SHIB, the native token of the meme-based, Ethereum-supported, 100% community-run crypto project Shiba Inu, has increased by nearly 50% in the last 24 hours, becoming the 11th most valuable crypto asset by market capitalization. For details Kriotokoin. com you should keep reading.
SHIB attacked and set a new ATH
In a blog post that SHIB announced on June 15 that it will be listed on Coinbase Pro, the trading platform for experienced and professional traders, Coinbase defined 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 cascadedly 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 TragView, at 11:18 PM on October 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. What is even more impressive is that SHIB has increased by 488.31% against the USD in the past month.
Shiba Inu’s rise also surprised popular crypto analyst
It looks like SHIB’s strong rally is poised to take the immensely popular meme-based cryptocurrency to the top 10 clubs. Crypto analystsdollars are struggling to understand what drives the Shiba Inu price up. For example, the crypto phenomenon “Coin Bureau” ( @coinbureau on Twitter ), which has been on the rise in the Shiba Inu project for the past few months, shared the following tweet on saadollarser 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 broadcast on the 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 in this token.” Here are some highlights from the crypto phenom’s comments on the Shiba Inu:
- Shiba Inu was created in August 2020 by 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 after a discussion with an anonymous developer at Ethereum’s Devcon V conference (which took place in Japan) in 2019, who apparently created the Shiba Inu smart contract on Ethereum.
- In February 2021, when there was a huge interest in Dogecoin, Ryoshi wrote again about the Shiba Inu saying that 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 of its decentralized exchange (DEX), called ShibaSwap, is currently being tested by CertiK.
- Ryoshi is likely to be someone with “close connections” to important people in the Ethereum community, and apparently owns zero SHIB tokens.
- Unlike Dogecoin, Shiba Inu seems to have some serious “productive” developers working on it.