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SHIB Token Surges by 1946.11% within a Week

Today, despite the fact that most mainstream cryptocurrencies have fallen back, the SHIB token has proven to be the exception, rising by 123.63% in the past 24 hours. Within a week, SHIB token has surged by an impressive 1946.11%.

SHIB is the native token of the SHIBA INU network and is the first ERC-20 token to be listed and incentivized on ShibaSwap decentralized exchange.

Binance crypto exchange elaborated on SHIB token and said:

“SHIBA INU (SHIB) is an experiment in decentralized community building and another meme coin similar to Dogecoin.”

SHIB was officially launched in August 2020, when the decentralized finance market was making huge strides and growing exponentially. The founder of SHIB token Ryoshi issued a total of 1,000 trillion SHIB. 50% of the tokens were locked into Uniswap to provide liquidity, while the remaining 50% was allocated to Ethereum co-founder Vitalik Buterin.

SHIBA INU was launched on OKEx, Huobi Global, and Binance on May 8, 9, and 10 respectively. The cryptocurrency rapidly became popular within the crypto sector.

SHIB is also whimsically known as the ‘Doge Killer’ as SHIB, due to its relatively low price, is attracting Dogecoin investors.

The popularity of Shiba Inu Coins gained massive traction due to the following reasons:

Firstly, SHIB token’s initial starting price is relatively low. Therefore, investors can spend a small amount of funds and still gain hundreds of thousands of SHIB. For new-entry investors, the entry barrier is relatively low.

Secondly, due to the extremely high FOMO (Fear of Missing Out) sentiment in the bull market, SHIB token quickly gained a lot of traction. Investors, fearing that they were missing out on an incredibly opportunity, jumped on the chance to invest in SHIB, as they did not want to miss out on any chance of getting rich.

The third reason why SHIB surged by so much in so little time is due to billionaire Elon Musk’s endorsement of Dogecoin. Elon Musk tweeted on May 7 that he was looking for a Shiba pup, sending SHIB higher.

Shiba Inu (SHIB) has now entered the top 20 rankings of CoinMarketCap and is currently ranked No.17. It may well be a trader’s response to the hype surrounding Dogecoin (DOGE).

At the time of writing, SHIB is trading at $0.00003225.

Crypto Market Roundup: Top Earners and Losers for Today

The selling pressure in the global crypto market was stumped on Friday as several coins began paring off their losses from the previous day.

Bitcoin’s market strides were visible as the largest cryptocurrency surged 1.72% to $46,146.24 at the time of writing. Ethereum (ETH) is also favoured by the bulls, inching a 3.04% gain to $3,237.66, according to CoinMarketCap.

Amidst the broader rise in price, here are the top gainers and losers for today, August 13.

Top Gainers

The Graph (GRT) is leading the altcoin surge today after the coin’s buyers pushed the price to $0.9413, atop an 18.30% gain. At this pace, The Graph is on track to break the $1 resistance level and journey down toward its 90-day high of $1.42. The Graph’s use case permits an increased embrace. It plays a role as an indexing protocol for querying data for networks like Ethereum and IPFS, supporting many applications in DeFi and the broader Web3 ecosystem.

Meanwhile, Cardano (ADA) has also shifted its price to its highest price gains of all time, surging above the $2 psychological level for the first time in 3 months. With several test nets deployed, the coin has enjoyed increased sentiment from buyers as the broader digital currency ecosystem prepares for the arrival of the Alonzo upgrade that will aid the emergence of smart contracts and DApps on the Cardano blockchain. The token has been tagged as undervalued. However, we may begin to see the coin’s true worth come to life with the new upgrade.

Top Losers

The majority of the tokens are paring off their losses. However, meme token Shiba Inu (SHIB) is the biggest loser amongst the altcoins topping the chart after inking a 0.50% slip in price to $0.00000795. IoTex (IOTX) was down 3.36% to $0.1102 during the intraday.

The momentum in the market may drive in such buying volatility that will stir these coins off the red zones. The global crypto market is currently on track to re-register a $2 trillion market cap to cover the weekend.

Shiba Inu Rises 13% as Robinhood Petition Passes 300,000

Shiba Inu coin (SHIB) rose 13% in the past 24 hours following an uproar for Robinhood Markets Inc to add the token to its platform.

The token has gained more than 40 million percent in the past year, and a recent petition on Change.org asking Robinhood to list Shiba Inu has now garnered more than 326,000 signatures.

SHIB, a Dogecoin-inspired meme cryptocurrency, is currently the 11th-biggest crypto with a market value of nearly $24 billion.

SHIB’s all-time high following a price surge of more than 46% over the weekend has led to many believing that Robinhood should introduce the token in its platform.

However, the crypto slumped earlier this week after Elon Musk tweeted that he didn’t own the coin.

Some speculations state that an increasing demand for Robinhood to list SHIB has led to a decline in its crypto trading. But according to the company’s last filing, 64% of crypto revenue came from Dogecoin.

Robinhood’s crypto trading revenue has also been staggering. In a report, the company announced its crypto revenue totalled $233 million in the second quarter and $51 million in the third quarter, marking a 78% decrease compared to the previous quarter.

Crypto has become more critical to Robinhood’s growth and the company is currently working on a wallet that could make it a one-stop-shop for retail traders.

The company believes that the so-called cryptocurrency wallet will allow customers to receive, trade, and spend digital currencies and move them in and out of the Robinhood app.

The SHIB token was officially launched in August 2020, when the decentralized finance (Defi) market was making huge strides and growing exponentially.

While Robinhood, introduced in 2015 and it states that it is a commission-free investing platform for stocks, exchange-traded funds and cryptocurrencies.

SHIB Beats DOGE, Leaping at No. 9 Ranking of Market Value

Shiba Inu (SHIB), a token launched in 2020 to poke fun at Dogecoin, now ranks No. 9, overtaking Dogecoin with a market value of over $38 billion.

While Dogecoin (DOGE), which launched in 2013, ranks No. 10 with a market value of over $35 billion, according to CoinGecko.

On Thursday, SHIB – which is also referred to by some as the “dogecoin killer” because of its relatively low price, which is attracting Dogecoin investors – hit an all-time high of $0.00008616.

Since recently, competing in somewhat of a rivalry, both Dogecoin and SHIB have frequently swapped places in the rankings.

Experts suggest that both SHIB and Dogecoin’s growth can be primarily attributed to supporters exciting them up. A lot of the time, it’s the power of the people who are amplifying it that drives the performance of the tokens.

Billionaire Elon Musk, CEO of SpaceX and Tesla, is among the ones that have made many tweets about the two. His tweets about different cryptocurrencies have seemingly impacted their prices. Musk twittered a Chinese poem on his social media Tuesday, leading to massive discussions among the internet to intrepretate his intention.

In 2021 alone, SHIB jumped after Musk repeatedly posted images of his Shiba Inu puppy on Twitter.

The SHIB token creator even calls it an “experiment in decentralized spontaneous community building” in its whitepaper.

Despite SHIB being officially launched as the decentralized finance (DeFi) market was making huge strides and growing exponentially, this cryptocurrency has crafted a name for itself based on its increased adoption.

This cryptocurrency has been on overdrive because it has accomplished a 1946.11% weekly increase in May.

SHIB has also seen a recent uproar for Robinhood Markets Inc to add the token to its platform.

The token gained more than 40 million percent in the past year, and a recent petition on Change.org asking Robinhood to list Shiba Inu has garnered more than 326,000 signatures.

Musk's Halloween Tweet Leads to DOGE, SHIB Uptrend

Elon Musk, the new boss of Twitter, has again made a crypto-realted headline that has shot up prices.

Musk tweeted a photo of a Shiba Inu dog dressed in a shirt with a Twitter logo and a pumpkin with a Twitter logo on Halloween day, accompanied by a wink emoji as a caption.

As expected, the prices of Musks’ favourite crypto Dogecoin (DOGE) and Shiba Inu shot up.

DOGE shot up 14% within minutes following his tweet. However, the crypto shrank down to 12% at press time.

While Shiba Inu also showed a big uptrend but not as much as DOGE, it rallied by around 5% to create a local high of $0.00001032. However, Shiba Inu’s uptrend also fell after the hype died down, and at press time, the pump was down to 4%. It was trading at $0.00001287.

Besides the tweet, the two cryptocurrencies were already hot as Musk had already hinted that DOGE would soon be incorporated with the Twitter platform.

Musk’s latest tweet post comes after his completion of the acquisition of Twitter with $44 billion.

Musk has been a vocal supporter of DOGE for years now. He also believes that DOGE is better than bitcoin for executing daily crypto payments.

Musk’s crypto-related tweets have always been market movers.

DOGE also previously shot up in May when Musk tweeted that in the near future, his space venture company SpaceX would introduce payments with DOGE.

Bloomberg media on Saturday suggested several ways that Musk, who is one of the most significant crypto influencers globally, might bring more cryptocurrency into Twitter.

According to Bloomberg, if Musk decided to play a bigger crypto role on Twitter, there are some ways he could do it.

Bots and spam on Twitter have been a huge concern for Musk and helped trigger a contentious legal battle that put his acquisition of the firm at risk. The issue is particularly important in cryptocurrency, where spam accounts impersonate famous personalities like Musk in order to promote scams involving fake crypto giveaways.

According to Bloomberg, some crypto enthusiasts believe that Musk may advocate for the use of blockchain to help reduce bots on Twitter and authenticate all real humans on social media.

Freedom of speech is a priority for Musk, and he intends to lift the company’s lifelong bans on users. Those values align with those of most crypto believers dedicated to the ethos of the decentralization promoted by blockchain.

As per Bloomberg, Musk could potentially implement a token-based voting system that allows users to have more say over what occurs on Twitter. He also could add more crypto elements on Twitter to expand decentralization aspects and mainstream usage of digital assets.

Musk has already expressed ambitions of turning Twitter into a “super app.” In the past, he expressed admiration for China’s WeChat platform, which can handle things like messaging, games, payments, and video streaming.

Shiba Inu developer says WEF will influence metaverse policy

One of the volunteers who is helping out with the Shiba Inu project is both the project manager and the principal developer for the project. His name is Shytoshi Kusama. This person has stated on social media that the World Economic Forum (WEF) is interested in partnering with the meme-based cryptocurrency on subjects relevant to global policy, and they have expressed their desire in doing so. Additionally, this person has stated that the World Economic Forum (WEF) has expressed their desire to do so. This individual has also mentioned that the World Economic Forum (WEF) has voiced their intention to do so, which is an additional point of interest.

Kusama said in a vote that took place on November 22 that the World Economic Forum (WEF) had “kindly invited” the Shiba Inu initiative to participate on “MV global policy.” Twitter was used to spread the word about the vote.

At the time that choice was made, it seemed as if the individual who was responsible for creating Shiba Inus was alluding to a regulation that is applicable in the metaverse.

Although there have been times when cryptocurrencies and blockchain technology have been discussed at WEF events, it would appear that a partnership with a meme token that is substantially used is a first for the organization. This is because the WEF has not previously been involved with such a partnership. Meme tokens are digital assets that are used to represent memes. Memes may be represented by meme tokens.

At the time of publication, more than sixty-five percent of the approximately nine thousand people who participated in Kusama’s survey had cast their vote in favor of Shiba Inus collaborating with the WEF. On the other hand, approximately ten percent of those polled stated that it didn’t make a difference either way. This is where Kusama’s survey may be located.

On Twitter, Yayoi Kusama is followed by more than 861,000 people at the present time.

The price of SHIB has dropped by about 80 percent during the course of the previous year, as shown by data that was made public by Cointelegraph Markets Pro. This information was made accessible by Cointelegraph Markets Pro. At the time that this article was published, the price of one SHIB token was $0.0000088, which is a significant reduction from its prior value.

Prior to the publication of this article, Blockchain.News made many attempts to get in contact with the WEF; but, the organization did not respond to any of our inquiries. Blockchain.News is publishing this article nevertheless.

Tangem Announces Partnership for SHIB-Themed Cold Wallets, Strengthening Shiba Inu's Ecosystem

Tangem, a prominent player in the blockchain industry, has announced it will unleash SHIB-themed cold wallets. These innovative card-shaped vaults are set to become essential tools for safeguarding tokens within the Shiba Inu ecosystem. Pre-orders for these cold wallets will commence on May 29, igniting anticipation among SHIB enthusiasts worldwide.

The introduction of SHIB-themed cold wallets marks a significant milestone for the Shiba Inu community, aligning with their ambition to establish partnerships with influential blockchain players.

Earlier this year, on April 26, 2023, NOWPayments, a leading payment gateway, announced its plans to integrate Shibarium, a blockchain platform developed by the Shiba Inu project. NOWPayments aims to become the first payment gateway to adopt Shibarium, demonstrating its commitment to supporting tokens and projects built on this innovative infrastructure. As a result of this integration, NOWPayments will enable businesses and individuals to accept payments using Shibarium’s Layer 2 solution, providing an extensive ecosystem of tools for all things SHIB.

Shiba Inu, a meme coin that emerged in August 2020 under the pseudonym “Ryoshi,” quickly gained traction and value within the crypto community. While its origins were initially shrouded in mystery, influential figures such as Elon Musk and Vitalik Buterin amplified its popularity through headlines and tweets. Although Vitalik Buterin was long rumored to be the creator of Shiba Inu, he denied such claims during an interview on the Lex Fridman podcast on June 5, 2021.

Shiba Inu has always been ambitious to expand its ecosystem. It has launched the Shiba Metaverse, NFTs, and decentralized exchanges. At the heart of this ecosystem is the Shiba token, which serves as the primary token within various Shiba Inu projects and applications.

Binance.US to Remove Certain Trading Pairs and Pause OTC Trading

Binance.US announced today that it will be making significant changes to its trading structure. The changes, set to take place on June 8, 2023 at 9 a.m. PDT / 12 p.m. EDT, will involve the removal of select Advanced Trading pairs and a pause on their Over-The-Counter (OTC) Trading Portal.

The adjustments come as part of a broader effort to streamline the platform’s Buy, Sell & Convert offerings. While the OTC Trading Portal is paused, the remaining platform operations, including deposits and withdrawals, will continue to function as usual, ensuring that assets on Binance.US remain secure.

The changes in Advanced Trading will specifically involve the removal of certain USDT, BTC, and BUSD pairs. Meanwhile, the Buy, Sell & Convert offering will be downscaled, reducing the number of supported Convert trading pairs to 226. However, several assets including USDT, USDC, BNB, ETH, BTC, FET, ATOM, APT, MATIC, LTC, DOGE, SHIB, FTM, APE, SOL, LINK, ADA, DOT, GALA, and AVAX will still be supported, with the addition of USD for Convert. Additionally, the maximum trade amount for Buy, Sell & Convert will be updated to $10,000.

With respect to the OTC Trading Portal, Binance.US has assured its users that they will be notified if and when OTC trading becomes available again in the future. The pause in OTC Trading Portal services is part of Binance.US’s move to ensure a smoother and more efficient trading experience for its users.

The firm also urged its users to carefully review their trades and execute or cancel open orders on impacted Advanced Trading pairs before they are removed from the platform. It is worth noting that only select assets and trading pairs for Advanced Trade and Buy, Sell & Convert are impacted by this change. Deposits and withdrawals for all assets, along with trade functionality, will remain available.

Understanding the Rise of Non-Fungible Tokens

Non-fungible tokens are currently garnering attention in the digital market. To verify their ownership and authenticity, NFTs use blockchain technology. They represent a wide variety of things, such as art, music, games, and even real estate. The concept of NFTs has gained popularity and acceptance. This article details the rise of NFTs and the potential benefits of investing in them.

Understanding Non-Fungible Tokens?

Tokens that are not fungible are assets that are encoded and stored on blockchain. Each NFT has its own unique identifier and associated metadata, distinguishing it from all other tokens. Non-fungible tokens can be traded for money, or in digital assets; their value is determined by market demand and owners.For example, an exchange could be used to create a token for an image of a banana. NFTs could be highly sought-after and worth millions or worthless, depending on the buyer. Cryptocurrencies can be seen as tokens; however, they can be interchanged. This is a major distinction from non-fungible tokens, which are not interchangeable.

How Do Non-Fungible Tokens Work?

NFTs are created through minting, a process where information is stored on a blockchain. This involves validating NFT data, creating an additional block, and closing it. This process also uses smart contracts to determine ownership and control of NFT transfers.

When new tokens are created, they are each given their own ID associated with a blockchain address. Every token has an owner and the ownership info (the address the token is located at) is visible to the public. Even if 5,000 identical NFTs are minted, each has a distinct identifier and can be distinguished.

Benefits of Non-Fungible Tokens

Non-fungible tokens have several potential benefits for both creators and buyers. Here are some NFT benefits:

Artists, musicians, and even Twitter users can monetize their unique digital creations through NFTs.
NFTs provide proof of ownership and authenticity, which can increase digital assets’ value and make them more sought after.
Investing and owning a digital asset with NFTs is a great way for buyers to build wealth over time.
NFTs also provide transparency and security, as blockchain technology ensures their integrity.
Unlike traditional physical assets, non-fungible tokens can be transferred and traded easily, making them a more liquid investment
NFTs provide a more efficient way to market physical assets. Tokenization simplifies the sales process by removing middlemen and allowing sellers to directly reach potential customers. This enables artists to securely offer their works without third parties.

How Can I Buy NFTs?

To buy NFTs, one needs Ether which is stored in a digital wallet. There are several online NFT marketplaces, such as OpenSea, Rarible that offer these purchases. Ethereum-based meme coins such as Shiba Inu aim to provide financial independence outside of centralized control. It is critical to assess the Shiba Inu price before purchasing.

Endnote

Non-fungible tokens have revolutionized the digital world by providing an innovative way to own and trade unique digital assets. NFTs have opened up new opportunities for creators to monetize their work and for buyers to invest in one of the unique ways of digital assets. As NFTs gain popularity, it is vital to understand the technology behind them. Whether you are a creator

What is Shibarium?

Introduction to Shibarium

Shibarium is a Layer 2 (L2) blockchain solution developed by the Shiba Inu project, a decentralized community inspired by the Ethereum blockchain. The development of Shibarium is part of the Shiba Inu project’s mission to create a decentralized ecosystem that includes its own blockchain, decentralized exchange (ShibaSwap), and various tokens (SHIB, LEASH, and BONE). As stated in the official Shiba Inu blog, Shibarium is “being built to fulfill Ryoshi’s vision” and is seen as a “transitional evolution of the Shiba Ecosystem”.

The Genesis of Shibarium

Shibarium was first introduced to the Shiba Inu community in a blog post on the official Shiba Inu blog on January 15, 2023. The post explained that Shibarium would be a Layer 2 solution, which means it operates on top of another blockchain—in this case, Ethereum—to enhance its capabilities. Layer 2 solutions, like Polygon (Matic), Arbitrum (ARB), Optimism (OP), and Starknet (STARK), are typically designed to solve issues related to scalability and high transaction fees, common problems on the Ethereum network.

Shibarium’s primary function is to serve as a platform for building decentralized applications (dApps) and integrating them into real-world businesses. It is designed to be low-cost and efficient, with a focus on burning SHIB tokens in the process to reduce the overall supply and potentially increase the token’s value.

Development and Progress

The development of Shibarium has been a community-driven effort, with updates and progress reports regularly posted on the Shiba Inu blog. On February 20, 2023, the Shiba Inu team provided a year-in-review update on Shibarium, detailing the progress made and the challenges faced. The team also shared their plans for the future, including the development of an intake system to support those interested in building on Shibarium.

In early 2023, the Shiba Inu team announced the start of the early beta test of the Shibarium network, also known as “PuppyNet.” This marked a significant milestone in the development of Shibarium, allowing developers and users to test the network’s capabilities and provide feedback for improvements. The beta test phase was a crucial step in the development of Shibarium.The beta test phase enabled the team to pinpoint and rectify any problems prior to the mainnet launch, guaranteeing a sturdy and dependable network. The community’s feedback during this period was of immense value, aiding the team in refining Shibarium to reach its maximum potential.

Shibarium’s Intake System

To foster a truly open and inclusive ecosystem, the Shiba Inu team developed an intake system for Shibarium. This system allows anyone interested in building on Shibarium to submit their project for review and support. The intake system is designed to help the Shiba Inu team find the best projects and link them with others who can assist or collaborate with them.

The intake system exemplifies the Shiba Inu project’s dedication to fostering community participation and promoting decentralization. It is a system designed to stimulate creativity and teamwork, enabling the most promising ideas to gain prominence and secure the necessary resources for success. This methodology aligns with the Shiba Inu project’s philosophy of being a community-led initiative, where each member has the opportunity to express their views and contribute to the expansion of the ecosystem.

Shibarium’s Beta Test

The early beta test of Shibarium, or “PuppyNet,” began on February 2, 2023. During this phase, developers and users were encouraged to test the network’s capabilities and provide feedback. The beta test was open to anyone, and the Shiba Inu team provided documentation for those interested in setting up a test node. The feedback from this beta test was instrumental in refining and improving Shibarium, ensuring that the platform would be robust and reliable for its users.

Shibarium and Shibacals

In addition to serving as a platform for dApps, Shibarium also plays a crucial role in the Shiba Inu ecosystem’s real-world applications. One such application is Shibacals, a system for authenticating physical collectibles using NFC chips. These chips can link to dynamic destinations, setting up a myriad of possibilities ideal for businesses. The NFC chips that authenticate these collectibles require Shibarium, demonstrating another use case for the blockchain.

Shibacals represents a significant step forward in bridging the gap between the digital and physical worlds. By using blockchain technology to authenticate physical collectibles, Shibacals is bringing the benefits of decentralization, transparency, and security to a new domain. This is just one example of the innovative applications that can be built on Shibarium, showcasing the platform’s versatility and potential.

Conclusion

Shibarium represents a significant step forward in the Shiba Inu project’s mission to create a comprehensive decentralized ecosystem. With its Layer 2 solution, Shibarium aims to provide a scalable, low-cost platform for building dApps and integrating them into real-world businesses. As the development of Shibarium continues, it is expected to play an increasingly important role in the Shiba Inu ecosystem

Reference

https://blog.shib.io/introduction-to-shibarium/

https://blog.shib.io/shibarium-the-invite/

https://blog.shib.io/shibarium-2022-year-in-review/

https://blog.shib.io/shibarium-intake/

https://blog.shib.io/shibarium-early-beta-test-is-live/

https://blog.shib.io/shibarium-zoomed-out-shibacals-andmore/

https://blog.shib.io/shibarium-the-foundational-blog/