Meme coin bulls could spot a buying opportunity in Shiba Inu today, the Ethereum-based cryptocurrency that was named after the mascot of rival asset Dogecoin. Today’s selling does not appear to be specific to Shiba Inu but rather indicative of the market sell-off, with the bitcoin price down about 10% at last check.
Shiba Inu has shed about 15% in the last 24-hour period. Today’s declines pale in comparison to the coin’s 10,000% run-up so far this year. There are several catalysts ahead in the burgeoning decentralized finance (DeFi) space that could make the dog-breed coin an attractive bet, including a new decentralized exchange (DEX) that is nearing launch. On social media channels, SHIB investors are urging one another to hold or buy more.
Shibaswap Is Ready…but in Testing Mode
Shiba Inu is appealing to users for a variety of reasons. It gives investors an opportunity to enhance their returns by participating in staking. In addition, it’s cheap and trades for just fractions of a penny. Even though you don’t have to buy an entire bitcoin, it can be intimidating to investors given its high price.
Plus Shiba Inu offers an opportunity to get in on the next hottest craze before it becomes a household name, this year’s gains notwithstanding.
Shiba Inu is currently available to trade on DEX Uniswap as well as centralized exchange Binance. Soon Shibaswap, a new DEX, will launch. SHIB will be the native cryptocurrency of the exchange, which says it will use the token as an incentive.
According to social media accounts, the Shibaswap platform is “ready,” but it continues to be battle-tested until the project, which is also being audited, receives the necessary “green lights.”
SHIB for Payments
Shiba Inu, which has a sky-high supply of 500 trillion, found its way onto the radar of cryptocurrency investors after the project gifted Ethereum co-founder Vitalik Buterin with half of the coin’s circulating supply. He burned 90% of the SHIB coins, worth more than USD 6 billion at the time, which basically means he removed them from the circulating supply.
Buterin, who was recently crowned as the youngest crypto billionaire in the world at 27 years old, graciously decided to direct the remaining proceeds toward charitable donations, including USD 1 billion toward a COVID-19 relief fund in India.
Most recently, the Future of Life Institute, a non-profit that looks to slash “global catastrophic risks from powerful technologies,” announced a USD 25 million grant program USD 25 million grant program that it said was “made possible by the generosity of cryptocurrency pioneer Vitalik Buterin and the Shiba Inu community.”
Happy to announce a $25M grant program for existential risk reduction, enabled by the generosity of crypto-pioneer @VitalikButerin & the Shiba Inu #SHIB community. We'll open the application portal as soon as we can, and hope you'll apply with great ideas!https://t.co/0me189gloK
— Future of Life Institute (@FLIxrisk) June 7, 2021
Shiba Inu’s profile for charitable giving and helping society has risen thanks to Buterin, bolstering its use case for payments, which could strengthen the demand for the coin. It is also following in the footsteps of its mentor Dogecoin, which has similarly been used for donations.