Shiba Inu is an Ethereum-based altcoin (a cryptocurrency other than Bitcoin) using the Shiba Inu as its mascot, a Japanese hunting dog breed. Shiba Inu is commonly regarded as a Dogecoin alternative; in fact, its proponents refer to it as the "Dogecoin killer."
Shiba Inu is a meme coin, which is a cryptocurrency connected with a particular theme—in this example, the Shiba Inu dog—but which is frequently created as a parody or inside joke rather than as a digital commodity with actual utility. Shiba Inu was founded in August 2020 by an anonymous individual or group known only as "Ryoshi" and is traded on ShibaSwap, a decentralized exchange. Will Shiba Inu reach 1 dollar? What is the market capitalization for Shiba Inu, and what are experts' opinions on Shiba Inu price prediction? Read on to find out more.
According to the Shiba Token website, Uniswap, a decentralized finance system that permits automatic transactions between cryptocurrency tokens on the Ethereum blockchain, has been assigned 50% of the entire supply. The remaining 50% was given to Vitalik Buterin, the co-founder of Ethereum.
The Shiba Inu ecosystem's guiding principles are spelled out in a "Woof Paper" (apparently a play on "white paper"), which can be seen on the ShibaToken.com website.
Shiba Inu was created in response to a simple question, according to the paper: "What would happen if a cryptocurrency project was managed entirely by its community?" It began as an "experiment in decentralized spontaneous community development," according to its founder Ryoshi. Ryoshi believes that the strength of collective decentralization may generate something far more powerful than a centralized team could ever achieve. Over 500,000 ShibArmy members believe in the ShibArmy's founding principles:
The project began with zero, in the spirit of making something from nothing; it was not created on the basis of an existing community or pre-assembled team; and it was founded on the basis of a declared love of Shiba Inu dogs.
As stated earlier, Shiba Inu is an Ethereum-based ERC-20 token, which means it is created and hosted on the Ethereum blockchain rather than its own. According to Ryoshi, he picked Ethereum to develop the Shiba Inu ecosystem because it was already secure and well-established, as well as because it allowed the project to remain decentralized.
Shiba Inu's price increased in more than ten-folded in October 2021, giving it a market value of $35 billion on October 31, 2021, putting it in 10th place among all cryptocurrencies by this metric, prompting many people to wonder, "will this cryptocurrency reach $1?"
The meme coin's price increase was sparked by a tweet by Tesla creator Elon Musk on October 4, 2021, displaying a picture of his new Shiba Inu puppy, Floki. Shiba Inu's price spike in October 2021 nearly caught up to Dogecoin's market value of $36.9 billion (as of Oct. 31, 2021), after temporarily topping it. It remains to be seen whether Shiba Inu will live up to the expectations of its increasing community of followers, known as the ShibArmy. But, at least in October 2021, Shiba Inu, a previously unknown cryptocurrency, became the top meme coin as its price skyrocketed and those who have been asking 'will Shiba Inu reach $1' got
At the moment, Shiba Inu is trading at 0.000053 USD, with a market capitalization of 28,996,620,341 USD and a circulating supply of 549,095,509,738,352.94 SHIB. This cryptocurrency's price has changed by 1.61 percent from yesterday. With a 24-hour volume of 849,172,045 USD, the SHIB coin is traded on ten active marketplaces. It is now ranked #12 among all cryptocurrencies.
The Shiba Inu waves, according to Marie Tatibouet, chief marketing officer of crypto exchange Gate.io, is expected to decrease in the future. "As the euphoria goes down a bit, I see some correction coming in the near future," she said.
Jordan McCreery, the founder of Ingrained Media, is a lot more optimistic. He remarked that he feels Shiba has some real potential to expand from its fraction of a cent to $0.01 or more
According to Don Guo, CEO of finance firm Broctagon, Shiba Inu will never surpass $1 in value. "A market capitalization of one quadrillion US dollars is required for SHIB to reach a dollar," Guo noted. "By comparison, the whole US National Debt is $23.3 trillion-yet even that enormous number is less than 3% of the amount required for SHIB to reach that pricing point."
"Given present patterns, Shiba is more likely to stay within its ballpark of less than a tenth of a cent."