SHIB, the native token of the meme-based, Ethereum-backed, 100% community-run crypto project Shiba Inu, has risen nearly 50% over the past 24 hours, making it the 11th most valuable crypto asset by market cap. For details kryotokoin.com You should keep reading.
SHIB took the offensive and set a new ATH
In a blog post that announced on June 15 that SHIB will be listed on Coinbase Pro, the trading platform for experienced and professional traders, Coinbase described the dog-themed meme coin as follows:
Shiba Inu (SHIB) is a token that aims to be an Ethereum-based alternative to the popular memecoin, Dogecoin (DOGE). Unlike Bitcoin, which is designed to be scarce, SHIB (with a circulating supply of a quadrillion) is deliberately abundant. Shiba Inu supports projects such as the token ecosystem, the NFT art incubator, and the development of a decentralized exchange called Shibaswap.
According to data from TradingView, at 11:18 p.m. on Oct. 24 on crypto exchange FTX, SHIB price reached $0.0004440 to set an all-time high (ATH).
At the time of writing, SHIB price was trading around $0.0004230. This means that there has been a 46.71% increase in the last 24-hour period. Even more impressive is the 488.31% increase in SHIB against the USD over the past month.
The rise of the Shiba Inu also surprised the popular crypto analyst
It looks like SHIB’s strong rally is poised to take the hugely popular meme-based cryptocurrency to the top 10 clubs. Crypto analysts are struggling to understand what drives the Shiba Inu price up. For example, crypto phenomenon “Coin Bureau” ( @coinbureau on Twitter ), who has been on the rise in the Shiba Inu project for the past few months, tweeted the following earlier today:
SHIB is almost in the top 10. To be honest, I don’t know what’s driving the rally and I’m too afraid to ask at this point…
SHIB comments from the host of “Coin Bureau”
In a video posted on YouTube channel “Coin Bureau” on July 3, the show’s host, nicknamed Guy, told the channel’s more than 1.14 million subscribers that “there may be more to come with this token.” Here are some highlights from the crypto phenom’s comments about the Shiba Inu:
- The Shiba Inu was created in August 2020 by the pseudonymous programmer Ryoshi, who said in his first Medium post that this project is basically “an experiment in community management and decentralization.”
- According to Ryoshi, the project started in 2019 after a discussion with an anonymous developer at Ethereum’s Devcon V conference (which took place in Japan), who apparently created the Shiba Inu smart contract on Ethereum.
- When there was a huge interest in Dogecoin in February 2021, Ryoshi wrote again about the Shiba Inu saying he was “catching fire”.
- In April, the Shiba Inu community released version 1 of their white paper (or “WoofPaper v1”).
- As the Shiba Inu website points out, SHIB is now more than just a meme token. It is a decentralized meme token that evolves into a vibrant ecosystem.
- The majority of the Shiba Inu ecosystem’s focus is on decentralized finance (DeFi). The code for its decentralized exchange (DEX), called ShibaSwap, is currently overseen by CertiK.
- It is probable that Ryoshi is someone with “close connections” to important people in the Ethereum community and apparently has zero SHIB tokens.
- Unlike Dogecoin, Shiba Inu seems to have some serious “productive” developers working on it.
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