Shiba Inu Price Today SHIB Price Chart & Market Cap

For this reason, SPONGE V2 could have an even bigger opening than its predecessor, especially if the market becomes more bullish by the time it launches. Yet holders of the existing version of SPINGE can lay claim to V2 tokens now by visiting the official Sponge website and staking their older coin, while non-holders can simply buy it outright. One new token likely to do this is Sponge (SPONGE), an ERC-20 cryptocurrency that originally listed in April 2023 and rallied by as much as 150%.

  1. The current yearly supply inflation rate is 7.33% meaning 40.23T SHIB were created in the last year.
  2. Meanwhile, industry analysts are anticipating the continuation of this positive trajectory in the coming month.
  3. As an ERC-20 token on Ethereum, SHIB doesn’t really have to do any pulling since it’s carried by ETH.
  4. Referred to as Layer 2 solutions, they make transactions faster as well as cheaper.
  5. “Your Shibdentity, in the form of a Shib Name, will offer a secure, unified way to establish and maintain your digital presence, crucial in today’s interconnected world.
  6. Interestingly, the chart above shows that Shiba Inu price has displayed more resilience than BONK amid the on-chain crypto market correction phase.

These allow reward tokens from liquidity pools to also be staked, yielding more BONE tokens. Uniquely, one-third of the staked amount can be claimed at the time of reward distribution (once a week) while the rest will be vested for six months. Shiba Inu came to prominence when the founder of Ethereum and perhaps cryptocurrency’s most prominent figure, Vitalik Buterin, was given 50% of its supply—500 trillion SHIB—as a marketing stunt. Investors are blowing on those dog whistles this week and crypto’s fave meme coins come running. The creators of SHIB locked half of the token’s supply–500 trillion tokens to be exact–to Uniswap.

The developers of the Shiba Inu coin launched a decentralized autonomous organization (DAO) called Doggy DAO at the start of 2022. The DAO allows the Shiba Inu community to vote on protocol proposals with their BONE tokens to steer the development of the Ethereum-built blockchain ecosystem. Since its launch in 2020, the token’s circulating supply had nearly halved, primarily due to Buterin’s burning of the 500 trillion gifted SHIB tokens he received when the token launched.

These sorts of examples are another big draw of SHIB, with its supply quite intentionally set to the very high figure of 1 quadrillion. This means that investors can own millions, if not billions, and even trillions, of the tokens. Similar to Dogecoin, Shiba Inu’s major differentiating factor is its community. A single day after its July 2021 launch, ShibaSwap saw $1 billion in liquidity, showing the level of investment of its community.

What is Kaiken Shiba?

According to them, the inflows into the Bitcoin exchange-traded fund (ETF) could trickle into other cryptocurrencies like SHIB. Set to launch in the next few weeks, the upcoming SpongeBob-themed P2E game will enable players to earn Sponge V2 tokens according to where they rank in the game. Yet Shiba Inu’s longer term picture arguably looks much better, with the coin’s burn rate increasing substantially yesterday as a result of a Shibarium update. These are all bad figures, yet SHIB’s fundamentals warrant a substantial recovery, with a new Shibarium update resulting in a marked increase in the token’s automatic burn rate. This puts BONK in position to score more gains if the crypto market flips bullish in February 2024 and beyond. Interestingly, the chart above shows that Shiba Inu price has displayed more resilience than BONK amid the on-chain crypto market correction phase.

As a result, many scaling solutions have been launched that take care of both of these problems. The speed of Shiba Inu transactions depends on the speed at which the Ethereum network is processing them, given that SHIB exists as an ERC-20 token on Ethereum. However, the community is its own benefit, and popular demand has seen the acceptance of both memecoins by various retailers. Major American electronics retailer Newegg began accepting SHIB in December 2021 for payments. According to the payment firm Coingate, this led 500 merchants to adopt SHIB.

The last feature offers artists around the world an opportunity to apply and win the chance to learn from the artists of the Shiba community. This way the network can find new promising talent to add to its community and also test their knowledge before making any major decision. The tokens itself allow the holders an opportunity to hold value in a new crypto currency which has drawn a lot of attention to itself in the last couple of months.

Shiba Inu Performance

The chart below shows that BONK trading volume has consistently surpassed SHIB over the past month. So far in January, BONK trading volume has ranged from a peak of $679.8 million to a low of $64.5 million. Notably, the global crypto market has shrunk 12% losing $210 billion since the widespread sell-off that greeted the spot Bitcoin ETF approval. Since SHIB doesn’t yet have a solid use case, unlike many other major cryptocurrencies, it’s difficult to set a fundamental valuation or a floor price for it. It cannot be denied that SHIB has been a good investment for many in the past, including the wallet that bought $8000 of it in August 2020 and saw its value appreciate into the billions the following year.

SHIB wasn’t created to solve any particular real-world problem, like Bitcoin, Litecoin, Ethereum, XRP, or indeed most of the top blockchain projects at least claim to do. Notably, the Shiba Inu community has been developing kshib price its own Layer 2 solution called Shibarium, with speculation that it would use BONE as its gas token. However, Shiba Inu continued to reside in the public eye and its success saw plenty of stories being written.

About Kaiken Shiba

When it launched, SHIB was just one of many memecoins (to quote the gentlest possible term used by the crypto community) attempting to hang on to Dogecoin’s coattails. The likes of Baby Dogecoin, JINDO INU, Alaska Inu, and Alaskan Malamute Token, in particular, share certain similarities with SHIB. SHIB has made incredible strides and, in fact, ‘flipped’ Dogecoin by overtaking its market capitalization value in October 2021, not long after one major exchange listing and upon speculation of another. The team behind one of the market’s fave meme coins is getting ready to let more dogs off their leash in the Metaverse.

Any appropriate software or hardware wallet will work just fine for storing your SHIB tokens, however since this is an ERC-20 token, an Ethereum based wallet might be the best option. Please keep in mind that the hardware wallets are safer, but also more expensive. The exchange on which you bought some SHIB is also considered a storage option, but some traders stay away from it since your tokens would be controlled by a third party. The most secure way is to spread your tokens out, this way if something goes wrong with one of your storing options you are not putting all of your digital assets at risk. Shiba Inu runs on Ethereum, which means that it uses the Proof-of-Work mechanism of its parent blockchain platform.

Shibarium’s ‘Crucial’ Next Step

Stating that he didn’t wish to be “a locus of power”, Buterin burned 90% of his SHIB and donated the rest to charity, including over 50 trillion SHIB to a COVID-19 relief fund. There is no public information available about the project’s founder Ryoshi, which is in a way similar to the pseudonymous identity of Bitcoin founder Satoshi Nakamoto. SHIB is down -10.36% against Ethereum and down -12.03% against Bitcoin in the last 1 month. “We are on the brink of a crucial step for Shibarium, and I’m not just talking about the automatic burns. This anticipated milestone is poised to significantly impact SHIB’s price performance and various key metrics on the network.

About Shiba Inu

The Shiba Inu website suggests that the act of giving this SHIB to Buterin was burning in itself, and that it was done so for safekeeping. Critics point out that it was purely a publicity stunt, performed in an attempt to gain legitimacy as an asset held by Buterin. In most projects, a governance token behaves similarly to shares of a traditional corporation, bestowing the holder with the right to vote on the project’s direction. As such, no one individual entity is supposed to have control or decision-making power over the token or the ecosystem. SHIB has followed a similar path to the OG memecoin Dogecoin since the communities of both coins are hard at work to find a real use for their currencies.

These long strings of numbers, both in terms of tokens owned and the price per token, make calculation difficult. As such, some SHIB investors multiply their holding of SHIB tokens by an optimistic future price of $0.01 per SHIB or even $1, mostly just for simplicity’s sake. There were 1 quadrillion SHIB tokens in existence at launch, but 50% of that was sent to Vitalik Buterin, who burned most of it and donated the rest. These BONE tokens are both generated by and used in DeFi on the ShibaSwap DEX. Although BONE wasn’t intended to be a governance token, that’s how the community has been using it at the time of writing. As previously mentioned, Shiba Inu founder Ryoshi claims to own no SHIB tokens and began the project as an experiment in decentralized communities without a centralized leadership function.

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