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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.

Growth of Memecoins Shows the "Power of Decentralization": CZ

The digital currency ecosystem is fast-growing, and various innovations and trends are emerging daily.

One of these is Memecoins, a category of tokens that are built as a joke and centred around a comical object like a dog breed as in the case of Dogecoin (DOGE) and Shiba Inu (SHIB).

A defining feature of these memecoins is their massive growth rate, fueled by the rising purchase from mostly retail investors. Changpeng Zhao, the Chief Executive Officer of Binance, known on social media as “CZ”, said in an interview with the Associated Press that the growth of memecoins, particularly Dogecoin is a direct reflection of the “power of decentralization.”

“To be honest, I don’t get Dogecoin. But this shows the power of decentralization. What I think may or may not matter. If a large enough number of people in the community values it because it’s cute, because they like the meme, then it has value,”

Zhao added that “Dogecoin has lasted so many years. It’s gone up and down, up and down, but it’s lasted. And now we have Shiba, which is also a meme coin. We have a lot more meme coins. But guess what? For something to be valuable, you only need one other person to want to buy it.”

Defining Crypto Bubble

The Binance Executive said the term “Bubble” describes many digital currencies, including memecoins, and Bitcoin is a relative term. He explained that many great companies today, including Amazon, have experienced high volatility at some points in their lives, adding that with additional cash inflows, the digital currency ecosystem will become more stable and less volatile.

“There’s no clear definition of what a bubble is. If an asset’s price drops more than 80%? Bitcoin dropped more than that and then recovered. “

“Amazon dropped (more than 90% from the start of 2000 into September 2001), and now they are one of the most valuable companies in the world. Did it go through a bubble? According to most laymen’s definition, it probably did. For Jeff Bezos, he would probably disagree,” he said.

Zhao noted that as long as people understand the risks they hold, then the fluctuation concerns might not matter anymore. As he has always done, Zhao confirmed that he is a less diverse investor as he only holds Bitcoin and Binance Coin (BNB). He plans to give away most of his wealth for charity.

Shiba Inu Announces Metaverse Initiative Codenamed "Shiberse"

The influx of blockchain and tech brands into the metaverse has formed a major trend that the developers behind the Shiba Inu memecoin are unwilling to let slip by them.

Shiba Inu is announcing the launch of the Shiberse, a metaverse world that will be focused on redefining the incentivization model for its growing community.

As contained in a Blog Post shared with its Shiba Army, the brain behind the memecoin said while the codename for its new metaverse is Shiberse, the real name as well as the developers it is working with to bring it to reality will be announced in the nearest future which could be as early as this month.

“The Metaverse is set to be one of the biggest areas within crypto for many to enjoy, while others will produce content and developers will set up shops within using it as another great resource to offer crypto communities incentivization, content, and regular royalties,” the announcement reads.

The Shiberse metaverse activities will kickstart with the sale of its virtual land plots dubbed Shiba Lands. The Shiba Lands will be the most prominent foundational real estate asset upon which other features can be built. Designed to mimic Decentraland and The Sandbox, the Shiba Lands will be opened for sale exclusively to its LEASH token holders after which it will now be made available to the public.

In order to prevent Bots and guarantee a successful sale of the Shiba Lands, the team said a queuing model will be activated for the sales, and as of now, no more details were offered with respect to the proposed sale.

From Meta Platforms Inc (formerly Facebook) to Nike, Adidas, Dolce & Gabbana, and other prominent brands, the desire to become a part of the metaverse has soared in the past year. Despite the massive mainstream push into this virtual world, Shiberse hopes to be amongst the pioneering leaders according to the published announcement.

AMC Theatres to Accept Shiba Inu and Dogecoin by March 19

American entertainment and cinema brand AMC Theatres integrates Dogecoin (DOGE) and Shiba Inu (SHIB) as payment options for its services.

As unveiled on Twitter by the company’s Chief Executive Officer, Adam Aron, the integration on the company’s website can happen as fast as the 19th of this March, while the update on mobile applications will not be expected until after April 16.

“This might rev up the Cryptocurrency fans amongst you. AMC IT says that BitPay will be live for AMC online payments on our website by March 19 and live on our mobile apps by April 16. Possibly a few days earlier. BitPay, and therefore soon AMC, accepts DogeCoin and Shiba Inu,” the Twitter announcement reads.

The move to add the world’s two biggest memecoins trails a dogged pushed by AMC Theatres to become the go-to place for both millennials and Gen-Z, most of which have taken so much liking into digital currencies in recent years. Coupled with AMC stock trades on the New York Stock Exchange (NYSE), it is considered a meme stock alongside GameStop and amongst those heavily shorted by Wall Street veterans.

The designation of AMC as a meme stock accounts for one of the reasons why the fast-growing digital currency ecosystem decided to rally around the company. This history lent credence to the initial considerations of the company to begin accepting digital currencies as payments for its services and merchandise.

AMC’s dive into the cryptocurrency ecosystem has gained traction thus far, with the company revealing back in October that it has started accepting crypto as payment to purchase electronic gift cards. In addition, AMC Entertainment began accepting Bitcoin payments at the end of last year, setting the pace for the inclusion of Shiba Inu and Dogecoin at this time.

The company has presented itself as one that listens to its community members as the crypto drive is arguably a function of a poll conducted by Aron. The majority of respondents supported the crypto integration plan.

Robinhood Rolls Out Tokens Offerings, Adding SOL, SHIB, MATIC & COMP

To meet customer requests for a broader selection of cryptocurrencies, American financial services company Robinhood has listed Shiba Inu (SHIB), Solana (SOL), Polygon (MATIC), and Compound (COMP).

Upon listing, Shiba Inu surged by more than 20%, increasing its market capitalization by $1.2 billion, according to CoinMarketCap.

Source: CoinMarketCap

The listing comes nearly a week after the company officially rolled out its long-awaited cryptocurrency wallet, providing access to more than 2 million customers.

Steve Quirk, Robinhood’s chief brokerage officer, pointed out that the latest move showcases the firm’s commitment to the crypto space. He added:

“We’re excited to add more choices for our customers as we work to make Robinhood the best place to invest in crypto. As a safety-first company, we have a rigorous framework in place to help us evaluate assets for listing, and we remain committed to providing a safe and educational crypto platform.”

As an algorithmic and autonomous interest rate protocol meant to develop open financial applications, Robinhood saw it fit to add Compound to meet customer needs.

Furthermore, Solana prompts processing speeds to nearly 65,000 transactions per second by merging proof-of-history and proof-of-stake consensus mechanisms.

By adding the new cryptocurrencies, Robinhood seeks to revamp its dwindling crypto trading revenue. For instance, according to Bloomberg, cryptocurrencies generated about $48 million in transaction-based revenue for Robinhood in the fourth quarter of last year – a 79% drop from the $233 million reported in the second quarter.

Furthermore, the company intends to incorporate the Bitcoin Lightning Network for faster BTC transactions.

Shopify, a global e-commerce giant, recently inked a deal with digital payments platform Strike to enable Bitcoin lightning payments, Blockchain.News reported.

Shiba Inu Prepares NFT Crypto Game Shiba Eternity’s Last Pilot Test in Australia

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Shytoshi Kusama, the main developer of Shiba Inu announced that its project’s new game Shiba Eternity is now available for testing by Australian users.

The company, however, said that Australia would be the last testing location for the new crypto game Shiba Eternity. Over the weekend, the team behind Shiba Inu project launched the Shiba Eternity game in Australia. The NFT-based collectable card game went live on the Apple App Store in Australia, with plans to enable downloads via Google Play Store underway.

But Kusama hinted that Australia may be the last test location for Shiba Eternity, a collectable card game (SHIB CCG) of Shiba Inu.

Kusama made the revelations as a response to a Turkish user who wanted to know when Shiba Eternity would be ready for downloads from app stores in their country.

And Kusama responded: “Soon. Next up is the entire world. Let’s show these shadowcats we are a force. We’re on schedule and I’ve said this is our last test location. This time soon is like…. honestly soon.”

Crypto Gaming on Demand

Last month, on August 17, Shiba Inu launched the testing of its NFT-based collectable card game Shiba Eternity in Vietnam. The project had plans to proceed with the beta testing in Indonesia as the next location to make Shiba Eternity available to Indonesian users.

Vietnam was the first region on Shiba Inu’s priority list, perhaps because of the success achieved in the location by the rival NFT online video game Axie Infinity.

On Saturday, the Shiba Inu project announced some changes, disclosing the launch of testing of its card collectable game in Australia. The project said that Australian residents who are SHIBArmy members can download the game on Apple App, with the Google Play Store would soon launch the game.

While the game was under development for several months, the pilot program is a part of efforts to test the game’s functionality ahead of its global release.

In Vietnam’s testing last month, over 3,000 people downloaded the game within a few weeks, thanks to a favourable response. As a result of a large number of downloads, the project’s development team realized that the game’s server capacity needed to be increased by more than 50 times.

Meanwhile, Shiba Inu cryptocurrency is showing a new healthy trend and a short-term rise, and this may be an impact of the next big thing – the Shiba Inu Eternity game. At the time of writing, the dog-themed coin was priced at $0.00001145 with no loss or gain, as per Coin Market Cap.

Crypto games are significantly gaining traction among crypto enthusiasts and upscaling the user count for the crypto landscape. Shiba Inu is introducing a new game in the blockchain gaming industry to fulfil user demands.

Shiba Inu On Track to Follow Dogecoin Rally Amid Musk's Twitter Buying

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Crypto analytics firm Santiment on Saturday, released fresh data showing that Shiba Inu (SHIB) could be playing a game of following the fellow meme cryptocurrency Dogecoin (DOGE).

Santiment’s data indicates that Shiba Inu is beginning to garner some momentum after displaying strength in its Bitcoin pair (SHIB/BTC).

“Whatever side of the fence you are on with meme coins like DOGE and SHIB, there is no denying that they have had their pump moments. Shiba Inu has historically followed Dogecoin pumps. Watch trading volume on our chart,” Santiment tweeted.

At the time of writing, Dogecoin is the biggest gainer in the top coins, with a 50.34% rise in the past 24 hours. The past 7 days also show that Dogecoin rose its value by 131.23%. Blockchain.News reported the matter on Sunday.

Shiba Inu has also been performing pretty well during this time. At the time of writing, Shiba Inu price stood at $0.000012 USD, and had rallied 17% in the past 24 hours, making it the second fastest-growing coin in the top 20 coins after Dogecoin. The past 7 days have also witnessed Shiba Inu uptick by 24%, which is an impressive price performance. The current CoinMarketCap ranking is #13, with a live market cap of $6,526,276,821 USD.

The two meme coins showcased the most gains, partly due to Elon Musk’s latest actions related to the Twitter acquisition and partly because of the market momentum, as of Thursday the global cryptocurrency market cap crossed above the $1 trillion mark.

The above-mentioned data shows that Shiba Inu has seen its highest percentage of long-term holders, setting a new milestone. The percentage of traders “holding” Shiba Inu in the long term has risen to 42%, a new all-time high. Data indicates that the sentiment among Shiba Inu holders is mostly bullish.

DOGE and SHIB responded to the news associated with Elon Musk’s Twitter (TWTR) acquisition, with DOGE continuing its run at $0.10 and SHIB targeting a return to $0.000020. Investors expect Elon Musk to support the use of DOGE and SHIB for payments across the Twitter platform.

The news about Elon Musk closing the Twitter acquisition deal not only increased Twitter’s market value but also some of the cryptocurrencies (DOGE and SHIB) associated with Musk.

Crypto Prices This Week: Market Cap Stays above $1 Trillion, BTC, ETH, DOGE, SHIB, AR

The cryptocurrency market has posted a bullish performance, marking a good beginning this week. The market started to rally above the trillion-dollar mark towards the end of last month as the appeal for riskier assets increased amid the current bearish macroeconomic environment.

On Monday 02:46 am EAT (East African Time), the market capitalization of all cryptocurrencies was $1.08 trillion, down 2.63% in the last 24 hours. The overall volume of the crypto market during the last 24 hours reached $64.26 billion, a 41.82% fall, according to data platform Coingeko.

With the new month remaining bullish for the landscape, here is a look at five cryptocurrencies investors should watch out for this week.

Bitcoin has maintained its good performance and was trading higher at $21,251.06 after losing 0.31% of its value over the past 24 hours. The flagship cryptocurrency hit a seven-week high on Saturday after better-than-expected U.S. jobs report in October showed that the labour market remains surprisingly strong, even as the Feds pushes to cool down the economy.

The Altcoin market also continues to see similar bullishness. Ethereum’s price was down 3.26% compared to the prior week at $1,576, but the crypto’s performance has remained among the best this week. The token took advantage of the crypto market’s late push in October, surging all the way to $1,655 and trying to move closer to its $1,700 target. In a span of two weeks, ETH managed to rise by 30%, but the impacts of the Federal Reserve’s 75 basis point interest rate hike caught up with it and made it drop all the way down to $1,500 once again.

Meanwhile, Dogecoin was trading at $0.1243, down 3.17% in the last 24 hours but has gained 96.41% in the last 30 days. Elon Musk’s recently completed his $44 billion takeover of Twitter last week triggered the crypto’s bullishness.

Shiba Inu (SHIB) has also been doing well, with a 25% increase in the past two weeks, though showing consolidation in the past 24 hours, indicating a 2% decline. A lot of the growth that the two meme coins posted is because of the attention it got from Elon Musk buying Twitter. The wild thought that Dogecoin and Shiba Inu could be used on Twitter created massive buying pressure.

Arweave (AR) is also among the most profitable since last week and continues to do well currently. Its current uptake is associated with Meta as the tech firm is undertaking a massive Instagram revolution, requiring third-party crypto projects’ involvement in infrastructure solutions.

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.

Shiba Inu Unveils ShibariumSSI: A Revolutionary Step Towards Self-Sovereign Digital Identity

The popular meme crypto known as Shiba Inu has announced the launch of a new platform known as ShibariumSSI. This new platform will center on the idea of Self-Sovereign Identity (SSI). The announcement, which was made through the official Shiba Inu Twitter account, stresses a new era in digital identity management and aims to empower consumers with greater control over their personal data. The news was made via Twitter.

The Power of Portability and ZK Compliance

The portability feature of ShibariumSSI is a game-changer in the digital world, where users often face cumbersome verification processes when signing up for new services. The Zero-Knowledge (ZK) compliance further enhances privacy and security, allowing users to validate their identities without revealing personal information.

A zero-knowledge (ZK) proof is a cryptographic method allowing one party to prove a statement’s truth to another without revealing extra information. It’s an advancing field with two main building blocks: “succinctness,” where the proof is easier to verify than perform the computation, and “zero-knowledge,” where parts of the computation can be hidden while maintaining correctness.

Implementing Self-Sovereign Identity with ShibariumSSI

Self-Sovereign Identity, often known as SSI, is a framework that enables people or entities to have full power over their personal data. ShibariumSSI is designed to facilitate this. Individuals are given back control over their own personal information, in contrast to the old models which place such control in the hands of third parties.

ShibariumSSI is designed around five primary benefits:

Self-custody: Ensures that users maintain exclusive control over their identity data, reducing the potential for misuse by third parties.

Portability: It is much like unified verfication service, enabling users to carry their data across different applications with ease, without the need for repeated verification.

Zero-Knowledge (ZK) Compliance: Derived from zero-knowledge-proof cryptographic principles, this ensures that users can share only required data without revealing any additional personal information. Users deliver only the information they approve validators to receive.

Security: Achieved through end-to-end encryption, safeguarding data using advanced cryptographic techniques. The cryptographically secure blockchain prevents modification.

Web3 Entrance: Positions ShibariumSSI as a secure entry point for integrations beyond the Shiba Inu ecosystem, greatly extending Shiba’s adoption into the Web3 andMetaverse.

A Secure Gateway to Digital Identity

While specific details of the security measures have not been detailed in the announcement, the emphasis on security indicates a commitment to protect user data from potential threats. The term “gateway” in the announcement suggests that ShibariumSSI might serve as a bridge between users and the digital world, providing a secure and private entry point to various online services.

The launch of ShibariumSSI by the Shiba Inu Ecosystem represents a significant advancement in the realm of digital identities. By prioritizing self-custody, portability, ZK compliance, and security, ShibariumSSI is poised to redefine how individuals interact with the digital world. However, its real-world effectiveness and rate of adoption remain uncertain and will undoubtedly be the focus of industry attention in the coming months.