Like Dogecoin, the weakening memecoin narrative affected the buying strength of Shiba Inu. The second-largest memecoin has been working on enhancing the brand value of Shiba Inu by forming partnerships with clothing brands like Bugatti Group and English designer John Richmond. The Google Trend score of Shiba Inu shows a similar depressing pattern since early 2022 as Dogecoin, with no spikes in search volume since the crypto bull mania of 2021 subsided in Q1 2022. Like Dogecoin, the Shiba community also has an independent blockchain, Shibarium, which is owned by the Shiba community. However, the blockchain’s gas-paying token is BONE instead of SHIB, which brings no real value to the token holders of SHIB. The total balance of SHIB on crypto exchanges jumped earlier in January, which is a negative sign, exposing the token to more sell-offs. On the contrary, the smart money wallets identified by Nansen increased their holdings slightly on Jan. 25, which may add some strength to the recent rally.
May 6, 2022
Memecoin Shiba Inu can officially be used to purchase land in the SHIB Metaverse using the native SHIB token, as the development team continues to provide utility for holders. Holders of the popular memecoin Shiba Inu (SHIB), will now be able to use the cryptocurrency to purchase land in the Shiba metaverse. On Wednesday, the Shiba Inu team took to Twitter to reveal that the SHIB token could now be used to mint parcels of land in the recently unveiled virtual reality project “SHIB: The Metaverse.” There are 100,595 different pieces of land on offer in the SHIB: The Metaverse. Initially it was only possible to purchase land using ETH. Now, SHIB’s integration into the metaverse project makes it possible to not only purchase land, but grants users added customisation options for their virtual land as well. Landowners in the SHIB: The Metaverse will be able to generate passive income, gather in-game resources, and generate rewards, although these are yet to be revealed. Land plots in the SHIB metaverse are set to be released in phases. The introductory stage saw 36,431 plots become unlocked on April 13 with the land being divided into four categories: Silver Fur, Gold Tail, Platinum Paw and Diamond Teeth, priced between 0.2 ETH to 1 ETH. Despite the popular narrative that paints SHIB out to be a simple memecoin, solely driven by hype and Elon Musk tweets, the SHIB ecosystem has grown to support include NFTs and the Defi-platform ShibaSwap. The SHIB ecosystem is additionally comprised of subsidiary tokens, including LEASH and BONE, which developers say will play more of a significant role as the metaverse project is developed. At present, holders that lock their LEASH are given priority access to land bids, while BONE is a governance token that allows holders to vote on decisions concerning the development of the metaverse.
February 8, 2022
One analyst suggests shorting the ongoing SHIB price rally brings "excellent opportunities." On Monday, the memecoin climbed to $0.00002961, its best level since Jan. 18, amid renewed buying interests across the cryptocurrency market. Before the retracement, SHIB’s price had crashed by almost 80% from its record high of $0.00008870. Nonetheless, the wild price recovery also came closer to triggering two classic sell signals. First, SHIB’s daily relative strength index (RSI), a technical indicator that fluctuates in the range between 0 and 100 to signal whether an asset is overbought or oversold. Last, SHIB’s daily relative volatility index (RVI), which measures the standard deviation of low and high prices, dropped below 50, a sell signal. In a “perfect” scenario, traders close their long positions after the RVI drops below 40. At the time of writing, it came out to be near 48. More cues for a possible SHIB price correction came from three other technical indicators. First, the Shiba Inu token’s current upside momentum showed signs of weakening near its 50-day exponential moving average (50-day EMA; the red wave in the chart below) at around $0.00002761. Second, SHIB’s ongoing uptrend accompanied lower volumes — i.e., they came out to be nowhere closer to the volumes witnessed during the token’s October 2021 price rally. That showed scant liquidity in the Shiba Inu market, making it harder for traders to execute buy and sell orders at desired levels. As a result, a lower liquid market tends to witness wilder price swings in either direction.
November 26, 2021
With over one million token holders, Shiba Inu looks set for great things ahead, despite trading more than 50% below its all time high. Shiba Inu (SHIB) has reached an adoption milestone by surpassing the 1 million holders mark — even though the memecoin is trading 50% below its all-time high. News of the milestone and daily price increase has energized the Shiba Inu community since the official Shiba Inu Twitter account tweeted a shoutout late on Nov. 25. Since the project reached this milestone, the price has jumped up 11.4% over the past 24 hours, with SHIB now trading at $0.00004237 according to Coingecko. There are 1,002,021 SHIB holders according to data from Etherscan. Despite the recent price increase, SHIB is still trading well below its Oct. 28 peak of $0.00008190, possibly due to SHIB whales taking profits. There’s plenty going on in the Shib Inu world. Bitfinex Derivatives listed SHIB with Tether (USDT)-paired perpetual contracts for trading on Nov. 23. And South Korean exchange Korbit has been accepting deposits and SHIB was scheduled to start trading at 3AM UTC. This makes Korbit the first Korean exchange to list Shiba Inu.
November 7, 2021
Most recently, SHIB started rallying on Oct. 23 from trading $0.000028 to hitting an all-time high of $0.000086 on Oct. 28. The token has since cooled down to exchange hands at $0.000052. Despite that, the token has posted 195.5% gains in the last 30 days and an incredible 72,954,679.8% yearly gains. This led the token to briefly be featured in the 8th place on the list of top 10 cryptocurrencies by market capitalization, but due to the price drop, the token has slipped out of the top 10 to fall to 11th place with a market cap of around $32 billion at the time of writing. Such returns have put investments in the token in the running for the “Greatest Trade of All Time” as it is revealed that one crypto wallet address purchased SHIB tokens worth $3,500 in August 2020, which multiplied to become worth more than $1.55 billion at the market peak. Another wallet, at one point, owned more than 13% of the total supply of over 549 trillion tokens. However, this whale wallet moved $2.3 billion worth of SHIB tokens on Nov. 5 in four equal transactions to four different wallets that spooked the market and led to a significant drop in the price of the token.
November 5, 2021
The pullback in BTC and Ether has hit the altcoin market hard and pushed a majority of the tokens in the top 200 into the red. Some of the hardest-hit tokens are the projects that have seen some of the biggest gains in recent weeks, including a 17.22% decrease in the price of Shiba Inu (SHIB) and a 38% pullback in the price of OriginTrail (TRAC), which recently spiked to a new record high after being listed on Coinbase.
October 29, 2021
This week’s surge in popular memecoins such as Shiba Inu (SHIB) and Dogecoin (DOGE) could be signs that the good times are back, and a quick glance at crypto Twitter shows a long list of tweets where aspiring traders discuss buying Lamborghinis, quitting their day jobs and becoming a full-time crypto traders. While DOGE and SHIB are receiving the majority of the attention from media and investors, they are not the only low-priced tokens that have seen a spike in price. On all major networks, including the Binance Smart Chain (BSC), the value of memecoins has risen, a sign that retail investors of all classes are feeling bullish again. Here’s a look at three relatively “unknown” Binance Smart Chain-specific tokens that have put up respectable gains over the past week.
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