SHIB News: Price Surge, Whales and Token Burns
The Shiba Inu token, commonly known as SHIB, is making waves again. Earlier, an unidentified whale made purchases amassing over 36 billion SHIB tokens, a move that translated to around $288,000. This acquisition, which made the whale owner of 58.58 billion SHIB tokens or an equivalent of $468,650, saw the SHIB price catapult upwards. Interestingly, this price appreciation was evident at a time when giants like Bitcoin and Ethereum displayed stagnation or decline.
With the token trying to breach a critical resistance range between $0.000008 and $0.0000084, market spectators are keenly watching to discern if this whale action signals a forthcoming price surge for SHIB. But there is more. Shibarium is seeing an uptick in usage as new, interesting services are being built and released on it and then there is a mighty burn of SHIB tokens. More on this below.
Price movement and developments of the mighty Shiba
In a major move, Shiba Inu saw over 1.4 billion of its tokens destroyed in October. The peak burn day was on October 28, where a whopping 250 million SHIB were made inaccessible. However, when compared to September, this burn rate was down by 37%. Despite this decline, SHIB price currently floats at $0.00000806, which is a rise of about 5% over a week and 12% within two weeks, as per Gate.io data.
The layer-2 scaling solution, Shibarium, might be an additional booster for SHIB's price. Launched roughly two months prior, Shibarium's journey so far includes milestones like 3.5 million transactions and nearly 1.3 million wallet addresses.
In other news, Shiba Inu developers introduced the SHIB Name Service (SNS) on the Shibarium Layer-2 network. The primary purpose of the SNS is to simplify complex blockchain addresses into easy-to-remember domain names. The initiative, similar to the Ethereum Name Service (ENS), offers the ".SHIB" domain in exchange for Bone ShibaSwap (BONE) tokens.
Moreover, a new encrypted peer-to-peer messaging system has been unveiled by Shiba Inu's lead developer, Shytoshi Kusama, aiming to enhance user interactions on the Shibarium platform. As part of their broader strategy named SHIBDentity, the goal is to develop a comprehensive identity protocol, ensuring users' digital identities remain protected from theft.
The team emphasizes that this is just the beginning and is in alignment with the World Wide Web Consortium standards. However, the market has given a tepid response, with a modest 0.5% price increment post the announcement.
SHIB price forecast
The future for the SHIB token looks promising given the multiple network advancements and increased attention surrounding the coin. The recent network modifications, from large token burns to the introduction of innovative services - the SHIB Name Service (SNS), signal the team's commitment to enhancing the platform's utility.
Additionally, the decentralized identity push, known as SHIBDentity, further illustrates the project's ambition to diversify beyond its meme coin origins and offer substantial value to its users. These proactive developments combined with the escalating interest from both individual and institutional investors suggest a bullish trajectory for the SHIB price in the near to mid-term. Whilst potential investors should do their due diligence and be aware of the inherent volatility of cryptocurrency markets, SHIB price prediction engines continue to hail a stable rise for the token.
What is SHIB?
The Shiba Inu token, often abbreviated as SHIB, is a decentralized cryptocurrency that emerged as a meme coin, inspired by Dogecoin. It was initially introduced in August 2020, branding itself as the "Dogecoin killer". Unlike traditional cryptocurrencies, meme coins like SHIB often start as a playful and satirical take on the cryptocurrency boom, but some, including SHIB, have evolved to have genuine utility and a dedicated community behind them.
Built on the Ethereum blockchain, SHIB offers decentralized exchange functionalities through its platform called ShibaSwap. Over time, SHIB has seen significant attention and growth, evolving from its meme coin roots to become a noteworthy player in the crypto space. The name "Shiba Inu" originates from the breed of the dog that's also the mascot of Dogecoin, a nod to its humorous beginnings.SHIB vs DOGE
While both SHIB (Shiba Inu token) and DOGE (Dogecoin) began their journeys as meme coins and share a thematic origin revolving around the Shiba Inu dog breed, they possess distinct differences. Dogecoin, which started in 2013, was created as a satirical response to the proliferation of altcoins. Over the years, its active community and high-profile endorsements have primarily driven its value, rather than technological innovations.
On the other hand, SHIB, introduced in 2020, not only serves as a token but also underpins the broader Shiba Inu ecosystem, which includes ShibaSwap – its own decentralized exchange. This platform allows users to stake, swap, and earn other tokens, giving SHIB more multifaceted utility compared to DOGE. Additionally, while both tokens operate on decentralized principles, SHIB's strategic moves, such as token burns and the development of additional platforms like Shibarium, indicate a structured approach to enhance its intrinsic value beyond just community support.