Shiba Investors: A Community's Power

Shiba Inu is a decentralised, community-led cryptocurrency that was developed in late 2020. It is an Ethereum-based alternative to Dogecoin and is often referred to as the Dogecoin killer. As of 2022, Shiba Inu has over 1.2 million holders. A survey by ConsenSys found that 17% of Americans have invested in SHIB, making it the sixth most popular asset among American investors.

Shiba Inu's popularity and rise in value

The popularity of Shiba Inu can be attributed to several factors, including its community-driven approach, increased visibility, and crypto market dynamics. With over 1.2 million wallets holding the coin as of late 2022, Shiba Inu has a vast group of holders.

Shiba Inu's rise in value can be attributed to its low initial price, increased awareness, and the launch of the decentralized exchange ShibaSwap. The community-driven nature of the project, with a focus on decentralization and community-building, also played a significant role in its rise in value. Additionally, the cute charm of the coin, paired with headlines and tweets from personalities like Elon Musk and Vitalik Buterin, contributed to its rapid gain in speed and value.

Shiba Inu debuted in August 2020 with an initial circulating supply of 1 quadrillion tokens, and a first-day price of $0.000000000972, according to CoinGecko.com. By February 2022, the price had risen to $0.00003124, resulting in a gain of over 3,200,000% in well under two years. At its peak in October 2021, Shiba Inu reached an all-time high of $0.000089, and a gain of nearly 9,100,000% since its debut.

The launch of the decentralized exchange ShibaSwap in July 2021 was a significant factor in Shiba Inu's rise in value. ShibaSwap improved liquidity for the previously illiquid coin and encouraged staking, leading to a longer median hold time for SHIB. The increased visibility of Shiba Inu on various crypto exchanges also played a crucial role in its rise in value. The growing community of Shiba Inu, with nearly 1.18 million unique wallets holding SHIB tokens, contributed to its increased popularity.

In summary, the rise in value of Shiba Inu can be attributed to a combination of factors, including its low initial price, community-driven nature, increased visibility, and the launch of ShibaSwap. The popularity of Shiba Inu among investors seeking to get rich quickly and the influence of personalities like Elon Musk and Vitalik Buterin also contributed to its success.

The number of Shiba Inu holders

Shiba Inu's popularity can be attributed to various factors, including increased visibility, crypto market dynamics, and its community-driven approach. The launch of the decentralized exchange ShibaSwap in July 2021 also played a crucial role in SHIB's rise, as it improved liquidity and encouraged staking, resulting in a longer median hold time for the coin.

Additionally, Shiba Inu's position as an Ethereum-based alternative to Dogecoin, its low cost, and its association with the Shiba Inu dog breed have all contributed to its appeal. The community-led cryptocurrency had a unique approach, as its founder, Ryoshi, intended to answer the question: "What would happen if a cryptocurrency project was 100% run by its community?"

However, it is important to note that the number of Shiba Inu holders may include individuals who have forgotten about their small investments or those who are holding onto the coin due to its low value. As of late 2022, there were over 1.2 million wallets holding Shiba Inu, but the actual number of people invested may vary due to these factors.

The future of Shiba Inu

The Rise of Shiba Inu:

Shiba Inu (SHIB) is a cryptocurrency that was launched in August 2020 by an anonymous developer known as "Ryoshi". It quickly gained popularity and saw an incredible rise in value, with a gain of nearly 9,100,000% since its debut. The increased visibility and crypto market dynamics aided its historic run. The price surge was fuelled by a myriad of catalysts, including Elon Musk's tweets and endorsements of Dogecoin. SHIB's low price per unit also made it attractive to investors, as it appeared cheap.

The Current State of Shiba Inu:

As of June 2024, Shiba Inu is facing a challenging market situation. The price of SHIB has been mostly heading downwards since its peak in October 2021, and the token is down about 79.4% from its all-time high. The Shiba Inu price is currently in a heavily pressured correction phase, and the buyers are struggling to regain control of the market recovery. The SHIB price is struggling to rise above $0.00003682, and if it fails to do so, it could drop further to $0.000010.

According to crypto experts, the SHIB price is expected to fluctuate in the coming months. In June 2024, the average trading price is predicted to be around $0.0000226, with a maximum of $0.0000278. In July 2024, the minimum trading cost might be $0.0000258, while the maximum might reach $0.0000386. It is important to note that these predictions are subject to change and depend on various market factors.

Shiba Inu also faces some challenges and limitations. The project hasn't delivered anything innovative from a technological perspective, and its popularity as a meme coin may not have staying power. Additionally, the downside of its popularity means that there might not be much room for growth, and the upside is limited by its already significant market capitalization.

In conclusion, the future of Shiba Inu is uncertain. While some experts predict further price declines, others believe that the expansion of its ecosystem and a potential crypto bull run could create the perfect storm for another bull run for SHIB. The key factors to watch are the growth of its ecosystem, the performance of the broader crypto market, and the impact of projects like Shibarium on the burning of SHIB tokens.

How to buy Shiba Inu

As of late 2022, there were over 1.2 million wallets holding Shiba Inu. The cryptocurrency is available to buy on several exchanges, including Coinbase and Binance. Here is a step-by-step guide on how to buy Shiba Inu on Coinbase:

Step 1: Create a Coinbase account

Download the Coinbase app and start the sign-up process. You will need a valid ID and may be asked for proof of address to transact, so have those ready. Verifying your ID may take longer than a few minutes, depending on where you live.

Step 2: Add a payment method

Tap on the payment method box and connect a payment method. You can use a bank account, debit card, or initiate a wire.

Step 3: Select Buy & Sell

On Coinbase.com, select Buy & Sell. On the Coinbase mobile app, tap the (+) Buy on the Home tab.

Step 4: Select SHIBA INU from the list of assets

On Coinbase.com, click the Buy panel to search and select SHIBA INU. On the Coinbase mobile app, search for SHIBA INU by typing "SHIBA INU" into the search bar. When you see SHIBA INU appear in the results, tap it to open up the purchase screen.

Step 5: Enter the amount you want to buy

Use the number pad to input the amount you want to spend in your local currency. The app will automatically convert that into a SHIBA INU amount. You can tap the arrow buttons to the right of the amount of money you want to spend to switch the number to the equivalent amount of SHIBA INU.

Step 6: Finalize your purchase of SHIBA INU

Tap "Preview buy" when ready. You’ll be shown the details of your purchase. Make sure everything looks good and then confirm your purchase by clicking “Buy now”.

Other ways to buy SHIBA INU

You can also buy SHIBA INU on Binance, Robinhood, or other exchanges. On Binance, you can buy SHIBA INU with a debit or credit card, Google Pay or Apple Pay, or via a third-party payment. On Robinhood, you can buy or sell SHIBA INU and other cryptos commission-free.

How Shiba Inu compares to Dogecoin

Shiba Inu and Dogecoin are two of the top meme coins in the cryptocurrency market. Both have had their highs and lows, but Shiba Inu has been the hotter buy in 2024, outperforming even Bitcoin.

Shiba Inu has been one of the hottest cryptocurrencies to buy this year, with its value more than doubling since the start of 2024. Its market cap is now over $15 billion, while Dogecoin's is about $19 billion. This means that for Shiba Inu to overtake Dogecoin in market cap, it would need to rise by about 25%. Dogecoin has returned almost 50% this year, roughly matching Bitcoin's return, but it hasn't been outpacing the top cryptocurrency like Shiba Inu. This suggests there's added momentum behind Shiba Inu, and if the bullishness in crypto continues, it could continue to outperform and rise further in value.

Shiba Inu's rise has been fuelled by a myriad of catalysts, including tweets from Elon Musk, the launch of a decentralized exchange, and increased awareness as more cryptocurrency exchanges have listed it for trading.

However, it is an incredibly volatile crypto, even compared to other cryptocurrencies. Its market cap has seesawed between $5 billion and $22 billion in the first three months of this year. While it has been on an upward trajectory recently, there is no guarantee this latest rally will prove sustainable.

Shiba Inu is also a highly speculative investment. It has very little in the way of real-world utility, with only about 100 mostly obscure online merchants accepting it as a form of payment. It is also difficult to determine who owns the most Shiba Inu, as the ownership of cryptocurrency is not publicly disclosed.

Dogecoin, on the other hand, has been more stable and has a more established presence in the market. It has been around for longer and has a larger community of supporters. It is also more widely accepted as a form of payment, with over 3,000 global merchants accepting it, according to Cryptwerk.

Overall, while Shiba Inu has been outperforming Dogecoin in recent months, it is a riskier and more speculative investment. Dogecoin has a larger market cap and a more established presence in the market, making it a relatively safer bet in the volatile world of cryptocurrencies.

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