Shiba Inu is one of the most successful meme coin projects of all-time. It was created in August 2020 as an alternative to DogeCoin.
The Shiba Inu project prides itself on being different from the DOGE project by having utility. Unlike DOGE, SHIB tokens are part of an ecosystem, which gives them a use case. The SHIB tokens are one of the three tokens within the Shiba Inu ecosystem. This ecosystem also includes BONE and LEASH tokens,
Existing Use Cases for SHIB
Since its creation, SHIB has grown to become globally recognized. As such, one of its main use cases is as a payment method in hundreds of locations. Merchants will readily accept SHIB directly or through third-party payment processors.
Another use case for SHIB is on Shibarium, the Layer 2 Network being built for the Shiba Inu ecosystem. Shibarium is currently in EARLY Beta Test. Once complete, it will allow developers to create DAPPS. It is designed to be a low-cost network that burns SHIB.
Use Cases for BONE and LEASH
BONE tokens are the ecosystem’s governance token with a hard supply limit of 250 million. The tokens allow the community to make decisions via the Doggy DAO. LEASH tokens have a hard limit of 107,646 tokens. They are used as reward tokens for supporters of the Shiba Inu ecosystem. LEASH holders can access perks such as increased BONE rewards for liquidity services on ShibaSwap, exclusive minting rights for Shiboshi NFTs, and priority access to land sales within the SHIB Metaverse project.
Association with Elon Musk and Vitalik Buterin
Shiba Inu has come into the limelight recently thanks to its association with famous personalities in the crypto community. One of the most notable is Vitalik Buterin. In 2021, the Shib developers sent 50% of all SHIB coins to Ethereum founder Vitalik Buterin. At the time, the tokens were valued at around $1 billion. Soon after, Buterin donated $1 billion worth of SHIB to the Indian COVID relief fund.
The token has also benefited from hints of support from Elon Musk. In October 2021, Musk tweeted a photo of Floki, his pet do. He also tweeted an image of Shiba Inu holding a rocket. Soon after this, the price of SHIB skyrocketed for a while.
SHIB Token Price
The price of SHIB tokens peaked in October 2021, when the market cap for the project was slightly over $41 billion. At the time, the spike was driven by its listing on Coinbase, one of the biggest crypto exchanges. The listing followed a sustained promotional campaign by the token’s community, the SHIB Army. However, the token has since taken a huge hit, and its market cap is currently at around $4 million.
Despite the huge loss in market cap, the coin remains highly popular amongst crypto traders. SHIB is the ninth token by market cap and retains a high daily trading volume of nearly $116 million. One reason is that SHIB is listed on most mainstream crypto exchanges, including Binance, Coinbase, KuCoin, and Kraken.
[Click The $SHIB Chart Above To View On CoinMarketCap]
Summary
SHIB remains extremely popular amongst traders. One example of this is the recent launch of the Shibarium Testnet. Shortly after launch, transactions reached 25 million, and the burn rate for the token spiked by 1800%. Once Shibarium goes live, there is an expectation within crypto circles that the price of SHIB will, once again, be on an upward trajectory.
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