Shiba Inu token was created back in August 2020 but recently went to an extreme high after a lot of attention on Dogecoin. We know that Elon Musk is behind the pumping the value of Dogecoin; on the other hand dumping the value of Bitcoin. Now investors are looking for the next big meme coin to invest in.
There're lots of Doge clone meme coins, and some of them have exciting technology as well.
Remember, Dogecoin was made as a joke and never intended to go this big! Now many coins have the potentials to take the top spots and have good technology underneath them! Which is one of the reasons that Altcoins are flooding the market! Some of them can be categorized as scams, but some interesting ones have great technology.
After reading the woofpaper (or Whitepaper) of Shiba Inu, it seems like Shib coin is the better version of Doge. The only downfall of Shiba Inu is, it isn't the first meme coin in the crypto market.
Shiba Inu's mission is to be the killer of Dogecoin. And since increasing over 2,000,000% this year, it might actually end up growing quite substantially.
Market Cap of Shiba Inu = $8 Billion
The market cap of Shiba Inu is 8 Billion Dollars which is more than what Doge was trading at for ages, until the recent surge this month to about 60 Billion US Dollars. Dogecoin went from 8 to 60 cents within few days. So it's a force that shouldn't be underestimated.
The Whitepaper says the coin is a deflationary coin, which means they start with a max circulation of one quadrillion tokens, 1000 trillion tokens, and burn it down.
They gave half of the coin to Ethereum founder Vitalik Buterin, which they have called a BURN! And the other half was handed over to Uniswap with the keys thrown away, which means no dev holds any token.
I am confused with Vitalik Buterin's 50% coin issue because giving him the coin doesn't mean effectively burnt! In fact, just this week, Vitalik did something unusual and unique, which I already mentioned in my previous article. He donated all of his holdings to Indian Covid Relief Fund; the donation is worth approx one billion dollars! But at the same time, it created a massive panic over the market.
Now it was severely hit by Ethereum owner Vitalik Buterin! Basically, he just pulled the rug out under Shib. This is absolutely depressing for those who were actually interested in all the meme coins. Vitalik owned a ridiculous amount of Shib because the creator of Shib sent 50% of the entire supply to his wallet.
I also didn't expect that The Ethereum owner will send all of his shares to the charity and leave everybody behind hanging in the market! But that's what he did, which is excellent for humanity and depressing for all the Shib investors!
The problem is he did this without announcing anything, and people found out by looking at his wallet! Which triggered a market panic and sale of the Shib coins!
Now the question is why Shibcoin's price is increasing?
I already mentioned earlier that people are talking about Doge everywhere after Elon Musk declared Dogecoin is his coin, which is not actually. But he is influencing the price of Doge. Shib's rise is obviously due to the increase in Dogecoin's success. And After the surge of Doge, big investors were looking for the next big meme coin, and it seems like they found Shib coin best for investing along with some other meme coins like Dogelon Mars, Akita Inu, etc.
And lots of news helped too, as they mentioned Shiba Inu is the copycat of almighty Doge! Ever since then, the price has continued to increase. And in a recent scenario, it looks like Elon Musk will accept Doge payment for Tesla and ignore Bitcoin. He already created a poll about it on Twitter!
https://twitter.com/elonmusk/status/1392030108274159619
- elonmusk
As we already saw, Shib's success is somehow tied with Dogecoin. If Doge's price increase, Shibcoin's price will increase as well.
According to crypto enthusiasts, the price is going down after the controversy of Vitalik. Still, I believe this is not going to be an issue for the rise of the Shiba Inu coin as it is the next Doge, according to crypto enthusiasts!
I hope you liked my analysis on the Shiba Inu token. Remember - this is just an article based on my research. You're not encouraged to trade after reading this. As everyone says - This is not financial advice!