Altcoins

Shiba Inu Coin Wants to Ditch Its Meme Coin Status for the Good! Will SHIB Price Ever Hit $1?

Shiba Inu Token Increasing Popularity

Shiba Inu’s popular reputation is built around it being a hype coin, meme token, Doge killer, etc. By this, it is clear that it is not known for its use cases or future projects. But, what Shiba Inu truly aims to be in this Defi space is not pondered on much in the market. 

Speaking of this is the popular crypto influencer pseudonymously known as “Coin Bureau”. In his recent Youtube Video explains why that “there might be more to this(Shiba Inu) token that meets the eye.

Coin Bureau firstly sheds light on the incubation of the project- Shiba Inu was founded in August 2020 by an anonymous programmer named Ryoshi, who described the project as “an experiment in community governance and decentralization” in his debut Medium post.

He further states that Shiba Inu’s ecosystem is primarily concerned with decentralized finance (Defi). CertiK is actively auditing the code for ShibaSwap, the company’s decentralized exchange (DEX).

The influencer also said Uniswap and SushiSwap appear to be the targets of a so-called “vampire attack” by the Shiba Inu community.

How likely is SHIB Price hitting the $1 target?

The SHIB price did enjoy a fair share of the massive rallies as it hit an ATH of $0.00003791 very swiftly. However, since the market crash, SHIB has not seen any significant surge. It is now down by 4.4% in the last 24 hours but is up by 7.4% in the last 24 hours, partly thanks to Elon Musk’s tweet I guess.

The popular influencer says it is unlikely for SHIB’s price to hit $1 due to the token’s tremendous supply. Although it has still maintained a market cap of $5 Billion.

Also Read : What’s in Store for SHIBA INU Price in July? Will the Bullish Really Sustain?

Perhaps, SHIB’s tremendous supply is its defining characteristic. As Coinbase described Shiba Inu in its blog post-as-

Shiba Inu (SHIB) is a token that aspires to be an Ethereum-based alternative to Dogecoin (DOGE), the popular meme coin. Unlike Bitcoin, which is designed to be scarce, SHIB is intentionally abundant — with a circulating supply of one quadrillion.

However, Coin Bureau says ShibaSwap’s forthcoming debut should increase demand for SHIB that is unrelated to Dogecoin’s current state. He goes on to say, “Unlike Dogecoin, Shiba Inu seems to have some seriously “prolific” developers working on it.

Conclusively, while Dogecoin is set to be true to its origin as a joke, Shiba Inu is set to change the narrative. As the Shiba Inu website points out, SHIB is now more than just a meme token — it is “a decentralized meme token that evolved into a vibrant ecosystem.”

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Haripriya Sureban

A writer and a Crypto fanatic exploring the DeFi Space. Staying abreast on all the crypto trends and trivia is my forte. For the rest I nerd out on movies and series.

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