Shiba Inu: Are We in Front of a Major Breakout in the Market?

 

Shiba Inu: Are We in Front of a Major Breakout in the Market?

Shiba Inu gained some attraction as we near Valentine's Day, and we'll shortly explain why. Shiba Inu was launched in 2020 by an anonymous developer nicknamed 'Ryoshi'.

In September 2020, 1 Shiba Inu was worth $0.0000000003. At its peak in October 2021, 1 Shiba Inu was worth $0.00008000 (approx.). In terms of Return on Investment (ROI), investors that purchased the cryptocurrency in September 2020 achieved +2,600% ROI.

Shiba Inu's popularity is greatly due to the outstanding rally it posted in the market. After peaking at $0.00008000 it was followed by profit realizations. Due to its low price, many see the coin as a 'fast investment'.

It is merely part of the hunt for the next    bitcoin  Bitcoin Bitcoin is the world’s first digital currency that was created in 2009 by a mysterious entity named Satoshi Nakamoto. As a digital currency or cryptocurrency, Bitcoin operates without a central bank or single administrator. Instead, Bitcoin can be sent via a Peer-to-Peer (P2P) networking, devoid of intermediaries.Bitcoins are not issued or backed by any governments or banks, and Bitcoin is not considered to be legal tender, although they do have status as an acknowledged transfer of value in some jurisdictions. Rather than composing a physical currency, Bitcoins are pieces of code that can be sent and received across a kind of distributed ledger network called a blockchain. Transactions on the Bitcoin network are confirmed by a network of computers (or nodes) that solve a series of complex equations. This process is called mining. In exchange for mining, the computers receive rewards in the form of new Bitcoins. Mining grows increasingly difficult over time, and the rewards get smaller and smaller. There is a total of 21 million Bitcoins. As of May 2020, there are 18.3 million Bitcoins in circulation. This number changes approximately every 10 minutes when new blocks are mined. Presently, each new block adds 12.5 bitcoins into circulation.Since its inception, Bitcoin has remained the most popular and largest cryptocurrency in terms of market cap in the world. Bitcoin’s popularity has contributed significantly to the release of thousands of other cryptocurrencies, called “altcoins.” While the crypto market was originally hegemonic, today’s landscape features countless altcoins.Bitcoin ControversyBitcoin has been extremely controversial since its original launch. Given its mercurial nature, Bitcoin has been criticized for its use in illegal transactions and money laundering.As its impossible to trace, these attributes make Bitcoin the ideal vehicle for illicit behavior. Moreover, critics point to its high electricity consumption for mining, rampant price volatility, and thefts from exchanges. Bitcoin has been seen as a speculative bubble given its lack of oversight. The crypto has weathered multiple collapses and survived over a decade so far. Unlike its launch back in 2009, Bitcoin today is viewed far differently and is much more accepted by merchants and other entities. Bitcoin is the world’s first digital currency that was created in 2009 by a mysterious entity named Satoshi Nakamoto. As a digital currency or cryptocurrency, Bitcoin operates without a central bank or single administrator. Instead, Bitcoin can be sent via a Peer-to-Peer (P2P) networking, devoid of intermediaries.Bitcoins are not issued or backed by any governments or banks, and Bitcoin is not considered to be legal tender, although they do have status as an acknowledged transfer of value in some jurisdictions. Rather than composing a physical currency, Bitcoins are pieces of code that can be sent and received across a kind of distributed ledger network called a blockchain. Transactions on the Bitcoin network are confirmed by a network of computers (or nodes) that solve a series of complex equations. This process is called mining. In exchange for mining, the computers receive rewards in the form of new Bitcoins. Mining grows increasingly difficult over time, and the rewards get smaller and smaller. There is a total of 21 million Bitcoins. As of May 2020, there are 18.3 million Bitcoins in circulation. This number changes approximately every 10 minutes when new blocks are mined. Presently, each new block adds 12.5 bitcoins into circulation.Since its inception, Bitcoin has remained the most popular and largest cryptocurrency in terms of market cap in the world. Bitcoin’s popularity has contributed significantly to the release of thousands of other cryptocurrencies, called “altcoins.” While the crypto market was originally hegemonic, today’s landscape features countless altcoins.Bitcoin ControversyBitcoin has been extremely controversial since its original launch. Given its mercurial nature, Bitcoin has been criticized for its use in illegal transactions and money laundering.As its impossible to trace, these attributes make Bitcoin the ideal vehicle for illicit behavior. Moreover, critics point to its high electricity consumption for mining, rampant price volatility, and thefts from exchanges. Bitcoin has been seen as a speculative bubble given its lack of oversight. The crypto has weathered multiple collapses and survived over a decade so far. Unlike its launch back in 2009, Bitcoin today is viewed far differently and is much more accepted by merchants and other entities. Read this Term.

Related content

There were several contributing factors in 2021 to Shiba Inu's rally. What also fueled the rally in 2021 were speculations that Shiba Inu will be listed in Robinhood. A coin listing tends to have a positive impact as seen in similar tokens.

Elon Musk's tweet of Shiba Inu 'going to the moon' made headlines in the crypto markets.

However, when Elon Musk was asked in a tweet how much SHIB he is holding he replied: "None."

Musk's reply marked the collapse of Shiba Inu, the coin was unable to recover until very recently when some gains are taking place at the time of writing.

Shiba Inu Is 'Burning'

Bigger Entertainment (biggerenterainment.com), a crypto entertainment brand announced it will burn 163 million Shiba Inu tokens on 14 February 2022 (Valentine's Day).

One of the greatest SHIB burns were by Ether network developer, Vitalik Buterin who burned 410 trillion SHIB tokens, estimated to be worth billions of dollars. The developer said he did not wish to have so much power. Burning a cryptocurrency is done by sending the coins to a 'dead address.' This ensures that the    cryptocurrencies  Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the networks which are used to authenticate blockchain technology. Cryptocurrencies can be thought of as systems that accept online payments which are denoted as “tokens.” Tokens are represented as internal ledger entries in blockchain technology while the term crypto is used to depict cryptographic methods and encryption algorithms such as public-private key pairs, various hashing functions, and an elliptical curve. Every cryptocurrency transaction that occurs is logged in a web-based ledger with blockchain technology.These then must be approved by a disparate network of individual nodes (computers that maintain a copy of the ledger). For every new block generated, the block must first be authenticated and confirmed ‘approved’ by each node, which makes forging the transactional history of cryptocurrencies nearly impossible. The World’s First CryptoBitcoin became the first blockchain-based cryptocurrency and to this day is still the most demanded cryptocurrency and the most valued. Bitcoin still contributes the majority of the overall cryptocurrency market volume, though several other cryptos have grown in popularity in recent years.Indeed, out of the wake of Bitcoin, iterations of Bitcoin became prevalent which resulted in a multitude of newly created or cloned cryptocurrencies. Contending cryptocurrencies that emerged after Bitcoin’s success is referred to as ‘altcoins’ and they refer to cryptocurrencies such as Bitcoin, Peercoin, Namecoin, Ethereum, Ripple, Stellar, and Dash. Cryptocurrencies promise a wide range of technological innovations that have yet to be structured into being. Simplified payments between two parties without the need for a middle man is one aspect while leveraging blockchain technology to minimize transaction and processing fees for banks is another. Of course, cryptocurrencies have their disadvantages too. This includes issues of tax evasion, money laundering, and other illicit online activities where anonymity is a dire ingredient in solicitous and fraudulent activities. By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the networks which are used to authenticate blockchain technology. Cryptocurrencies can be thought of as systems that accept online payments which are denoted as “tokens.” Tokens are represented as internal ledger entries in blockchain technology while the term crypto is used to depict cryptographic methods and encryption algorithms such as public-private key pairs, various hashing functions, and an elliptical curve. Every cryptocurrency transaction that occurs is logged in a web-based ledger with blockchain technology.These then must be approved by a disparate network of individual nodes (computers that maintain a copy of the ledger). For every new block generated, the block must first be authenticated and confirmed ‘approved’ by each node, which makes forging the transactional history of cryptocurrencies nearly impossible. The World’s First CryptoBitcoin became the first blockchain-based cryptocurrency and to this day is still the most demanded cryptocurrency and the most valued. Bitcoin still contributes the majority of the overall cryptocurrency market volume, though several other cryptos have grown in popularity in recent years.Indeed, out of the wake of Bitcoin, iterations of Bitcoin became prevalent which resulted in a multitude of newly created or cloned cryptocurrencies. Contending cryptocurrencies that emerged after Bitcoin’s success is referred to as ‘altcoins’ and they refer to cryptocurrencies such as Bitcoin, Peercoin, Namecoin, Ethereum, Ripple, Stellar, and Dash. Cryptocurrencies promise a wide range of technological innovations that have yet to be structured into being. Simplified payments between two parties without the need for a middle man is one aspect while leveraging blockchain technology to minimize transaction and processing fees for banks is another. Of course, cryptocurrencies have their disadvantages too. This includes issues of tax evasion, money laundering, and other illicit online activities where anonymity is a dire ingredient in solicitous and fraudulent activities. Read this Term are taken out of circulation.

The address is still being used to burn cryptocurrencies including Shiba Inu. Ethexporer shows a spike in the transfers made to the burn address.

source: ethexplorer

source: ethexplorer

When a large amount of cryptocurrencies are destroyed (in the above manner) it tends to strengthen the cryptocurrency. The CEO of Bigger Entertainment, Steven Cooper tweeted on Sunday: "If we sell 1,200 more tickets, this becomes the largest burn party we’ve had yet. If you haven’t pitched in yet, get your tickets today. All #shib will be burned live on YouTube on 14th February at 2pm CST. We can do this :).”

Additionally, Bigger Entertainment launched several games with the sole intention of burning Shiba Inu coins.

In addition to the 'mass burning festival', Unification announced that it is planning a layer 2 blockchain for Shiba Inu. At the time of writing, SHIB does not have its own blockchain. It is based on ETH blockchain (layer 1), and layer 2 will be built on the parent blockchain.

The public testing is due 'very soon' according to a blog post on Unification's official website.

Should You Buy Shiba Inu?

While the fundamentals are currently weak, the recent gains have attracted some attention. According to whalestats, Shiba Inu holdings have increased among the top 1000 ETH accounts.

source: whatestats

If ShibArmy succeeds in rekindling interest in SHIB, we may see stronger gains in the market. The cryptocurrency is cheap and has over 1,000,000 account holders at the time of this writing.

One of the possible bullish drives is that Shiba Inu may be used for buying virtual land in a new metaverse platform. MANA (decenterland) and AXS (Axie Infinity) are worth a substantial amount of money.

If the developers succeed in building a new metaverse (dubbed 'Shiberse') and gain large interest from the market it may be a stepping stone towards firmer gains in the cryptocurrency. A lot of faith may be required at this stage to invest in Shiba Inu, but many market participants see Shiba Inu as a bargain due to its low market price.

Should You Sell Shiba Inu?

It is a meme coin that enjoyed a moderate rally due to Elon Musk. Without Elon Musk, it is challenging to determine whether Shiba Inu would have posted strong gains in 2021.

One of the risks is if the coin will succeed in extending its gains, which is a similar reaction to what took place in BRDUSD.

BRD/USD

Large investors may use the rally to dump their holdings and may result in fast-paced retracement. BRD initially spiked higher, lured fresh investors in and then tanked lower. Similar techniques are also used in NFTs to inflate the price of the project.

The technical analysis for Shiba Inu is neutral at the time of writing. If the price manages to break above 0.00004000, the rally may continue. Aside from the recent 'burnout' gains, the technical stance for the medium-term may be neutral.

Shiba Inu gained some attraction as we near Valentine's Day, and we'll shortly explain why. Shiba Inu was launched in 2020 by an anonymous developer nicknamed 'Ryoshi'.

In September 2020, 1 Shiba Inu was worth $0.0000000003. At its peak in October 2021, 1 Shiba Inu was worth $0.00008000 (approx.). In terms of Return on Investment (ROI), investors that purchased the cryptocurrency in September 2020 achieved +2,600% ROI.

Shiba Inu's popularity is greatly due to the outstanding rally it posted in the market. After peaking at $0.00008000 it was followed by profit realizations. Due to its low price, many see the coin as a 'fast investment'.

It is merely part of the hunt for the next    bitcoin  Bitcoin Bitcoin is the world’s first digital currency that was created in 2009 by a mysterious entity named Satoshi Nakamoto. As a digital currency or cryptocurrency, Bitcoin operates without a central bank or single administrator. Instead, Bitcoin can be sent via a Peer-to-Peer (P2P) networking, devoid of intermediaries.Bitcoins are not issued or backed by any governments or banks, and Bitcoin is not considered to be legal tender, although they do have status as an acknowledged transfer of value in some jurisdictions. Rather than composing a physical currency, Bitcoins are pieces of code that can be sent and received across a kind of distributed ledger network called a blockchain. Transactions on the Bitcoin network are confirmed by a network of computers (or nodes) that solve a series of complex equations. This process is called mining. In exchange for mining, the computers receive rewards in the form of new Bitcoins. Mining grows increasingly difficult over time, and the rewards get smaller and smaller. There is a total of 21 million Bitcoins. As of May 2020, there are 18.3 million Bitcoins in circulation. This number changes approximately every 10 minutes when new blocks are mined. Presently, each new block adds 12.5 bitcoins into circulation.Since its inception, Bitcoin has remained the most popular and largest cryptocurrency in terms of market cap in the world. Bitcoin’s popularity has contributed significantly to the release of thousands of other cryptocurrencies, called “altcoins.” While the crypto market was originally hegemonic, today’s landscape features countless altcoins.Bitcoin ControversyBitcoin has been extremely controversial since its original launch. Given its mercurial nature, Bitcoin has been criticized for its use in illegal transactions and money laundering.As its impossible to trace, these attributes make Bitcoin the ideal vehicle for illicit behavior. Moreover, critics point to its high electricity consumption for mining, rampant price volatility, and thefts from exchanges. Bitcoin has been seen as a speculative bubble given its lack of oversight. The crypto has weathered multiple collapses and survived over a decade so far. Unlike its launch back in 2009, Bitcoin today is viewed far differently and is much more accepted by merchants and other entities. Bitcoin is the world’s first digital currency that was created in 2009 by a mysterious entity named Satoshi Nakamoto. As a digital currency or cryptocurrency, Bitcoin operates without a central bank or single administrator. Instead, Bitcoin can be sent via a Peer-to-Peer (P2P) networking, devoid of intermediaries.Bitcoins are not issued or backed by any governments or banks, and Bitcoin is not considered to be legal tender, although they do have status as an acknowledged transfer of value in some jurisdictions. Rather than composing a physical currency, Bitcoins are pieces of code that can be sent and received across a kind of distributed ledger network called a blockchain. Transactions on the Bitcoin network are confirmed by a network of computers (or nodes) that solve a series of complex equations. This process is called mining. In exchange for mining, the computers receive rewards in the form of new Bitcoins. Mining grows increasingly difficult over time, and the rewards get smaller and smaller. There is a total of 21 million Bitcoins. As of May 2020, there are 18.3 million Bitcoins in circulation. This number changes approximately every 10 minutes when new blocks are mined. Presently, each new block adds 12.5 bitcoins into circulation.Since its inception, Bitcoin has remained the most popular and largest cryptocurrency in terms of market cap in the world. Bitcoin’s popularity has contributed significantly to the release of thousands of other cryptocurrencies, called “altcoins.” While the crypto market was originally hegemonic, today’s landscape features countless altcoins.Bitcoin ControversyBitcoin has been extremely controversial since its original launch. Given its mercurial nature, Bitcoin has been criticized for its use in illegal transactions and money laundering.As its impossible to trace, these attributes make Bitcoin the ideal vehicle for illicit behavior. Moreover, critics point to its high electricity consumption for mining, rampant price volatility, and thefts from exchanges. Bitcoin has been seen as a speculative bubble given its lack of oversight. The crypto has weathered multiple collapses and survived over a decade so far. Unlike its launch back in 2009, Bitcoin today is viewed far differently and is much more accepted by merchants and other entities. Read this Term.

Related content

There were several contributing factors in 2021 to Shiba Inu's rally. What also fueled the rally in 2021 were speculations that Shiba Inu will be listed in Robinhood. A coin listing tends to have a positive impact as seen in similar tokens.

Elon Musk's tweet of Shiba Inu 'going to the moon' made headlines in the crypto markets.

However, when Elon Musk was asked in a tweet how much SHIB he is holding he replied: "None."

Musk's reply marked the collapse of Shiba Inu, the coin was unable to recover until very recently when some gains are taking place at the time of writing.

Shiba Inu Is 'Burning'

Bigger Entertainment (biggerenterainment.com), a crypto entertainment brand announced it will burn 163 million Shiba Inu tokens on 14 February 2022 (Valentine's Day).

One of the greatest SHIB burns were by Ether network developer, Vitalik Buterin who burned 410 trillion SHIB tokens, estimated to be worth billions of dollars. The developer said he did not wish to have so much power. Burning a cryptocurrency is done by sending the coins to a 'dead address.' This ensures that the    cryptocurrencies  Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the networks which are used to authenticate blockchain technology. Cryptocurrencies can be thought of as systems that accept online payments which are denoted as “tokens.” Tokens are represented as internal ledger entries in blockchain technology while the term crypto is used to depict cryptographic methods and encryption algorithms such as public-private key pairs, various hashing functions, and an elliptical curve. Every cryptocurrency transaction that occurs is logged in a web-based ledger with blockchain technology.These then must be approved by a disparate network of individual nodes (computers that maintain a copy of the ledger). For every new block generated, the block must first be authenticated and confirmed ‘approved’ by each node, which makes forging the transactional history of cryptocurrencies nearly impossible. The World’s First CryptoBitcoin became the first blockchain-based cryptocurrency and to this day is still the most demanded cryptocurrency and the most valued. Bitcoin still contributes the majority of the overall cryptocurrency market volume, though several other cryptos have grown in popularity in recent years.Indeed, out of the wake of Bitcoin, iterations of Bitcoin became prevalent which resulted in a multitude of newly created or cloned cryptocurrencies. Contending cryptocurrencies that emerged after Bitcoin’s success is referred to as ‘altcoins’ and they refer to cryptocurrencies such as Bitcoin, Peercoin, Namecoin, Ethereum, Ripple, Stellar, and Dash. Cryptocurrencies promise a wide range of technological innovations that have yet to be structured into being. Simplified payments between two parties without the need for a middle man is one aspect while leveraging blockchain technology to minimize transaction and processing fees for banks is another. Of course, cryptocurrencies have their disadvantages too. This includes issues of tax evasion, money laundering, and other illicit online activities where anonymity is a dire ingredient in solicitous and fraudulent activities. By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the networks which are used to authenticate blockchain technology. Cryptocurrencies can be thought of as systems that accept online payments which are denoted as “tokens.” Tokens are represented as internal ledger entries in blockchain technology while the term crypto is used to depict cryptographic methods and encryption algorithms such as public-private key pairs, various hashing functions, and an elliptical curve. Every cryptocurrency transaction that occurs is logged in a web-based ledger with blockchain technology.These then must be approved by a disparate network of individual nodes (computers that maintain a copy of the ledger). For every new block generated, the block must first be authenticated and confirmed ‘approved’ by each node, which makes forging the transactional history of cryptocurrencies nearly impossible. The World’s First CryptoBitcoin became the first blockchain-based cryptocurrency and to this day is still the most demanded cryptocurrency and the most valued. Bitcoin still contributes the majority of the overall cryptocurrency market volume, though several other cryptos have grown in popularity in recent years.Indeed, out of the wake of Bitcoin, iterations of Bitcoin became prevalent which resulted in a multitude of newly created or cloned cryptocurrencies. Contending cryptocurrencies that emerged after Bitcoin’s success is referred to as ‘altcoins’ and they refer to cryptocurrencies such as Bitcoin, Peercoin, Namecoin, Ethereum, Ripple, Stellar, and Dash. Cryptocurrencies promise a wide range of technological innovations that have yet to be structured into being. Simplified payments between two parties without the need for a middle man is one aspect while leveraging blockchain technology to minimize transaction and processing fees for banks is another. Of course, cryptocurrencies have their disadvantages too. This includes issues of tax evasion, money laundering, and other illicit online activities where anonymity is a dire ingredient in solicitous and fraudulent activities. Read this Term are taken out of circulation.

The address is still being used to burn cryptocurrencies including Shiba Inu. Ethexporer shows a spike in the transfers made to the burn address.

source: ethexplorer

source: ethexplorer

When a large amount of cryptocurrencies are destroyed (in the above manner) it tends to strengthen the cryptocurrency. The CEO of Bigger Entertainment, Steven Cooper tweeted on Sunday: "If we sell 1,200 more tickets, this becomes the largest burn party we’ve had yet. If you haven’t pitched in yet, get your tickets today. All #shib will be burned live on YouTube on 14th February at 2pm CST. We can do this :).”

Additionally, Bigger Entertainment launched several games with the sole intention of burning Shiba Inu coins.

In addition to the 'mass burning festival', Unification announced that it is planning a layer 2 blockchain for Shiba Inu. At the time of writing, SHIB does not have its own blockchain. It is based on ETH blockchain (layer 1), and layer 2 will be built on the parent blockchain.

The public testing is due 'very soon' according to a blog post on Unification's official website.

Should You Buy Shiba Inu?

While the fundamentals are currently weak, the recent gains have attracted some attention. According to whalestats, Shiba Inu holdings have increased among the top 1000 ETH accounts.

source: whatestats

If ShibArmy succeeds in rekindling interest in SHIB, we may see stronger gains in the market. The cryptocurrency is cheap and has over 1,000,000 account holders at the time of this writing.

One of the possible bullish drives is that Shiba Inu may be used for buying virtual land in a new metaverse platform. MANA (decenterland) and AXS (Axie Infinity) are worth a substantial amount of money.

If the developers succeed in building a new metaverse (dubbed 'Shiberse') and gain large interest from the market it may be a stepping stone towards firmer gains in the cryptocurrency. A lot of faith may be required at this stage to invest in Shiba Inu, but many market participants see Shiba Inu as a bargain due to its low market price.

Should You Sell Shiba Inu?

It is a meme coin that enjoyed a moderate rally due to Elon Musk. Without Elon Musk, it is challenging to determine whether Shiba Inu would have posted strong gains in 2021.

One of the risks is if the coin will succeed in extending its gains, which is a similar reaction to what took place in BRDUSD.

BRD/USD

Large investors may use the rally to dump their holdings and may result in fast-paced retracement. BRD initially spiked higher, lured fresh investors in and then tanked lower. Similar techniques are also used in NFTs to inflate the price of the project.

The technical analysis for Shiba Inu is neutral at the time of writing. If the price manages to break above 0.00004000, the rally may continue. Aside from the recent 'burnout' gains, the technical stance for the medium-term may be neutral.