Emerging onto the crypto scene in August 2020, a revolutionary blockchain concept quietly prepared to take the altcoin market by storm. First described in a masterfully sarcastic blog post, the creator of this simple meme coin outlined a method for seeding decentralized communities in the cryptocurrency space. And with all the tenacity of a lovesick puppy, Shiba Inu (SHIB) lingered on the market for the rest of the year as a nearly unheard of project.
But something happened in the first half of 2021 that would turn the cryptocurrency market on its head. People actually started trading the Shiba token. A growing contingent of loyalists began believing in the project. And as WallStreetBets was publicly stifled by the bureaucratic powers of traditional finance (ala GameStop), a truly decentralized alternative presented itself to the investment world.
And as trading picked up, the gains created for hodlers of Shiba Inu became legend.
Though the bubble that propelled Shiba Inu into the headlines has since burst, the token’s supporters have managed to keep the project alive. And as Shiba Inu breaks through yet another resistance level, experienced traders are asking themselves if the potential for massive gains still exists.
But what is Shiba Inu, exactly? What could cause this currency to move higher in today’s market? And most importantly, how high can Shiba Inu go?
What is Shiba Inu?
Easily dismissed as a joke, and often treated as such in the mainstream press, Shiba Inu (SHIB) represents a vision so avant-garde, few have grasped the market implications associated with its development. A truly decentralized cryptocurrency, the seeding of Shiba Inu began with the distribution of its entire supply.
Described in detail in the company’s Woof Paper, after locking half of all created tokens on Uniswap, more than half of the available supply was sent to Vitalek Buterin, the founder of the Ethereum blockchain.
Heralded as the Dogecoin (DOGE) Killer, the Shiba token represents the 1st currency available on ShibaSwap. A decentralized exchange (DEX), ShibaSwap is a unique trading platform for just 3 tokens: SHIB, LEASH and BONE. Each currency has unique characteristics and prices based on their individual tokenomics. Together these decentralized finance (DeFi) tokens make up the Shiba Inu ecosystem.
Shiba Inu Market Capitalization
Shiba Inu has a current market cap of over $3 billion, which has fallen dramatically from its highs near $14 billion in May 2021. Though trading has picked up again alongside the market, reaching the prices experienced earlier in the year may be tricky for a token with a circulating supply of over 394 trillion.
While there is definitely room to grow, trading expectations should remain tempered by the tokenomics of Shiba Inu. Lacking in solid products, Shiba Inu has little more than a cult-following and a 3-token exchange to hang its hat on.
Sadly, the over 1,000% gains of yesteryear may have come and gone. Nevertheless, the opportunity to make money with Shiba Inu probably still exists. As participation increases in the altcoin market, and novice traders begin to purchase their 1st coins, Shiba Inu’s army of marketing specialists are sure to place their mascot front and center when facing a new investor class.
Bull Case for Shiba Inu
Shiba Inu may not be the Dogecoin (DOGE) killer it claims to be. Still, a number of recent developments have traders taking a second look at the coin.
With a focus on artists in the space, Shiba Inu may have captured the heart of the market with its new NFT collection available on OpenSea.
Pushing heavily for mainstream adoption, Shiba Inu has also been making headway with several exchanges. A strong push by the ShibArmy to have the currency listed on Coinbase as well as Robinhood have pressured the exchanges to consider the move.
These developments bode well for the fledgling currency, and speak to the liveliness of the community attached to this memecoin.
Bear Case for Shiba Inu
Unfortunately, Shiba Inu’s best days are likely behind it. The massive bubble and subsequent burst we witnessed earlier in the year was a predictable consequence for a multibillion-dollar company without a product.
While new exchange listings and an NFT collection are certainly developments of interest, investors may need something more to justify committing fiat to the project again. Besides, with so many tokens in circulation, traders burned by the last bubble will likely be quick to let go of their Shiba Inu if the price increases much further — putting downward pressure on the token.
Where to Buy Shiba Inu
Shiba Inu has made its way onto a number of popular exchanges. If you’re located in the U.S, then eToro and Voyager are 2 great exchanges for purchasing the Shiba token. Both of these exchanges offer industry leading security measures, so rest assured your funds are in safe hands. If you want extra protection and true ownership of your cryptocurrency, you should consider using a cryptocurrency wallet alongside your exchange of choice.
How Long Will it Take for Shiba Inu to Reach $.01?
Shiba Inu currently sits near $.000008 at the time of writing. With a price so low, many novice traders are eager to get in on this potential moonshot, believing the token may reach ridiculously high levels in the near future. Unfortunately, $.01 may be too lofty an investment goal for serious traders.
To put these numbers in perspective, consider that $.01 is 1,250 times the current value of Shiba Inu. The increase in price would send Shiba Inu’s market cap to $3.75 trillion, making it the largest company or cryptocurrency to ever exist.
Keeping our expectations a bit lower, the potential for the coin to outperform the market grows with every ShibArmy meme spammed over the interwebs.
Where to Store SHIB Safely
To truly take ownership over your purchase, you’ll need to move your tokens from the exchange they were purchased to a wallet that suits your needs. Whether you’re looking for cold storage or mobile access and connectivity the following choices are perfect for storing your SHIB tokens.
Best hardware wallet: Ledger
Ledger stores all of your ERC-20 tokens. SHIB is no exception. With your private keys stored on the device itself, there’s no better way to keep your crypto secure. Ledger can also store Bitcoin, XRP, Litecoin and dozens of other cryptocurrencies. More likely than not, a Ledger wallet is the only cryptocurrency wallet you’ll ever need.
Best software wallet: ZenGo
ZenGo has created a keyless wallet, relying on facial recognition to secure your SHIB tokens. Enjoy the fastest and most secure wallet in crypto.
Current Crypto Prices
The cryptocurrency market continues to waver, sitting just above $1.9 trillion. While some expect further selling to bring the market down slightly in the near term, others see support at current levels.
BItcoin (BTC) has fallen below $45,000 at the time of writing. Bitcoin dominance sits below 44% as altcoins continue to pull market share from the original blockchain project.
Ethereum (ETH) is also down 2% on the day, hovering near $3,000. The pullback across the cryptocurrency market comes after 1 week of surging prices for altcoins like Cardano (ADA), Dogecoin (DOGE) and SHIB.
So, is Shiba Inu a Good Investment?
If there’s one thing the ShibArmy has taught us about their favorite crypto project, it’s that it isn’t going anywhere anytime soon. Despite dropping catastrophically from its all-time high, Shiba Inu is still up considerably for the year. And with new developments being driven solely by stakeholders within this decentralized community, the experiment that underlies the meme coin has proven itself viable.
But while the potential for gains certainly still exists for this young cryptocurrency, it is important to consider just how high Shiba Inu can go before diving in head first. With a huge supply of coins and an already frothy market cap, it may be more sensible to keep scrolling the next time a dog meme gets spammed on your Twitter feed.