The Shiba Inu (SHIB) token is a digital asset that has experienced a rapid spike in cryptocurrencies in recent months. This coin has enjoyed significant growth since its inception in mid-February 2021, prompting many investors to speculate on its future price.
Today, the price of Shiba Inu is rising as investors capitalise on recent advances in the’meme token’ space.
The Live SHIBA INU Price
SHIB is now trading at $0.000008908 USD with a 24-hour trading volume of $210M. The coin’s market capitalisation is approximately $4.8 billion USD. Shiba Inu is still up 6% for the day despite recent losses.
However, whether or not the price will continue to rise is dependent on the behaviour of the whales and the imminent Shibarium launch.
The Whales Effect
The whale effect is one element that has led to the growing value of Shiba Inu. A huge Shiba Inu transfer on the Ethereum blockchain in January 2021. This transaction involves the transfer of 3,373,256,285,000 tokens, which were valued up to $28.7 million at the time of transfer.
The price decline, however, did not continue long, as investors and dealers adjusted to the new trend and began to capitalise on the situation, causing Shiba Inu prices to rise.
The Metaverse and Shibarium
To increase the usability of , the development team has developed a metaverse — a virtual reality project powered by non-fungible tokens (NFTs) — where users may buy digital lands using either ETH or the equal amount in tokens. Other Shiba Inu-related tokens, such as BONE and LEASH, will also play varied roles in the metaverse.
Shibarium, another eagerly anticipated initiative among the Shiba Inu community,will set up soon. Shiba Inu tokens will be burned after every transaction on the Shibarium network, according to the creators. This burn mechanism will most likely serve as a sufficient motivator for this coin and Shibarium blockchain.
Overall, the Shiba Inu cryptocurrency has been doing well as a result of numerous reasons, including rising demand, the whale effect, and the introduction of new blockchain projects. Shiba Inu’s price is likely to rise further as more projects are launched and demand for tokens grows.