Some cryptocurrencies have seen significant price gains with the crypto market sideways trading this week. Most Metaverse and Meme coins continued to dominate the market, seeing gains in double and even triple digits. But among them were some cryptocurrencies that witnessed some hard-to-believe gains.
Shiba Toby (SHBT) A metaverse/meme cryptocurrency, named the coin, gained 2000 percent yesterday, reaching an all-time high of $0.0000005623 and taking its place on the list of top earners. However, the metaverse/meme coin, which lost some of its gains, was trading at $0.0000001317, up 1579 percent at the time of writing.
In this article, we, as KoinFinans, examined Shiba Toby, a meme coin that has experienced such an impressive increase in a short time, and tried to understand why the price has risen so much.
What is Shiba Toby (SHBT)?
Released in January 2022 Shiba Tobyis a Shiba Inu-themed meme cryptocurrency built on Binance Smart Chain (now BNB Chain). The meme coin, whose biggest strength is claimed to be transparency, is expected to be the next major decentralized meme coin in BSC.
In the whitepaper of the project, the team defines the cryptocurrency as:
“Shiba Toby is the ultimate all-in-one token, providing the best and latest encoding technology. We have created a token that is more rewarding than ever before.”
Shiba Toby rewards users 5% for every sale transaction. reflection token(cryptocurrencies that reward their holders using a mechanism where transactions are taxed and a percentage of the tax collected is redistributed to token holders). It can be described as a hyper-deflationary token where rewards are automatically redistributed.
Shiba Toby also has a metaverse game available for users to try right now. The game includes a simple Mario-like 2D platform where users can collect coins.
At the time of writing the game is still in beta testing. This means that players can test the game, but the reward system has not yet been implemented.
Shiba Toby has made some plans for the games on their platform. These include PVP and PVE battles, Breeding NFTs and much more. Shiba Toby also announced that they will be releasing an NFT collection featuring an adorable Shiba Inu dog.
Is Shiba Toby a Good Investment?
It took more than a month for Shiba Toby to experience significant price increases, according to the CoinMarketCap chart.
The cryptocurrency is only listed on PancakeSwap which means all the volume comes from that exchange.
At the time of writing, SHBT has a market cap of $126K and a 24-hour trading volume of over $190K… Over the past 24 hours, the large volume of purchases that followed this massive spike continues to push the token to new heights.
Shiba Toby’s last activity on Twitter was in January, so the reason for the current bullish momentum is not fully known. This looks like a hidden pump that happens for no apparent reason.
Looking at the distribution of holders, it is seen that the top holder is the PinkSale Liquidity Lock address with over 30 percent supply, followed by PinkSale with 15.3 percent of the supply.
The holder distribution above is relatively healthy. The dealer only holds 15 percent of the supply, which is reasonable. We have also witnessed many tokens with questionable holder distributions where some distributors hold 90 percent of the total supply, according to them the situation can be considered quite healthy.
Overall, the Shiba Toby doesn’t seem to be showing any red flags, and analysts say its low market cap of under $300k has Minimum Viable Product (the project has a game) states that it’s pretty low for a Metaverse/Meme cryptocurrency.
One of the only parts of the token of concern is the period from January 15 to February 15, when it had an extremely low trading volume. However, the recent bullish momentum and the volume exceeding $148k in the last 24 hours are positive indicators of the token’s long-term potential.
If the team continues to develop the Shiba Toby and NFT collectibles hit the market, SHBT could easily reach a valuation of at least $1 million.
Investing in meme cryptocurrencies is always pretty risky, but as we mentioned above, Shiba Toby is not just a meme coin. The cryptocurrency has some usability states and minimal viable products, which creates a positive feeling about the coin.
It is possible for traders to make a quick short-term gain by holding SHBT for 24-48 hours, but if the current price is the token’s peak, traders can also lose 50 percent of their portfolio in just a few minutes.
*Minimum Viable Product (MVP), It is a development technique in which a new product with essential features sufficient to attract the attention of consumers is introduced to the market. The final product is only released after sufficient feedback has been received from the first users of the product.
This technique helps them make the final product much better. With the help of the MVP concept, the research or marketing team will find out where the product is missing or what its strengths or weaknesses are.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.