Speculators can purchase them — usually at smaller per-token prices — with the hope for price upside potential, and enthusiasts use them to connect with a broad community of like-minded people. Aside from lower price points, meme coins may also seem more accessible to novices than more complex projects like Bitcoin (BTC) or Ethereum (ETH), thanks to social media marketing and meme culture. Notably, the desire to provide more utility to users has seen the self-proclaimed “doge killer” become the second-most popular meme coin in the market. And although the market capitalization of dogecoin is still nearly twice that of shiba inu as of January, 2023, the underdog project has managed to create and build up a large community and narrow the gap between itself and DOGE. Doge and Shiba are both meme coins competing to gain popularity on the dog picture.Doge was launched in 2013 while, Shiba was launched in August 2020.
With a monumental price increase after its launch, many investors have been looking at the possibility of Shiba Inu token reaching new milestones in the future. While Shiba Inu reaching $1 is all but impossible, lower milestones like $0.001 or even $0.01 remain within the realms of possibility. The creators of SHIB locked half of the token’s supply–500 trillion tokens to be exact–to Uniswap.
However, it doesn’t offer any competitive advantages over other cryptocurrencies in this regard, and it’s not widely accepted as a payment method. Anything’s possible with cryptocurrency, but you should be very cautious if you’re thinking of buying this one. Cryptocurrencies are often divisive, but Shiba Inu is in a class of its own. Critics have called it a pump-and-dump scheme and said that it’s practically useless. On the other hand, it has a massive number of followers who love to hype it on social media, and it was one of the most successful investments of 2021.
This means that for the price of Shiba Inu to reach $1, a number commonly talked about by investors, the entire project would be the most valuable asset in the world, which seems unlikely. The relationship between social media trends and meme cryptocurrencies can’t be overstated, and Shiba Inu has demonstrated this correlation in its past performance. As long as it continues to enjoy celebrity endorsements and remains a topic of discussion, there’s potential for price surges. Many performed extremely well throughout 2023 and kicked off 2024 with vigour.
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Since ShibaSwap is built on the Ethereum blockchain, it offers trading between ERC-20 tokens, meaning tokens built on that specific blockchain. It has since launched a decentralized crypto exchange in an attempt to build the Shiba Inu ecosystem. Shiba Inu launched its own decentralized exchange, ShibaSwap, in July 2021. In November, it partnered with David Folk (previously vice president of technology at Activision) to develop a cryptocurrency gaming project.
The ecosystem also includes ShibaSwap, non-fungible tokens (NFTs), an upcoming Metaverse, play-to-earn games, and a decentralized autonomous organization (DAO) called the DoggyDAO. SHIB was created as an experiment in decentralized spontaneous community building and has over one million holders on the Ethereum network. It differs from Dogecoin in that it is built on top of the Ethereum blockchain and has a number of tokens and applications surrounding it that do not support DOGE. A fixed total supply of 1 quadrillion SHIB tokens was minted during the project’s official launch in 2020. Some 50% of the supply of shiba inu was locked in Uniswap SHIB/ETH liquidity pool – a decentralized exchange where users deposit pairs of assets into liquidity pools that other investors can trade against. Shiba Inu, however, has a community-driven rescue campaign for Shiba Inu dogs and an ecosystem of products and services, including a decentralized exchange named ShibaSwap.
