HomeHistory Behind Shiba Inu (SHIB)

History Behind Shiba Inu (SHIB)

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Shiba Inu (SHIB) is becoming one of the most widely used cryptocurrencies on the market. Many investors have been drawn to the dog-themed meme coin SHIB because of its low price and widespread availability. These investors want to make a quick buck off the token’s rise and value. Much similar to SHIB, Algorland is one such blockchain network that can be used for crypto fund transfers. Hence, if you buy Algorand, you will be investing in the most carbon-friendly blockchain networks.  

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Now, coming back to understanding the legitimacy of Shiba Inu as a long-term investment. It has never been shown beyond a reasonable doubt. Many people view the token as little more than a speculative asset due to the widespread perception that it is a meme coin with virtually no practical use. As a consequence of this, there are few long-term price estimates for the Shiba Inu.

On the other hand, the Shiba Inu development community has been hard at work behind the scenes to reverse this view of SHIB, the 14th-largest cryptocurrency in the world, and had a market capitalization of $6.15 billion as of October 4, 2022.

Let’s take a deep dive into whether or not Shiba Inu should be included in the long-term portfolio of an investor. In this article, we will investigate the price performance of SHIB during its history, its inception, its founders, recent news, and analyst Shiba Inu’s price projections for 2030 and beyond.

In August 2020, Shiba Inu was launched. The so-called “meme coin” is a parody of the Dogecoin (DOGE) meme based on the Shiba Inu dog breed. As investors look for the next cryptocurrency with a high investment value, Shiba Inu-themed coins have become more prevalent in the last few years.

Shiba Inu is built on the Ethereum (ETH) network, and its token, SHIB, is an ERC-20 token.

From the SHIB decentralized meme token, the project has grown into an ecosystem that includes the LEASH and BONE tokens. The Shiba Inu network also has the ShibaSwap, a decentralized exchange, and the Shiba Incubator, an incubator for non-fungible tokens.

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Shiba Inu has also set up the Shiba Inu Rescue Association, a non-profit group of volunteers whose goal is to save abandoned, neglected, and abused Shiba Inu dogs.

Value of Shiba Inu tokens globally

Initially, Shiba Inu had a supply of one quadrillion tokens. The remaining half of the total quantity was delivered to Ethereum co-founder Vitalik Buterin “for protection,” while the first half was frozen in an Ethereum-based decentralized exchange (DEX) called Uniswap.

The number of people who possess SHIB has been steadily growing since the token was introduced into circulation. Since then, the token has been listed on many cryptocurrency exchanges worldwide. As of October 4, 2022, the total number of unique wallet addresses that possess SHIB has reportedly surpassed 1.2 million, as reported by Etherscan.

More than 41% of SHIB’s total supply had been burned and stored at an address that no longer existed, according to the findings of Etherscan. A blockchain data aggregator found a high concentration of large holders of SHIB, with the ten largest investors holding almost 22% of the token’s entire supply.

On October 4, 2022, the market capitalization of SHIB was $6.15 billion, which placed it in the 14th position among all cryptocurrencies. Currently,  the total supply of SHIB tokens is around 549 trillion.

Other tokens of the Shiba Inu ecosystem, such as LEASH and BONE, have been distributed to facilitate the expansion of the network. According to the information provided on its main website, the total supply of LEASH tokens is 107,646.

BONE is a governance token for Shiba Inu’s decentralized autonomous organization (DAO), the Doggy DAO (decentralized autonomous organization). Holders of BONE can vote on proposed enhancements to the Shiba Inu ecosystem. BONE can only be obtained through the ShibaSwap platform and has a maximum supply of 250 million tokens.

Will Shiba Inu survive in the market till 2030?

SHIB was trading for about $0.0000000001 at the time of its release in August 2020. The price of SHIB stayed in a tight range for the rest of 2020. It broke out of that range in May 2021, when the token hit a high of about $0.00038. This was the first day it was listed on the crypto exchange FTX.

A large number of analysts continue to have a favorable outlook for the token, even though some critics have a pessimistic long-term forecast regarding the evolution of the project. 

A few known investors’ Shiba Inu coin price forecast for 2030 anticipated that the token’s price will increase to an average of approximately $0.00029591 by the end of 2030. This would indicate an increase of more than 2,500% from the current price.

Many global investors were equally enthusiastic about its SHIB price projection for 2030. It anticipated that the token would trade at approximately $0.00003252 by the end of that year, representing a 190% rise from its current value.

According to the projections made by many finance delegates for the Shiba Inu price in 2030, the token’s value should increase to approximately $0.000156. Reputed investor platforms observed that the meme currency added to its present value; nevertheless, neither of these services anticipate that the coin will surpass its all-time high of $0.00008845 in their SHIB price estimates for 2031.

Learning about investments in cryptocurrencies is always delightful. However, when you plan to invest in these cryptos, it is crucial to remember that both expert and algorithm-based price forecasts for Shiba Inu can sometimes be inaccurate. One can never predict what will happen in the market. Hence, you should never let forecasts entirely manipulate your research; you should always conduct your due diligence and keep in mind that your choice of investments should depend on the risk you’re willing to take.

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