Shiba Inu Gears Up For Another Big Run – Could It Hit $0.01?


Shiba Inu has triumphantly returned to the limelight in recent days. During the previous week, it climbed a decent 46%.

In the past 24 hours, the price has fallen just 5.62%. Shiba Inu is currently trading at $0.00003079 with a 24-hour trading volume of $1,805,384,970.

According to some analysts, Shiba Inu is one of the best buys in the history of cryptocurrency. Of course, the crypto has yet to prove itself.

Phenomenal Performance: But Is Shibu Safe?

The token is by no means a reliable or secure investment; however, its 2,500% run in May 2021 shows it has the potential to surprise investors with spectacular gains.

There are risks associated with investing in Shiba, although the success and popularity of ShibaSwap can bring in large sums of money.

That said, with enough luck and liquidity, it has the potential to rise again.

On the other hand, placing cryptocurrencies in anonymous ventures like ShibaSwap – which allows the founders to trick investors out of their cryptos – poses serious security risks.

SHIB total market cap at $17.78 billion | Source: TradingView.com

Related literature | Recap 2021 Memecoin Mania: Dogecoin, Shiba Inu and more

Shiba Inu: A Backstory

The memecoin was formed by an unknown person using the alias Ryoshi.

Shiba is an Ethereum ERC-20 token that allows developers to build the ShibaSwap DEX and add other tokens and NFTs to the platform’s ecosystem.

The maximum supply is 1 quadrillion tokens – more than all other cryptocurrencies. Due to the large token size, Shiba Inu’s price much lower than comparable assets.

Using smart contracts, Shiba Inu can build more complex applications, such as DEXs and NFTs.

The token launched its ShibaSwap DEX in the summer and now “Shiboshis”, a collection of 10,000 NFTs.

ShibaSwap offers a variety of options for customers to use their tokens. It was created to enable new users to invest in liquidity pools and buy Shiba tokens.

However, this strategy is not new and there will be some selling pressure when liquidity mining incentives end. Shiba’s price has gone up, but it won’t be easy to surpass its all-time high.

Currently there is a match going on between Shiba Inu and Doge. Dogecoin has a market cap of $25 billion while Shiba Inu has $17 billion.

Can Shiba Inu reach $0.01?

Shiba Inu has seen massive price growth in 2021. Recent price hikes and media attention have pushed it to the top of the list of popular cryptocurrencies.

Despite its current value, many questionable that it will ever reach a price of $0.01 or more.

Related literature | Shiba Inu enters the metaverse, but will it help the price?

Featured image of The Global Coverage chart from TradingView.com

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