Key Points:
- Price Plummet: $SHIBA’s value nosedives by 84% from its recent peak.
- Unique Tokenomics: Shiba’s token supply structure includes substantial burns and removals.
- Meme War: Shiba takes on its rival, Shiba Inu, launching $BONES as its official gas token.
Shiba ($SHIBA), the self-proclaimed “Birth of a New King” in the world of meme-inspired cryptocurrencies, has experienced a rollercoaster ride recently. Just a few weeks ago, the token’s value skyrocketed by an astonishing 3,000%, only to plunge by a staggering 84% from its peak, leaving investors and crypto enthusiasts stunned.
Unlike established cryptocurrencies like Bitcoin and Ethereum, Shiba is not listed on major centralized exchanges such as Coinbase and Binance. Instead, it has found a home on decentralized exchanges, with its trading volume peaking at nearly $250,000 million over a 24-hour period on Uniswap.
The meteoric rise in SHIBA’s price earlier this month was attributed to low liquidity, and Ethereum blockchain data revealed that it had witnessed 28,200 transactions with a total of 2,047 holders. However, the subsequent 84.4% drop from its peak to the current level of approximately $0.00000000121 has left many questioning the sustainability of such meme-inspired tokens.
On its website, Shiba proudly declares itself the “rebirth of the DOGE killer,” emphasizing its mission to become the new leader and igniting the enthusiasm of Shiba whales. They believe that after numerous disappointments, the time has come for the “birth of a new king, a new Doge Killer of 2023, $SHIBA.”
Shiba’s unique token supply structure is a significant point of interest. It plans to burn 47% of its tokens, equivalent to 470 trillion, at launch, and remove an additional 300 trillion tokens from circulation. The remaining tokens are allocated for various purposes, including centralized exchange listings, marketing, development, ecosystem funding, and cross-chain trading platforms. Notably, the team behind the project also holds a 5% stake.
In a move reminiscent of its rival meme-inspired cryptocurrency Shiba Inu ($SHIB), Shiba introduced another token called $BONES, serving as the official gas token for the Shibarium chain. While the cryptocurrency world continues to witness the wild fluctuations of meme coins, Shiba’s journey remains a testament to the volatile nature of this emerging digital asset class.
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Disclaimer: Please note that the viewpoints and perspectives expressed by the author, as well as any individuals referenced in this article, are intended solely for informational purposes. They should not be construed as financial or investment advice. It’s important to acknowledge that investing in or trading cryptoassets carries inherent financial risks.
