And here we go talking about the BIG news crypto traders heard yesterday! The rival meme token of Dogecoin, which had been close to overtaking it, has just passed the Doge market cap. Shiba Inu, popularly called the “Dogecoin killer” has surged higher than Dogecoin, becoming the 7th largest cryptocurrency in the market at one point.
The speculations made about Shiba Inu as per CoinGeko’s data were already proven right when Shiba Inu rose by 30% by the end of October 27th, hitting a record high above $0.00007. With a market capitalization of $41 billion, and in terms of the expected utility, it would not be wrong to say that Shiba Inu might take the No.1 spot in near future. Crypto investors are eagerly anticipating now what’s next for Shibacoin. Shiba Inu’s current valuation is in fact more than the market cap of companies such as ITC, Larsen, and Toubro (L&T), Maruti Suzuki, Nestle India, Robinhood, and Adani Green Energy. Shiba Inu has just been recently listed on Coinbase and Binance, and its momentum seems growing by the hour.
Shiba Inu token (SHIB) is an ECR-20 token backed by the Ethereum blockchain. And it had a fixed supply of 1 quadrillion SHIB. Now, this is contrary to Dogecoin that has an unlimited supply; and probably a factor that helped Shiba Inu to surpass its meme coin rival. Lower token supply and increasing supply have made the difference.
Shiba Inu token system supports artistic and innovative projects like NFT art incubators. The development of its decentralized exchange, named ShibaSwap already in popular demand. These are the major factors driving the SHIB’s value and interest among investors and traders.
The rise in volumes that the token has been seeing is attributed to FOMO (the Fear of Missing Out) — as interest rises, investors rush to take part in the rally as a way to book profits.
Shiba Inu is also seemingly stepping up its game further now with a new partnership with crypto payment processor NOWPayments to enable its SHIB, LEASH, and BONE tokens while also eliminating a part of the tokens through a burning feature — permanently decreasing the supply, which will eventually increase the price. A path to $1 for Shiba is not a pipe dream when Shiba tokens are burned. One should should keep in mind that Shiba is not done yet, this token just getting started and one day, Shiba will rebirth with its own Blockchain Shibarium.
However, with the price less than $1, the holdings in Shiba Inu are anticipated to be concentrated in just a few hands, making the price of the coin extremely volatile. For example, if some investors dump the coin, the alt coin’s price might crash. This is something the investors should keep in mind. With that said, one should always have an exit strategy when investing and only sell on your own terms.