Shiba Inu Price

How does Shiba Inu work?

Shiba Inu has been separated into three different tokens that are used to support the whole crypto ecosystem.

  • SHIB: SHIB is the primary and predominant currency that you can use to exchange any ERC-20 token.
  • BONE: This token can only be found on ShibaSwap. The more one possesses BONE tokens, the more valuable their vote will be during a decision-making process.
  • LEASH: It is another token on the platform that was initially tied to Dogecoin’s price. However, the function was soon shut down, and LEASH went back to being an ERC-20 token.

SHIB price history

2021: SHIB gains a lot of popularity and attention, reaching its highest price ever of $0.00003791 on May 10 after getting listed on several major exchanges. SHIB also received a huge donation of 50 billion SHIB from ETH co-founder Vitalik Buterin to a relief fund in India during the pandemic, which boosted its social media presence and awareness.

However, SHIB also faces a lot of challenges and volatility, dropping to its lowest price since its peak of $0.000005603 in June amid a market-wide crash and regulatory uncertainty.

2023: SHIB's price is affected by various factors, such as market sentiment, news events, and the performance of other meme coins like DOGE. SHIB is also part of a larger decentralised ecosystem that supports projects such as an NFT art incubator and Shibaswap, which aim to provide more use cases and value to the community.

Shiba inu price today

If you are wondering, “How much is one shiba inu today?” then the answer would be $0.0...07618. While this is the current shiba inu price, there are a total of 589,348,154,818,393.4 SHIB in circulation.

Price of shiba inu

  • Supply and demand: SHIB has a total supply of one quadrillion tokens, but half of them were burned by its creator, Ryoshi, who also sent 50% of the remaining supply to the ETH founder as a gesture of trust. This means that the actual circulating supply of the coin is much lower than the total supply, which creates scarcity and increases its value.
  • Market sentiment and news: shiba inu relies heavily on the emotions and expectations of its investors and traders. When Elon Musk tweeted about getting a shiba inu puppy in March 2021, the price of shiba inu skyrocketed by over 300% in a single day.
  • Market manipulation: shiba inu is a relatively new and unregulated crypto that is susceptible to manipulation by large holders, whales, bots, and pump-and-dump schemes. For instance, some whales may buy large amounts of shiba inu to create a false sense of demand and drive up the price, then sell them at a higher price to make a profit.
  • External influences: shiba inu is not isolated from the rest of the crypto market and the global economy. It is affected by different factors, such as regulatory developments, technological innovations, macroeconomic trends, geopolitical events, environmental issues, and social movements. For example, when China banned cryptocurrency mining and trading in June 2021, the entire crypto market crashed, including shiba inu.
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