While many crypto traders just know Shiba Inu as one of the dog-themed coins out there, the altcoin token is evolving rapidly. Although the coin is currently less in value than a cent, it can’t be ignored as another worthless token as it’s where it’s most susceptible to rapid price swings.
Looking at the current trends swirling around the Shiba space, one can believe the path of Shiba to $1 is achievable. How’s that? Hop along to find out, will you?
Shiba vs. Doge: The road to $1 So Far
As of October 25, 2021, DOGE was at a whopping $0.2789 while SHIB cost $0.0000391. A massive difference, right? Seeing the difference in price between Shiba Inu and Dogecoin, it’s only logical to say that SHIB has no chance against DOGE on the road to the hallowed $1.
But you must also remember the circumstances surrounding the two meme coins. While billionaire Elon Musk is the Dogefather, continually rooting for Doge with his highly controversial yet powerful Twitter posts, the SHIB has no such support while still making great waves. Then consider what would happen at the slightest support for SHIB. It’s going to be a massive breakout, greater than anything we’ve seen lately.
Meanwhile, there are many reasons experts and the average crypto enthusiast believe the SHIB is well on its way to $1. Consider its highly dedicated and united community―the Shibarmy that got bigger and even more active, united, and connected after the recent spike in SHIB’s value rocked the crypto world.
Although a large community doesn’t directly translate to activity in the ecosystem, it represents the activity potential on average. And, this potential in turn influences the price action on Shiba Inu.
Additionally, the SHIB is a foundational cryptocurrency to a rapidly evolving ecosystem that currently beats out the Doge ecosystem. We’re talking about an ecosystem with two other sub-tokens (LEASH and BONE), which make giving incentives and governance simple, participatory, and fun.
Not to mention the passive income opportunities that abound in the Shiba ecosystem with transparent reward systems. In essence, you won’t be wrong if you think SHIB is more qualified than DOGE to hit the $1 benchmark based on consistent ecosystem activity.
SHIB Burn Feature, Lower Token Supply, and Increasing Value – This is the way
Unlike DOGE with an unlimited supply, the SHIB just has a limited supply of 1 quadrillion. Of the 1 quadrillion, 50% were sent to Ethereum’s Vitaly Buterin, the godfather of Shiba. And out of those, he burnt 90% of the tokens and sent the remaining 10% to charity. Since he did that, the price of the SHIB has taken a good leap.
SHIBA also features a burn wallet which has a remarkable impact on coin supply and price. While governments keep printing fiat currency, Shiba Inu’s developers are taking action in the right direction to ensure the cryptocurrency doesn’t drop in value. That’s basically the idea behind the Coin burn.
After the Shiba Inu developers announced the coin burn feature, the token’s price increased by almost 20%. The feature implies that SHIB holders transfer a fraction of their tokens into an inaccessible wallet by trading or doing transactions. In essence, coin burn takes the burnt tokens out of the circulating supply by keeping them in an “inaccessible” burn wallet.
By doing so, the token undergoes a gradual decrease in supply, which makes it more valuable and increases the cost. With that being said, it’s evident that SHIB’s rising to $1 isn’t a myth, as the burn feature is poised to keep it scarce and valuable.
The team has burnt approximately 900 million SHIB tokens as of October 24, according to Watcher.Guru. And with 1% of its circulating supply burned daily, Shiba Inu’s price keeps shooting higher with 16% daily growth.
Contrary to the crypto-burning mechanism of Ethereum and other cryptocurrencies, every trading pair or pool intending to list on ShibaSwap must buy and burn certain amounts of SHIB and LEASH tokens. This burn mechanism further helps to reduce the supply of SHIBA, which is beneficial to SHIBA’s path to $1.
The Shiba team also plans to include an NFT burn mechanism. According to Ryoshi Kusama, the 10,000 Shisboshis or NFTs incur certain SHIB fees whenever a holder changes the features like name, graphics, etc. The fees are sent to a SHIB burn wallet, and It’s interesting how the ecosystem is knit together with the coin burn feature as Shiba Inu moves closer to the $1 mark.
Shiba’s Listing In Almost all Exchanges Improves Accessibility and Participation
Shiba Inu has proven to be a reputable coin, seeing it’s already listed in 45+ exchanges, including the top exchanges you can think about. That’s huge! From Binance, Coinbase Pro, and Okex to Crypro.com, Shiba Inu is gaining solid ground in the crypto economy. As such, more people are discovering it, seeing its potential, and HODLing as much of the SHIB token as they can.
What Changes With Shiba’s Release of Its blockchain, and How Will it Function?
According to Riyoshi, the founder of Shiba Inu, the Shiba L2 (Layer 2) or Shiba’s blockchain called Shibarium should be expected to launch soon. Ryoshi emphasized that there is a thin line between an L2 and a blockchain. In essence, Shibarium is going to be Shiba L2.
Contrary to what many people would expect, Shibarium plans to use BONE as its primary pair token. Using BONE instead of Shiba as a primary pair token is because BONE will create a “fair and 0” start intended to discourage token whales or people from HODling outrageous amounts of SHIB. However, SHIBA and LEASH holders are encouraged not to worry as their holdings will be used to yield BONE at ShibaSwap’s launch.
Speaking about Shibarium on the Shiba Discord, Shytoshi Kusama, Shiba’s project lead, mentioned that Shibarium will charge low fees or even zero fees for all its services, whether games or anything else that builds on it. Hence, one of the major goals of the Shibarium network is to reduce transaction fees for everyone in the Shiba ecosystem.,
The current Shiba network running on the Ethereum network has had its fair share of Ethereum’s high gas fees. For instance, after the first sale of Shiboshis, the Shiba network’s NFTs, the team was met with so much criticism owing to high gas prices, which saw some spending hundreds to thousands of dollars on fees.
Judging from how much the high gas fees on the Ethereum network affect transaction fees on the Shiba ecosystem, it’s already clear how much Shiba’s L2 (Shibarium) will cut down fees on the ecosystem. This, in turn, will increase participation on the blockchain as people will want to run their transactions at low fees.
As such, activity increases, resulting in the continual burning of the tokens and a hike in the price of the SHIB token. With this structure in place, the road to $1 is very achievable and probably imminent.
Despite being way below a cent, Shiba Inu can’t be ignored. As the other meme coin that comes to mind when we think about Dogecoin (backed by Tesla’s Elon Musk), SHIB at $1 may be closer than we think. DOGE has already hit 26+ cents. To crown it all, the Shiba team is relentlessly fortifying the ecosystem, from the burn feature and the Shiboshi blockchain to a highly dedicated Shibarmy. As it stands, Shiba Inu could hit $1 faster than we expected.