Shiba Inu Is Getting Ready For Another Big Run – Can It Hit $0.01?

Christian Encila

3 years ago

2 mins read

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Shiba Inu has been making a triumphant return to the spotlight in the last few days. During the previous week, it climbed a decent 46%.

For the last 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 cryptocurrency history. Of course, the crypto still has to prove itself.

Phenomenal Performance: But Is Shibu Safe?

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

Shiba investments have risks, although, ShibaSwap’s success and popularity might bring in large sums of money.

With that said, with enough luck and liquidity, it has the potential to rise once again.

On the other hand, putting cryptocurrencies into anonymous ventures such as ShibaSwap – which may allow the founders to cheat investors out of their cryptos – poses severe security risks.

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

Related Reading | Recapping 2021 Memecoin Mania: Dogecoin, Shiba Inu, & More

Shiba Inu: A Backstory

The memecoin was formed by an unknown individual 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.

Its maximum supply is 1 quadrillion tokens — more than any other cryptocurrencies. Because of the large token size, Shiba Inu’s price is much lower than similar assets.

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

The token launched its ShibaSwap DEX during 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 allow new users to invest in liquidity pools and purchase Shiba tokens.

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

Currently, there’s a competition heating up between Shiba and Doge. Dogecoin has a market capitalization of $25 billion, whereas Shiba Inu has $17 billion.

Can Shiba Inu Reach $0.01?

Shiba has seen tremendous price growth in 2021. Because of recent price increases and media attention, it has shot to the top of the list of popular cryptocurrencies.

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

Featured image from The Global Coverage, chart from TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.