It’s a question that’s been on everyone’s mind since the death of Dogecoin: is Shiba Inu dead? The shiba inu, once the internet’s favorite meme coin, has been steadily declining since dogecoin took over the spotlight. With dogecoin’s recent surge in popularity, many have wondered if there’s still a place for shibas in the crypto world. In this article, we’ll explore the current state of the Shiba Inu and what the future may hold for the once-popular meme coin. (Also Read: How To Start Investing In Cryptocurrency?)
Background of Shiba Inu (SHIB) cryptocurrency
Shiba (SHIB) is a cryptocurrency that was created in August 2020. It is named after the Shiba Inu dog breed, which is also the logo of the cryptocurrency. Shiba Inu is developed on the Ethereum blockchain and uses an ERC-20 token.
Shiba Inu’s creation is closely tied to the popular “Dogecoin,” another cryptocurrency with a similar name, logo, and concept, but it’s different on the technical side.
With an initial coin offering (ICO) on Ethereum’s blockchain, SHIB was launched as a decentralized autonomous organization (DAO). Unlike traditional ICOs, SHIB’s ICO did not have a set cap on the total supply of tokens, meaning that anyone could mint new tokens at any time.
In the first weeks of trading, SHIB price soared, reaching an all-time high of $0.000038 on May 10, 2021, with a market capitalization of over $6 billion. But it had a lot of volatility, and the price dropped significantly.
Since its start, SHIB has gotten much attention on social media and built a large group of people who support it. Several well-known people in the cryptocurrency industry, such as Elon Musk, CEO of Tesla and SpaceX, have also backed the project.
In the world of cryptocurrencies, Shiba Inu is known as a “meme” coin often used for short-term gains. Its value is more tied to market hype and sentiment than fundamental factors.
What is the Performance of Shiba Inu Token?
The performance of the Shiba Inu (SHIB) token has been highly volatile since its launch in August 2020. The token’s price rose rapidly in the first few weeks of trading, reaching an all-time high of $0.000038 on May 10, 2021, with a market capitalization of over USD 6 billion. But after that, the price went down a lot, and it went up and down a lot in the following weeks.
SHIB has had a high trading volume, meaning that many traders and investors have bought and sold the token. But because SHIB is a relatively new cryptocurrency, its trading volume can take time to predict and change significantly quickly.
Like many other cryptocurrencies, SHIB’s performance is affected by various factors, such as overall market conditions, media coverage and community sentiment, development and governance of the project, and regulations and laws surrounding the cryptocurrency market.
It’s also important to note that because it’s linked to crypto coins inspired by Dogecoin and called a “meme” coin, its performance is heavily influenced by how people feel about Dogecoin, its price, and news. It’s seen as a very risky and speculative investment.
In short, the Shiba Inu (SHIB) token’s performance is unstable, and its price has changed significantly since it was introduced. Before investing in SHIB or any other cryptocurrency, it’s important to do your research and do your homework.
What are the Factors affecting Shiba Inu’s Performance?
Several factors can affect the performance of the Shiba Inu (SHIB) token, including:
Media coverage and community sentiment: Positive and strong community sentiment can drive up the price of SHIB, while negative coverage and sentiment can cause the price to drop. Social media and online forums are popular places where community sentiment can be gauged.
Development and governance of the project: The development and governance of the Shiba Inu project can affect the token’s performance. Positive developments, such as new partnerships or the launch of new features, can drive up the price, while negative developments, such as delays or a lack of progress, can have the opposite effect.
Government rules and laws about the cryptocurrency market: The way SHIB does can also be affected by government rules and laws about the cryptocurrency market. Restrictions on trading or the use of cryptocurrency can negatively impact the price, while favorable regulations and laws can drive it up.
Conditions on the market: SHIB’s performance can also be affected by the state of the cryptocurrency market. A bear market (a market in which the prices are going down) can negatively impact the performance of SHIB, while a bull market (a market in which the prices are going up) can have the opposite effect.
Association with Dogecoin: The association with Dogecoin and being labeled as a “meme” coin greatly affects the sentiment and performance of SHIB, as the sentiment and news around Dogecoin can greatly influence the value of SHIB
It’s important to note that these factors can change rapidly. Therefore, conducting thorough research and due diligence is essential before investing in SHIB or any other cryptocurrency.
Is Shiba Inu dead?
It’s difficult to predict the future performance of any cryptocurrency
, as the market is highly volatile
and subject to change quickly. Even though SHIB’s price has changed a lot since it came out, it is still actively traded and has a strong group of supporters.
Despite its high volatility, the Shiba Inu (SHIB) cryptocurrency is still active and operational
. Here are a few key ways to demonstrate this:Trading volume:
One way to demonstrate that SHIB is still active is by looking at its trading volume. Trading volume measures how many SHIB tokens have been traded over a given time. The higher the trading volume, the more active the coin is. You can see this data on various websites that track the cryptocurrency market, like Coinmarketcap and CoinGecko. Even though the price goes up and down, the volume of trades stays high. This shows that investors are still buying and selling the coin.Wallet holders
: Another way to demonstrate that SHIB is still active is by looking at the number of wallet holders. A wallet holder is a unique address on the Ethereum blockchain that holds a certain number of SHIB tokens. Websites like Etherscan provide data on the number of wallet holders and the distribution of SHIB tokens. These statistics can show how many people are currently holding SHIB and how widely it is distributed, indicating a community and interest in it.Transactions:
Transactions are another way to demonstrate that SHIB is still active. Websites like Etherscan also provide information on the number of SHIB token transactions and smart contract activity on the Ethereum blockchain. Many transactions and smart contract activity show that the SHIB token is used for transactions, which can signify a healthy and active coin.Development progress:
You can also gauge the project’s current state by checking the project’s website and social media presence and looking for development updates. If the project has an active development team and a robust community, it can indicate that it is still active.
It’s important to remember that the market for all cryptocurrencies is very fluid and unpredictable, so it’s always a good idea to do a lot of research and due diligence before investing in any coin. Even if the coin is active, it doesn’t guarantee future performance or success, and it’s important to be aware of the risk involved.
The Shiba Inu (SHIB) cryptocurrency is still active and operating despite the significant volatility it frequently experiences. So, Shiba Inu is still active and trades, so Shib is not dead. (Also Read: How Profitable is Cryptocurrency Trading?)