Shiba Inu (SHIB), a prominent meme-inspired cryptocurrency, has experienced a significant price increase of 8.46% within the past 24 hours. The token’s price reached $0.00001, accompanied by a trading volume of $160 million. With a market capitalization of $6.406 billion, SHIB currently holds the 12th position among global cryptocurrencies. The 24-hour high was recorded at $0.000011, while the low stood at $0.00001. The circulating supply remains at 589,346,920,426,103 tokens.
Understanding Shiba Inu and Its Ecosystem
SHIB operates within a broader ecosystem known as the "Shiba Inu ecosystem," which includes decentralized platforms and complementary tokens. A central component of this ecosystem is ShibaSwap, a decentralized exchange (DEX) that enables users to trade SHIB and other tokens directly without intermediaries. This platform is part of the so-called "Shibaverse," a digital environment with dog-themed features and projects.
ShibaSwap offers three native tokens:
- SHIB: The primary and most widely recognized token.
- BONE: Serves as a governance token, allowing holders to participate in decision-making processes related to the protocol’s development.
- LEASH: Originally designed as a rebase token, it aims to maintain a target price through adjustable supply mechanisms.
This multi-token structure aims to provide varied utilities, from transactional uses to community governance.
Recent Performance Trends of SHIB
Shiba Inu has displayed mixed performance across different time frames:
- 1-week change: +5.22%
- 1-month change: +39.68%
- 3-month change: +18.67%
- 6-month change: -18.24%
- Year-to-date change: +29.19%
These metrics indicate short-term bullish momentum despite some medium-term volatility. The monthly gain of nearly 40% highlights renewed investor interest and market activity around the token.
Market Context and Potential Influences
The recent uptick in SHIB’s value may be attributed to broader cryptocurrency market trends, including increased institutional interest and positive sentiment around meme coins. Additionally, developments within the Shiba Inu ecosystem, such as upgrades to ShibaSwap or new partnership announcements, often impact token performance. Market participants also monitor social media trends and community activities, as these can significantly influence demand for meme-based cryptocurrencies.
For those interested in tracking real-time market movements and analyzing trends, explore live crypto data.
Frequently Asked Questions
What is Shiba Inu (SHIB)?
SHIB is an Ethereum-based cryptocurrency inspired by the Shiba Inu dog meme. It started as a fun alternative to Dogecoin but has evolved into a project with its own decentralized exchange, NFTs, and token ecosystem.
How can I buy or trade SHIB?
SHIB is available on major cryptocurrency exchanges and decentralized platforms like ShibaSwap. Users can purchase it using stablecoins, Ethereum, or other cryptocurrencies depending on the platform’s supported pairs.
What is ShibaSwap?
ShibaSwap is a decentralized exchange within the Shiba Inu ecosystem. It allows users to swap tokens, provide liquidity, and participate in governance through BONE tokens.
Why is SHIB volatile?
Like many cryptocurrencies, SHIB is influenced by market sentiment, social media trends, and broader economic factors. Its meme-based origin also contributes to higher price swings compared to more established digital assets.
Can SHIB be used for payments?
While SHIB is primarily a speculative asset, some merchants and online platforms accept it as payment. However, adoption for everyday transactions is still limited.
What are the risks of investing in SHIB?
SHIB is a highly volatile and speculative asset. Investors should be aware of market risks, regulatory changes, and potential liquidity issues, especially during periods of high market stress.