What is Shiba Inu Coin?SHIB has caught the attention of many investors. Especially after its price increased by 300% in the last week.
SHIB is an Ethereum-based token and is native to the ShibaSwap platform. The Shiba Inu ecosystem consists of three coins namely SHIB, LEASH and BONE. SHIB that was created in August 2020 is also known as the “dogecoin-killer” and according to the “woofpaper” (the project’s white paper), it is an “experiment in decentralized spontaneous community building.” It is said that SHIB can outpace Dogecoin in terms of price.
“Good boy, Shiba Inu”The team behind SHIB recently made a few exciting announcements that contributed to the coin’s success. Taking to Twitter, SHIB project head @ShytoshiKusama announced a partnership with @NOWPayments and a coin burn. The partnership will allow merchants to accept SHIB tokens as payment for products and services. Furthermore, a certain percentage of tokens from each transaction will be burnt. Coin burns tend to be extremely bullish for tokens.
Then there is news about Shiboshis. These are NFTs based on the Shiba Inu mascot. The 10 000 lovable creatures are expected to be launched within the next week. The price of a loveable Shiboshi is based on tiered pricing with the first 3 000 Shiboshis costing 0.1 ETH. The next 5 000 Shiboshis will cost 0.2 ETH and the last 2 000 Shiboshis will cost 0.3 ETH. In an effort to give everyone a fair chance to get their hands on a Shiboshi, each wallet is limited to buying 10.
These NFTs can be used in the upcoming Shiboshi Game. Players can use certain Shiboshis to attack long distance using its laser eyes. This could give the user an additional move or even blind an opponent. Homogenous and heterogenous Shiboshis will ultimately give players an advantage as they will have more power.
SHIB moving up the ranksAccording to CoinGecko, SHIB is currently the 12 th largest coin in terms of market cap. Even outperforming Uniswap that is at number 13 and Litecoin at number 17. A stock market and cryptocurrency analyst, @DelCrypto is of the opinion that SHIB can rank in the top three cryptocurrencies by market cap and dethrone ADA. In a recent tweet, the analyst talks about rumors starting to swirl in the cryptosphere that SHIB has the potential to break into the top 10 and once that occurs, the token could flip ADA.
In conclusion, SHIB’s current market cap is $14.6 billion. It only has to increase five times to be on par with Cardano’s market cap of $71 billion.