The recent weeks have seen shiba inu the community driven meme coin or crypto token soar to unpredictable heights, leaving doge coin its rival in the dust struggling. What is causing the rise in price of Shiba Inu one might ask, is it market manipulation or are shiba fans getting stronger by the day. One thing for sure is evident; the shiba team are doing a great job with partnerships and marketing.
The Back Story
At first glance, Shiba Inu is nothing more than a meme token built on the Ethereum blockchain. It was created anonymously by a person or entity known as "Ryoshi" in August 2020. The Shib website describes shib as a decentralized meme token that evolved into a vibrant ecosystem. And with an ever growing community of developers and investors and over 1million plus community on various social media platforms and forums.
Coingecko displays shib as the 11th largest crypto asset with a market capitalization of $20 Billion and just two spots shy from the leading meme coin doge with a market capitalization of $35 Billion. Shib even closed the day with higher trading volumes than bitcoin on binance. With lowest price of $0.000000000056 and a 72293412.4% increase 11 months.
Reasons for Surge in prices
Truth be told this shocked me too, but Shiba Inu isn't just another pump and dump. Right now, its tokens are the native currency of decentralized exchange ShibaSwap. Users can use their SHIB to earn rewards to provide trading liquidity, buy and sell non-fungible tokens, stake them, and earn interest for validating transactions, and more. Total value locked on the platform has surpassed $260 million.
On Thursday June 17, 2021 coinbase the largest crypto exchange in America listed Shiba Inu, exposing the American market to the crypto asset, this would evidently prop the bags of Shiba as was seen after the launch with a spike in price to over 30%, and this was only the beginning. “Trading will begin on or after 9AM Pacific Time (PT) Thursday June 17, if liquidity conditions are met.” The Nasdaq-listed company says that starting immediately, coinbase pro users can transfer shiba inu utokens into their accounts. However, SHIB will not be available to New York residents. The company clarified.
Good Community with great vision for achieving goals
The Shiba Inu whitepaper does justice to this point, in the introduction it reads, Shiba Inu was the answer to a simple question. What would happen if a cryptocurrency project was 100% run by its community? While term Defi literally includes the word decentralized in its definition, this is in reference to economic status as opposed to its internal hierarchy. Our founder, Ryoshi, said this of or beginnings, “We are an experiment in decentralized spontaneous community building (…)”. While none of us could have imagined it at the time, this was the start of a revolution.
AUDITED BY CERTIK
Crypto assets like any other financial instrument have to prove their value trustworthy, and this done by auditing. And Certik is the leading auditing outfit in the crypto space, the Certik Audit of Shiba Swap was on Boarded on the 12th of May 2021. This brought assurance to key stakeholders and onlooker investors that the Shiba Ecosystem was a one to venture into.
Shiba Inu has come a long way from be a meme coin for crypto newbies to get their feet dirty with, but it is showing promise to be called an asset. You can purchase Shib from various exchanges like https://blockvila.com/, but remember to do your own research before delving into the financial markets.