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Price Updates, Recent Developments, Future Events, Community By DailyCoin

by Mike Robinson

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Shiba Inu (SHIB): Price Updates, Recent Developments, Future Events, Community
  • Meme coin, , is a “CopyDoge,” turned killer
  • Shiba inu became the first person to break the internet. She gained over 350% value within 9 days. Elon Musk tweeted about the meme coin
  • Shiba Inu, a partner with NowPayments.io has decided to get rid of its frictional burning system.
  • Shiba’s recovery is underway after the 30 billion SHIB sale-off. The stock gained 18% in 24 hours.

Meme coin Shiba Inu, is a decentralized crypto created in August 2020 by an anonymous person, or entity, known as “Ryoshi.” The project was modelled on the original Dogecoin, and looked to become a Dogecoin-killer itself.

After gaining 300% within 7 days, ShibaInu was quickly the crypto of choice. The rally saw the Dogecoin king surpass Chainlink, and make it into the top 15 most valuable cryptos. What has ShibaInu done in the recent past?

Prices Updates

As with most meme coins Shiba Inu is susceptible to large dumps. SHIB whales depleted 31 million SHIB tokens in October, lowering the price from $0.00003488 down to $0.00002128.

This is the five-day price chart for Shiba Inu. Source: Tradingview

SHIBA has also seen a recovery, as the crypto market continues to rebound. SHIBA gained more than 18% in the past 24 hours and now trades at $0.00003117 as of this writing.

Here is the 24-hour price chart for Shiba Inu. Source: Tradingview

On Shiba’s path to recovery, its trading volume has also peaked by 51.71%. In the past 24 hours, SHIB worth $6.13 trillion has been exchanged. Shiba now ranks 17th in cryptocurrency market capitalization at $12.21 Billion.

Recent developments

Shiba inu was originally created to kill Dogecoin’s original meme coin. However, he had never been a Doge Killer until now. Elon Musk was a well-known backer for Dogecoin and tweeted a photo of his dog, Floki, on October 4.

Musk’s dog, Floki, Shiba Inu, started the spike since SHIB is also named after the Shiba Inu breed of Japanese hunting dog. Tesla’s chief Tweeted;

Shiba Inu reached $12 billion market capitalization with its latest gains. It is remarkable that SHIB achieved this feat in just 14 months. Dogecoin took 6 years to achieve the same market capital.

Shiba Inu’s team hasn’t retreated from keeping pace with growing trends in crypto and has continually announced updates to the ecosystem.

Shiba has announced a partnership agreement with NowPayments.io on October 7, to allow the burning of a certain percentage of tokens for each transaction. The partnership will see a percentage from every token in Shiba Inu’s ecosystem burned through each transaction starting at SHIB.

The fractional burn method was used by Shiba Inu before the announcement. The community criticized this system for taking years to burn a large amount of SHIB. While the details of the new burn mechanism haven’t been revealed, the Shiba Community has welcomed the development. Frank wrote:

Future Events

Bitpanda was one of the most popular crypto exchanges and announced it had added SHIBA to its platform on 8 October. Trading opened on the same day, with a total of €10,000 for the 3 top traders of SHIBA on Bitpanda.

Trading competitions will be held between Friday, Oct 8th, and Sunday, Oct 17th. You must have traded SHIB over $100 during the competition to be eligible. The winner will be announced on October 22nd and will earn €5,000 worth of SHIB.

NFT Shibas or Shiboshi NFTs are the most expected event on Shiba Inu Network. The announcement states that there will soon be 10,000 Shiboshi NFTs available on the network.

The launch date of NFT Collection is not known, but users will still be able buy them via Shibaswap once they become available. Holders will have the ability to sell Shiboshis through secondary markets such as OpenSea after launch.

To The Flipside

  • Analysts have criticised the Shiba Inu-project as SHIB’s growth continues.
  • This project was compared to Pump-and-dump schemesWhere the project is of little or no value.
  • Dogecoin has attracted attention, a meme coin which is currently down 68% from the ATH.

Community

One of the largest communities for crypto projects is Shiba Inu. The project reached 1,000,000 followers on Twitter, which was celebrated by NYSE: Reddit has over 269K Dogecoin-Killer members, while Discord boasts 111K. Telegram subscribers have more than 28k.

The DailyCoin team found that many people in the Shiba Inu Community, also known as the Shiba Army or Shiba Inu, cheer SHIB to be the largest crypto after them.

Twitter account of @DelCrxpto crypto analyst

The popular Youtuber and Shiba fan @Yourpop8 tweeted;

What are the reasons to care?

Shiba Iu is changing how meme coins are perceived. The team behind Shiba Inu, once a token of no value, has created an ecosystem that keeps up with crypto trends, as demonstrated by the upcoming launch NFTs.

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