It is the objective of the forces behind Shiba Inu (SHIB), the rapid growing meme coin, to construct Doggy DAO (decentralized autonomous organization) in what it defines as a "phased approach" and a "stage-by-stage methodology" in order to promote its professed adherence to decentralization.
As part of its first phase, the $BONE (another shiba inu token) community will be given "instant power" to decide which crypto projects and pairs will be listed on its exchange, as well as how the Allocation Points awards from the $BONE would be allocated amongst them. The second round will provide the community the opportunity to submit general proposals.
The statement has had minimal effect on the price of the cryptocurrency. During the Christmas season, investors took advantage of the low price of SHIB, causing the stock's price to skyrocket by nearly 30% in just three days after the holiday season ended. It has since fallen by 18 percent to its current price of $0.00003283, which was set on January 5th.
As reported on Capital.com, some investors with big holdings increased their coin holdings, contributing to the celebratory boom.
According to statistics from WhaleStats, which tracks over 1,000 Ethereum wallets, one wallet acquired more than 4 trillion tokens valued at more than $136 million. The wallet's owner's identity is unknown, but it currently has more than $159 million in SHIB, as well as $89.8 million in Decentraland and $42.3 million in Tether.
So, what exactly is a shiba inu, and what does the future hold for the breed's value?
Taking a look at the most recent developments, we can determine if the shiba inu coin would be a good addition to your investment portfolio based on the information presented in this article.
In response to Musk's tweets, Shiba inu price rises and falls.
Shiba inu, often known as the "meme coin," was introduced in August of this year. It's a spoof of the dogecoin (DOGE) meme, which is in turn a parody of the cryptocurrency industry as a whole. When it comes to cryptocurrency, coins based on the Shiba Inu dog breed have increased in popularity as investors hunt for the next bitcoin (BTC) to invest in.
A surge triggered by Elon Musk's presence on the Saturday Night Live television show caused the shiba token to jump by 2,405 percent in three days, reaching a high of $0.0000388 on May 10th. The shiba token has grabbed the attention of investors since then.
His appearance sparked a sell-off in DOGE because he referred to the cryptocurrency as a "hustle," despite having previously praised it.
The price of the shiba coin immediately dropped and remained mainly stable between $0.000006 and $0.000008 throughout the summer.
E-Commerce company Newegg announced on November 29th that it would accept SHIB as a payment method. Bitcoin, Litecoin, and Dogecoin have previously been accepted.
This move was signaled by a surge in SHIB's price when it was listed on Kraken in late November and announced the hiring of gaming industry veteran William Volk to the company's board.
On the 8th of December, Shiba Inu stated it had signed a strategic work-for-hire deal with Playside, the Australian video game developer, giving hints as to where that move will take it.
Cooperative Collectable Card Game will be developed under the terms of a "fixed-price, milestone-based agreement."
Bitstamp, a cryptocurrency exchange, stated the same day that it would begin listing SHIB on December 9th.
In addition to the Shiba Inu currency, other tokens such as LEASH and BONE have been created by the project's developers. On July 6, ShibaSwap, an Ethereum-based platform, went live. In order to increase the value of a currency, it is necessary to reduce the circulating supply.
Next week, a non-fungible token (NFT) collection including 10,000 photos of Shiboshi characters will be released. Their primary market is on ShibaSwap, but they will also be available on the OpenSea NFT platform on the secondary market.
An NFT art incubator and decentralized exchange- Shibaswap are supported by the Shiba Inu Token ecosystem.
For an extra $100 in Shiboshi (SHIB) on top of the NFT's LEASH and ETH pricing, purchasers can have their Shiboshis named. SHIB's burn wallet will receive the remaining cash.
According to CoinMarketCap, there are presently 549 billion Shiba Inu coins in circulation, with the total supply set at one quadrillion.
Because past performance is no guarantee of future results, it is important to keep this in mind at all times.
The price of Shiba coin is expected to hit new highs in the near future.
The price of SHIB has dropped from its all-time high of $0.00008841 in October to $0.00003283. (5 January). Is it still worth that much?
There were seven bullish indicators on SHIB at the time of writing, compared to 17 bearish indicators, according to CoinCodex's technical analysis. The simple and exponential moving averages on a daily basis were indicating a sell. The RSI (Relative Strength Index) was 54.65 points. A reading above 70 indicates overbought conditions, while a reading below 30 indicates oversold conditions.
Shiba inu coin price forecasts from Coin Price Forecast for the years 2025–2030 indicate that it will remain volatile, fluctuating from $0.0014 in 2025 to $0.0033 in 2030.
Remember that cryptocurrency markets remain extremely volatile, making it difficult to accurately forecast the price of a coin in a few hours, and even more difficult to give accurate long-term forecasts.
As a result, forecasts made by experts and by the use of online resources can be inaccurate. Shiba Inu can now be purchased on the following cryptocurrency exchanges: Binance, OKEx, CoinTiger, FTX, and Huobi Global. On our crypto exchanges page, you can find more.