Shiba Inu has had a somewhat melancholy ride since it first appeared on the crypto world in August 2020. The crypto asset that was labeled as a ‘joke coin,’ along with an unnamed developer, quickly shed that label and stormed the crypto market.
SHIB was created to dethrone Dogecoin and was even dubbed the “Dogecoin Killer.” Shiba Inu exceeded DOGE’s market capitalization on October 27, 2021, largely to market commentators, analysts, and traders warming up to the crypto asset, sending its price skyrocketing.
Although the reasoning behind its price increase remained unknown, market analysts ascribed it to speculation rather than technical changes.
SHIB supporters, dubbed the ‘Shib Army,’ tirelessly marketed the coin on social media, with an occasional statement from billionaire investor and SpaceX CEO Elon Musk throwing the community into a frenzy.
Some market observers also attributed the coin’s ascent to the creation of the decentralized exchange ShibaSwap, which prompted many supporters to hold onto their hoard for an extended amount of time in the hope of reaping exceptional returns.
Shiba Inu’s popularity would expand further when the coin was listed on most exchanges in September 2021, prompting a petition to ask Robinhood to do the same.
The price of the digital coin continued to rise the following month, when Elon Musk tweeted a tweet with an image of the Shiba Inu puppy on his Twitter account, generating a 600 percent spike in value.
Shiba Inu, on the other hand, was not immune to the high market volatility and soon found itself in the red.
The excitement around Shiba Inu has subsided, but the coin appears to be making a comeback this year. Despite the fact that SHIB has lost about two-thirds of its value since October 2021, many happenings surrounding it have piqued the curiosity of supporters once more.
ShibaSwap 2.0, the proposed new version of Shiba Inu’s decentralized crypto exchange, would contain a feature that allows the burning of SHIB tokens, reducing its circulating quantity and, perhaps, boosting values, according to a major member of the Shiba Inu team known as ‘Archangel.’
Although ShibaSwap 2.0 is still in the works and no precise launch date has been revealed, many market observers expect it will be available before the third quarter of the year, with the burning process tipped to be a major stimulus for the coin’s growth.