The chart below compares the price movement and volatility for Shiba Inu over the past 24 hours (left) to its price movement over the past week (right). The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider api wikipedia the bands are, or the larger the gray area is at any given moment, the larger the volatility.
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. 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. Ethereum’s 2.0 transition will shift ETH to proof-of-stake, leaving behind the more energy-intensive proof-of-work consensus mechanism currently being used. SHIB does not have its own blockchain and therefore relies on Ethereum for its security since it is an ERC-20 token. Ethereum’s Ethash algorithm and vast network of miners provide ample safety to SHIB. Other coins’ teams tried the same thing, and SHIB has certainly had its share of copycats, including BitShiba, Shiba Fantom, Shibalana, King Shiba, SHIBAVAX, Captain Shibarrow, SHIBA2K22, SpookyShiba, and many others.
However, greater congestion on Ethereum means that transactions can get slower and more expensive in terms of gas fees. As a result, many scaling solutions have been launched that take care of both of these problems. As such, no one individual entity is supposed to have control or decision-making power over the token or the ecosystem. However, the community is its own benefit, and popular demand has seen the acceptance tracing transactions across cryptocurrency ledgers of both memecoins by various retailers. Major American electronics retailer Newegg began accepting SHIB in December 2021 for payments.
How Many SHIBA INU (SHIB) Coins Are There in Circulation?
While many Ethereum-based Layer 2s exist, the Shiba Inu community also has its own, Shibarium, in development. 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. 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.
As an ERC-20 token on Ethereum, SHIB doesn’t really have to do any pulling since it’s carried by ETH. The Ethereum blockchain is home to the largest network of decentralized applications in the cryptocurrency sector. It allows hundreds, if not thousands, of tokens like SHIB to run on its blockchain. 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. There has been a lot of speculation around SHIB being listed on popular neo-brokers. In October 2021, this led to Shiba Inu’s ‘market capitalization’ overtaking that of Dogecoin.
SHIB also surpassed the one-million holder mark following its all-time high. Since SHIB doesn’t yet have a skyrim solid use case, unlike many other major cryptocurrencies, it’s difficult to set a fundamental valuation or a floor price for it. These long strings of numbers, both in terms of tokens owned and the price per token, make calculation difficult.
Thirdly, an update on PIP-36 which involves replaying failed state syncs. Lastly, PIP-47 which pushes upgrades to the Polygon Protocol Council. Furthermore, and again similar to Dogecoin, SHIB’s decentralization in terms of wallet concentration is somewhat worrisome. The discovery of a real use case for SHIB, however, has the potential to see Shiba Inu’s flagship coin soar. Just over 6 months later, on June 13th, 2022, that same amount of SHIB was worth just $1912. Like that of Dogecoin, Shiba Inu’s community is also involved in philanthropy.
Similar Coins to Shiba Inu
This followed the launch of ShibaSwap’s burn portal in April 2022, which rewarded users for burning SHIB with burntSHIB tokens. This burntSHIB is used to get RYOSHI tokens, which can also be staked on ShibaSwap. It has been speculated that Vitalik Buterin was behind the initial liquidity that helped set up Shiba Inu's liquidity on Uniswap. According to Ryoshi, he had "a fren" he met at Devcon in Osaka that sent him 10 ETH to set up the liquidity pair on Uniswap. Ryoshi also stated that Shiba Inu was an experiment in decentralized community building, and he thus declined all the influencer requests and pitches from different exchanges he received.
market data
Comprising three separate tokens – SHIB, BONE and LEASH – that users can stake, swap or deposit into liquidity pools on the ShibaSwap decentralized exchange to earn interest and rewards. Thanks to its massive supply, a SHIB price of $0.01 would put its valuation, or market capitalization, at $10 trillion, close to that of gold. These incentivize users by way of fees and reward tokens to deposit pairs of coins that others can use for trading, a common mechanism by which DEXes replace traditional order books. SHIB had an initial total supply of 1 quadrillion, or 1,000,000,000,000,000 tokens. 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.
- This followed the launch of ShibaSwap’s burn portal in April 2022, which rewarded users for burning SHIB with burntSHIB tokens.
- According to Ryoshi, the end goal is that SHI becomes a global stable currency "that plebs across all countries are able to use as both a store of value and method of payment."
- However, the community is its own benefit, and popular demand has seen the acceptance of both memecoins by various retailers.
- 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.
- These long strings of numbers, both in terms of tokens owned and the price per token, make calculation difficult.
- Here, users can mint parcels of digital lands using ETH or its equivalent amount in SHIB tokens.
American electronics retailer Newegg added SHIB at the start of December 2021, partnering with crypto payments platform BitPay to unlock payments in SHIB. At one point, the Shiba Inu community called for McDonald's to accept Shiba Inu, although the social media effort eventually fell short. The experiment was a succes, and in October 2021 SHIB briefly flipped Dogecoin to become the most-valued meme coin by market capitalization. Robinhood executive Christine Brown has lauded the efforts of the Shiba Inu community, saying that one of her favorite things was seeing it engage with the community to make its wishes heard. A high market capitalization implies that the asset is highly valued by the market.
