In this ShibaInu forecast, we take a look at the fundamentals of SHIB. As the article progresses, the picture of this coin becomes clearer and clearer. Using this data and technical chart analysis, we make our prediction for the ShibaInu.
ShibaInu – A meme token
One of the most important aspects of evaluating cryptocurrencies is looking at the use case that the project is pursuing. Therefore, this is also the first thing we will look at in this ShibaInu prediction. The coins and tokens differ in all variations. While one coin specializes in fast and inexpensive transactions, another coin focuses on the creation of dApps and smart contracts. Still, other coins attach great importance to anonymity. These are by no means all use cases pursued by cryptocurrencies, but listing all of them here would go beyond the scope.
Which of these categories does ShibaInu fit into? SHIB is one of the meme tokens. As already explained in the Dogecoin forecast, meme coins are among the cryptocurrencies that have no real purpose. In fact, they serve more as “fun currency” and for speculative purposes.
But does ShibaInu really live up to its reputation as a meme token? In fact, the token benefited greatly from the tremendous hype it has experienced. For this reason, one or the other real use case for SHIB has even emerged.
Some online platforms have already been set up that promote and allow payments with cryptocurrencies. The popularity of SHIB has allowed the token to climb into the top 15 cryptocurrencies in terms of market capitalization.
This brought the token a lot of attention, not only from investors but also from being integrated into the online platforms just mentioned. Shopping.io announced in July 2021 that it would accept ShibaInu as a payment method. This means that Shopping.io users can pay with ShibaInu and more than 100 other cryptocurrencies at Amazon, eBay, Walmart & Co., among others.
In this ShibaInu forecast, we not only deal with SHIB, because a decentralized exchange (DEX) was published in connection with the SHIB token, which bears the name ShibaSwap. Some meme coins can be found on this DEX. These have piled up like sand by the sea since the SHIB hype. ShibaInu benefited greatly from Elon Musk, who frequently commented on the tokens on Twitter.
Trading on the DEX was initially only possible via the two tokens SHIB and LEASH. The DEX enables some functions such as yield farming, trading & Co. While the start of the DEX was extremely promising and the DEX has risen to the top 25 of all DEX, the hype has fallen again and so has the ranking. Currently, the DEX is not even among the top 100.
ShibaInu, Leash & Bone
The next big point of our ShibaInu forecast is key data for the meme token. SHIB is a cryptocurrency created in 2020 by the pseudonym Ryoshi. SHIB is an ERC-20 token, meaning the token was built on the Ethereumblockchain. The logo of the token adorns the Japanese dog breed ShibaInu of the same name. The maximum number of SHIB is 1 trillion tokens. Bitcoin has a fix number of coins that is maximum of 21 million. That is a factor of almost 50 million. This is one reason why the price of a single token is well below 0.
But SHIB isn’t the only token Ryoshi has targeted. In addition, the token leash with a maximum supply of 100,000 tokens and the token bone (bone) with a maximum supply of 250,000,000 tokens were released. The two tokens are also ERC-20 tokens.
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Marketing attempt with VitalikButerin
From the start, Ryoshi tried to assert belief in his tokens. To give the system more secure, he sent half of all tokens to a wallet on Uniswap, allegedly an eater address, i.e. a wallet that does not have a private key and therefore does not grant access to the tokens.
The other half was sent to VitalikButerin, the inventor of Ethereum. But what does Buterin have to do with SHIB? Quite simply: nothing! However, with ERC-20 tokens it is actually common to send Buterin tokens. This probably serves the hoped-for marketing effect.
He donated SHIB worth $1 billion to a Corona aid organization and claims to have sent 90% of the tokens to an eater address. As a result, many of these tokens are no longer usable. However, if you follow the circulating number of SHIB, which is over 500 trillion, it becomes clear that something is not quite right here.