token of the Shiba Inu network, which can be used for payments, rewards, governance, and more.
  • LEASH: A second token that was supposed to be a rebase token tied to Dogecoin’s price, but later became a fixed supply token with only 107,647 tokens in circulation.
  • BONE: A third token that will be used for staking and farming on ShibSwap, as well as for governance and voting on the Shiba Inu network.
  • ShibSwap: A decentralized exchange that lets users swap SHIB, LEASH, BONE, and other tokens with low fees and high rewards.
  • Shiba Army: A loyal and passionate community that supports and promotes Shiba Inu across various social media platforms and channels.

Shiba Inu is also special in its innovation and difference, as it tries to create new features and solutions that set it apart from other memecoins. For example, Shiba Inu plans to launch:

  • Shiberium: A layer-2 solution that will provide faster and cheaper transactions for SHIB and other tokens on the Ethereum network.
  • Shibarium: A blockchain platform that will host decentralized apps (DApps) and smart contracts for the Shiba Inu ecosystem.
  • Shiboshi: A collection of 10,000 non-fungible tokens (NFTs) featuring unique and rare Shiba Inu characters.

What Is the Future of Shiba Inu?

Shiba Inu still faces some risks and uncertainties, like regulatory hurdles, technical glitches, and market volatility. But Shiba Inu also has some opportunities and advantages, like its popularity, community support, innovation, and adoption.

Shiba Inu may have a bright future ahead if it can keep its relevance and appeal in the crypto space. As long as Shiba Inu can keep attracting new users and investors, building a strong and lively community, using its meme power and celebrity endorsement, and improving its technology and security, it may have a chance to challenge Dogecoin’s dominance.

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Harsh Panghal
Harsh Panghal

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