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What is Shiba Inu (SHIB)?
Shiba Inu basic info
In the ever-evolving world of cryptocurrencies, Shiba Inu (SHIB) remains a substantial part of the pack. A recent astonishing surge, which is characterised by an unprecedented increase in high-value on-chain transactions, has brought Shiba Inu back into the spotlight.
The Remarkable 353% Increase
According to a report from IntoTheBlock, the standout highlight of this development is a remarkable 353% surge in large transactions valued at US$100,000 or more. What's even more astounding is that this meteoric rise occurred within just one day over the weekend, leaving the crypto community buzzing with excitement.
This surge is nothing short of wonder: we are talking about the exchange of approximately 2.59 trillion SHIB tokens. Of course it has shown profound impact on the market, contributing to an overall daily transaction volume of 3.61 trillion SHIB, which is equivalent to a staggering US$26.02 million in value.
What adds an extra layer of significance to the event is its synchrony with the escalation of another crucial metric tracking whale activity. It's clear that Shiba Inu is making waves in the crypto world, and these high-value transactions have caught the attention of both investors and analysts.
Whale Activities on the Rise
Furthermore, on-chain data reveals an upward trend of Shiba Inu token inflows into the wallets of large holders. This influx has brought the amount of SHIB tokens held by the top wallets from 169.04 billion SHIB to an absurd 2.98 trillion SHIB. This remarkable increase of 1,762.9% underscores the magnitude of the shift that is taking place within the Shiba Inu ecosystem.
In simple terms, large investors and whales’ interests in the token are growing unequivocally and therefore they are accumulating substantial holdings. The recent increase in the number of large SHIB transactions and the significant growth in wallet size of prominent holders provide a clear indication of a shift happening within and to the Shiba Inu ecosystem. The increased attention from whales suggests growing confidence in the token's potential.
Shiba Inu's Captivating Journey
With large transactions on the upswing and whale activities attaining unprecedented levels, the journey of the Shiba Inu token has taken on an even more captivating narrative. It has firmly established its status as one of the most closely monitored assets in crypto. Investors, traders, and enthusiasts are now closely following its every move, hoping to capitalise on this rally as well as the increased interest from high-value investors.
To sum up, we’ve seen how Shiba Inu proves itself to be the unstoppable force of crypto space. The community is eagerly anticipating what lies ahead for SHIB, and its incredible journey continues to be a source of fascination and discussion across markets. As the crypto market remains dynamic, Shiba Inu's story is a testament to the potential for rapid and unexpected developments in the world of digital assets.
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SHIB supply and tokenomics
Uniqueness
The SHIBA INU website invites dog-inspired artists from all over the world to foster the "artistic Shiba movement" as they bring their SHIBA INU community into the NFT market.SHIBA INU has also created a campaign using Amazon Smile in order to collect donations to escue real, live Shiba Inu dogs with the Shiba Inu Rescue Association.
After initially being only one meme coin of many, Shiba Inu skyrocketed to popularity after Vitalik Buterin famously burned his share of the SHIB supply.
ShibaSwap is the coin's designated DEX that started as a fork of Sushiswap that has, in the words of Ryoshi, its "own little twists and elements." Furthermore, Shiba Inu also plans to develop SHI, which will be the "global exchange of value for plebs," an algorithmic stablecoin pegged to one cent instead of one dollar as most other stablecoins. Its launch is planned after the Shiba layer-two solution called Shibarium, and Ryoshi envisions SHI to work in a similar way to DAI. That way, SHI would have collateral as a backstop that would push it back to one cent if the peg was lost.
In addition to SHI, a financial ecosystem is planned, and SHI would be added as a weighted pool pair on Curve. In that case, Ryoshi expects forks of the major DeFi protocols to appear in the Shiba Inu ecosystem, which would require an immutable bridge to function.
Shiba would also start hosting localized meetups and a once-a-year ShibaCon convention that would be hosted at an easily accessible location in a country without oppressive visa restrictions "for the sake of inclusiveness for global plebs."
Token utility
In addition to the initial claim to be an Ethereum-based alternative to Dogecoin (DOGE), Shiba Inu (SHIB) also has the following utilities:
- ShibaSwap: The goal of DeFi platform ShibaSwap is to provide a safe place to trade cryptocurrencies while remaining decentralized
- Shiba Inu Incubator: The incubator aims to shift the focus beyond popular art forms such as painting, photography, and digital rendering and discover ways to honor creativity and ingenuity.15
- Shiboshis: Shiboshis are 10,000 Shiba Inu-generated non-fungible tokens (NFTs) written on the Ethereum blockchain, with different traits that make each Shiboshi unique and collectible.
- Shiba Inu Rescue Association: users who purchase via Amazon Smile can donate to the Shiba Inu Rescue Association which aims to improve the lived of Shiba Inu.
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What is the development prospect and future value of SHIB?
The market value of SHIB currently stands at $13.05B, and its market ranking is #14. The value of SHIB is widely recognized by the market. When the bull market comes, the market value of SHIB will likely continue to increase.
Moreover, if SHIB can play a greater role in practical applications, such as Shiba Inu builders fully leveraging the potential of SHIB, partnering with more businesses, and increasing its user base, the long-term value of SHIB will be significantly enhanced.