The Growth and Future of Shiba Inu: SHIB

News, Opinion | November 16, 2021 By:

The first cryptocurrency, bitcoin, was created as a form of rebellion against the global financial system at a time when it had triggered a severe worldwide economic crisis in 2008.   

Bitcoin was a response to the Great Recession. The 2008 bitcoin whitepaper outlines the ability to allow peer-to-peer transactions without needing to ‘trust’ a third party institution. Bitcoin, at its root, is a technology that allows users to take back power from financial institutions who eroded their trust. People even went to jail for trading in bitcoin, activities that today are commonplace. 

Fast forward to today and bitcoin has evolved into the grandfather of crypto. The most applauded and mainstream of all cryptocurrencies, which have exploded over the past decade with Ethereum, Polkadot, and Binance to name a few. Wall Street and Main Street have accepted bitcoin, with JP Morgan reassessing the usefulness of bitcoin as an asset to the institutional investing community. While it still retains many elements of counterculture, crypto enthusiasts have many more options today. As bitcoin has become fully accepted by the mainstream, the liberterian thinkers need a vehicle different from bitcoin to demonstrate independence against the corporate machine.    

Shiba Inu is a meme of meme coin, that has blasted into the crypto world in the last 12 months. The reasons why are complicated – it trades at a fraction of a penny, it has no scarcity value, and it has little use beyond being speculative. However, it has the same features that bitcoin had in its infancy: it has a loyal army of followers, it is speculative and is community-driven with a sense of humour. Many retail investors flocked to buy a portion of Shiba Inu to avoid FOMO (fear of missing out) and what we’ve seen with meme tokens, like this one, is that when prominent crypto figures and people like Elon Musk support a meme token, it increases the ‘hype’.

It’s original whitepaper was called the ‘woofpaper’. Shiba Inu embraces those in the crypto community looking for a little danger and some fun. Even Elon Musk is a fan — Shiba is a social phenomenon. This is why Tokens.com has taken a position in Shiba Inu. It is an ethereum-based staking token that supports DeFi and NFT projects with a large market capitalization. Since it trades for such a low price, we can acquire a large number of tokens, thus any small movements in the token are impactful. 

Provided its positive position with retail investors and the crypto community, I believe SHIB has a lot of potential to grow, with a loyal following. Over the past year and a half we have seen younger crypto investors with a bigger appetite for risk and volatility, ultimately driving the price of a token up. Through SHIB’s DeFi and NFT projects, Shibaswap and Shiboshis, it has encouraged more crypto enthusiasts to hold onto SHIB for longer. At Tokens.com, we don’t predict where a token is going, but we are confident that Shiba has staying power and we are pleased to support the community and its values.