Image Credits: coinpedia.org
The Journey of the Shiba Inu
Shiba Inu was created by an anonymous individual known only as “Ryoshi” and has subsequently gained 12505887.6 percent since its creation in the cryptocurrency market, making it an internet sensation.
The purchase of billions of SHIB coins for a few dollars resulted in many multi-millionaire investors and business owners. Even though Shiba Inu had a slew of success stories during its meteoric rise to prominence in the cryptocurrency market, the token’s price has since fallen to $0.0000388, it is an all-time low, on May 10, 2021.
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Bitcoin had a precipitous decline, which affected the whole cryptocurrency market. Even Shiba Inu continued to plummet over the next two weeks after being caught up in the gloomy market. After stabilizing at $0.0000083 on May 22, the price of the Shiba Inu was able to sustain that level for another two months.
Shibu Inu’s Future
Like Dogecoin and DOGE, Shiba Inu does not support Elon Musk. The multi-tweeted billionaire has gained enormous popularity in the cryptocurrency sector. Tesla CEO Elon Musk’s Twitter post in support of Bitcoin immediately increased the value of Bitcoin jumped by 4%.
When it comes to market capitalization, the Shiba Inu currency does not resemble Dogecoin, which has a supply of 1 quadrillion tokens. With around half of the SHIB token supply in his possession, Ethereum co-founder Vitalik Buterin has. In the end, he chose to burn 90% of them, causing the price of SHIB to soar for a short period. This totaled 410 trillion tokens, worth approximately $7 billion at the time of the burning.
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Although the SHIB community remains steadfast, the likelihood of another significant price increase cannot be completely ruled out. Many devoted supporters have also been able to exert influence over their values.
It will be interesting to watch who emerges victorious in the race dubbed “the King of Meme Coins” in the cryptocurrency industry. The Shiba Inu is expected to reach 0.000064, representing an increase of 814.29 percent. Some analysts believe that if you buy $100 now in SHIB tokens, your investment will be worth $914.29 in 2026.
Shibu Inu Token Burning Mechanism
If you have not heard about Shiba Inu or SHIB recently, you are missing a great opportunity to demonstrate your support for the crypto coin by burning your SHIB tokens for a limited time. With its launch just a few weeks ago, the Shiba Coffee Company is already selling a range of SHIB-branded coffees for a starting price of $16.99.
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Clients can, of course, purchase their coffee in SHIB as well, and ten percent of the company’s profits are then allocated to SHIB burning. In addition to several community-driven token burn projects, the Shiba Inu community, or the shibarmy, has recently welcomed the Shiba Coffee Company into the fold.
Coin-burning is the process of removing cryptocurrency tokens from circulation by transferring them to a wallet that does not have an access key. Several of them, including the SHIB Burner playlist and the Bricks Buster smartphone game. On the other hand, this work can only be found in the digital realm.
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