How Many Shiba Coins Are Left?
If you’re interested in learning more about Shiba Inu, you’ve come to the right place. In this article, you’ll learn about the Price, Market cap, and Supply of Shiba Inu. Then, you’ll learn about Elon Musk’s support for the project.
Market cap of Shiba Inu
Shiba Inu currently has a market cap of $4.696B. This value tells you how much investors are willing to pay for each share. It is a measure of a crypto’s popularity among investors and is a useful tool for predicting its value. It can be used to make investments and determine whether the coin is worth buying. The Shiba Swap exchange has recently been launched, which allows users to exchange coins for other crypto assets. It promises a safe and secure trading experience, and it is decentralized.
In early 2021, the market cap of Shiba Inu grew rapidly, and by September, it had hit the 10 billion U.S. dollar threshold. This occurred after the Shiba Inu was listed on Coinbase. While investors in the U.S. tend to buy cryptocurrencies for fun and to enjoy potential growth, consumers in the U.K. tend to buy them with the intention of getting a great return on investment.
As cryptocurrency markets gain popularity, Shiba Inu’s market cap increased. During the crypto winter of 2022, the prices of many digital currencies fell. By mid-May, it had fallen to $5.4 billion. By June, it had dropped to $4.2 billion. However, by early October 2022, it had rebounded to a market cap of around $7.5 billion.
Supply of Shiba Inu
The Supply of Shiba Inu (SHIB) is a cryptocurrency that runs on a decentralized computer network. It uses a blockchain database to track and record transactions. These transactions are recorded for a long period of time, and the blockchain acts as a permanent record of cryptocurrency movement. The Shiba Inu blockchain is based on the Ethereum blockchain, which provides the currency with a high level of security and functionality.
To date, almost half of the total supply of Shiba Inu tokens has been burned. It would take two weeks to burn a billion Shiba Inu, and 40 years to burn a trillion Shiba Inu coins. A coordinated movement of Shiba Inu holders could speed up this process. This could become particularly problematic if the value of the Shiba Inu tokens drops significantly.
The Shiba Inu coin was initially capped at a quadrillion coins, but that was halved after multiple coin burns. A portion of the coins were gifted to Vitalik Buterin, who later founded the ethereum cryptocurrency. However, he burned most of the coins and donated the rest to charity. In May, the price reached $0.000052. The coin was created anonymously by a person calling himself “Ryoshi.” The cryptocurrency was first used in Japan and was released to the public in 2009.
Elon Musk’s support for Shiba Inu
Elon Musk has backed the Shiba Inu cryptocurrency, and the resulting coin has skyrocketed in price by more than 350% in recent weeks. The coin, known as SHIB, has a dog motif and uses the Ethereum blockchain. A tweet from Musk triggered the price to jump by nearly a third. Musk is also an outspoken supporter of altcoins, such as Dogecoin. However, cryptocurrency prices can rise and fall rapidly, and it is important to remember that cryptocurrencies are unregulated and volatile.
The Shiba Inu cryptocurrency is an animal-themed cryptocurrency, and Elon Musk has a history of backing dog-themed cryptos. He became an advocate of Dogecoin in early 2021 and was even able to influence the currency’s price by tweeting about it. In recent months, crypto experts have started to realize that Musk has immense power over assets. His tweets have sent Bitcoin prices soaring and plummeting.
Elon Musk’s support for Shibo is another example of his contrarian mindset. The Tesla CEO is notorious for stirring up the crypto market, and his recent support of the Shiba Inu coin and its rival memecoin, Dogecoin, has helped boost the cryptocurrency’s popularity.