Check Today's Crypto Market:
Bittime - Shiba Inu (SHIB), a cheerful meme token with an image of an adorable Shiba Inu dog, has become a hot topic again. This time it was not because of the behavior of the community which was active on social media, but rather the dramatic price jump it achieved. SHIB has succeeded in breaking into the top 10 cryptocurrencies with the highest market capitalization.
The recent increase in Shiba Inu prices is surprising. As of March 05, 2024 (Tuesday Indonesian time), SHIB's market capitalization was recorded at around $15.90 billion. That puts it just below Avalanche (AVAX-USD) with a market cap of $16.35 billion and above Polkadot (DOT-USD) at $12.87 billion.
Also Read Shiba Inu (SHIB): What is it, How Does It Work, and Why is it Popular?
The reason Shiba Inu skyrocketed
Analysts are trying to decipher the mystery behind SHIB's phenomenal rally. Indeed, the positive movement of Bitcoin (BTC-USD) played a big role. As the leading cryptocurrency that dominates the market, increases in Bitcoin prices are often followed by rallies in other crypto assets.
Currently, Bitcoin is experiencing a strong bullish trend, with some analysts predicting its price will surpass its previous record high.
Also Read: Shiba Inu Burn Rate Soars 900 Percent, SHIB Price Also Rises
Extraordinary Community Role
However, Bitcoin's influence is only part of the story. Shiba Inu itself has a very active and vocal community, especially on social media. This community often comes together to hold the "Shiba Inu to the Moon" campaign which aims to increase awareness and encourage adoption of SHIB.
This action, although considered by some to be speculative, cannot be ignored in its influence on SHIB price movements.
Also Read How To Buy Crypto:
Shiba Technology is Continuously Developed
In addition to an active community, SHIB utilities are also being developed. ShibaSwap, Shiba Inu's DEX (Decentralized Exchange), has just launched a new governance token called BONE. The launch aims to increase ShibaSwap's decentralization and provide more control to SHIB holders. In the future, BONE will be used to vote on proposals related to ShibaSwap development.
Another development step that is being worked on is Shiba Eternity, a play-to-earn game with a Shiba Inu theme. This game is expected to attract new users and increase the utility of SHIB. Plans to integrate SHIB with certain payment platforms are also reportedly being explored.
Also read : What is Shibasaga (SHIA)? Listen to the explanation!
Shiba Inu's Future: Surviving or Correcting?
The big question that currently concerns SHIB holders is: will this rally last or will it be followed by a significant price correction?
SHIB adherents are optimistic about the future of this token. They believe that an active and solid community, combined with ongoing development plans, can make SHIB more than just a meme coin.
Several well-known crypto exchanges have recently started looking at SHIB for listing, further strengthening this optimism.
Critics See This Phenomenon As Mere Speculation
However, skeptical views are also present. SHIB critics believe that this price surge was driven by mere speculation, without being supported by utility and strong fundamentals. They warned of a potential deep price correction if Bitcoin's bullish trend ends.
Check Crypto Prices Today:
Shiba Inu: Meme Coin vs. Serious Crypto Assets?
The debate about whether SHIB can be more than just a meme coin continues. The SHIB community is optimistic that ongoing developments, such as ShibaSwap and Shiba Eternity, will increase SHIB's utility and give it intrinsic value.
On the other hand, skeptics argue that SHIB lacks the innovation and utility that differentiate it from other meme coins. They argue that SHIB price is driven more by speculation and trends, making it vulnerable to sharp corrections.
Only time will tell whether Shiba Inu can maintain its momentum and transform into a more serious crypto asset. However, what is certain is that the recent surge in SHIB prices is proof that the power of community and market trends can have a significant impact in the dynamic world of crypto.
How to Buy Shiba Inu (SHIB) from Bittime
You can buy and sell Shiba Inu (SHIB) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Shiba Inu (SHIB) is available on Bittime with the market pair SHIB/USDT . To be able to buy SHIB USDT on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Shiba Inu (SHIB) on Bittime .
Monitor price chart movements of Shiba Inu (SHIB), Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Read Also
SHIB and WIF Prices Soar, Short Betting Loses $50 Million On Meme Coin
Shiba Inu Sets Alarm Amid Soaring Bitcoin Market, Here's the Review
Shibarium: Ekosistem dan Token Blockchain 2 Layer Shiba Inu
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
Comments
0 comments
Please sign in to leave a comment.