The Rise and Fall of Shiba ($SHIBA) Cryptocurrency
A meme-inspired cryptocurrency called Shiba ($SHIBA) recently gained popularity by claiming to be the “Birth of a New King.” However, after experiencing a price surge of over 3,000% earlier this month, its value has now dropped by more than 84%.
Trading Volume and Liquidity
Although SHIBA is not listed on centralized platforms like Coinbase and Binance, its trading volume on the decentralized exchange Uniswap has reached nearly $250,000 million in a 24-hour period. This surge in trading volume may be attributed to low liquidity.
Token Information and Price Decline
Based on data from the Ethereum blockchain explorer Etherscan, SHIBA has seen 28,200 transactions and has a total of 2,047 holders. Its price has plummeted approximately 84.4%, falling from a peak of $0.0000000078 to around $0.00000000121.
The Vision of SHIBA
According to its website, SHIBA positions itself as the “rebirth of the DOGE killer” and expresses the anticipation for a new leader. It emphasizes the excitement of the Shiba whales and declares that it’s time for the birth of a new king, a new Doge Killer of 2023.
Token Supply Structure
SHIBA’s token supply structure includes burning 47%, or 470 trillion tokens, at launch and removing an additional 300 trillion tokens from circulation. Furthermore, 5% is reserved for centralized exchange listings, another 5% is allocated to a marketing and development fund, 4% for an ecosystem fund, 4% for cross-chain trading platforms, and 5% for the project team.
Similar to the rival cryptocurrency Shiba Inu ($SHIB), SHIBA also introduced a token called $BONES, which serves as the official gas token for the Shibarium chain.
Hot Take: The Volatility of Meme-Inspired Cryptocurrencies
The rise and subsequent decline of Shiba ($SHIBA) highlights the extreme volatility associated with meme-inspired cryptocurrencies. While these tokens may experience significant price surges due to hype and speculation, investors should exercise caution and thoroughly research these projects before investing. It’s essential to understand the token’s supply structure, liquidity, and trading volume to make informed investment decisions in this highly unpredictable market.
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