$SHIBA: From Meme Craze to Drastic Decline

$SHIBA rise was attributed to low liquidity, with Ethereum recording 28,200 transactions and 2,047 holders.

Shiba ($SHIBA), a recently launched meme-inspired cryptocurrency whose slogan was “Birth of a New King” and whose price rose by more than 3,000% earlier this month, is now down more than 84% from its all-time high.

According to data from Ethereum blockchain explorer Etherscan, while the self-proclaimed “Dogecoin killer” SHIBA is not listed on centralized cryptocurrency trading platforms such as Coinbase and Binance, its 24-hour trading volume on the popular decentralized exchange Uniswap has been nearing $250,000,000,000.

As reported when the price of SHIBA increased at the beginning of this month, the price increase appeared to be related to low liquidity. According to its blockchain data, Ethereum has experienced 28,200 transactions and has 2,047 holders.

Its price has decreased by approximately 84.4% from its peak of $0.0000000078 to its current price of roughly $0.00000000121.

On its website, SHIBA describes itself as the “rebirth of the DOGE killer,” emphasizes the need for a new leader, and highlights the enthusiasm of Shiba whales, adding that the world has “seen a lot of disappointments, but the Shiba whales have their eyes blazing.” It continues, “It is time for the birth of a new king, the Doge Killer of 2023, $SHIBA.”

Exploring the $SHIBA Ecosystem: Token Burns and Gas Tokens

According to its websites, 47%, or 470 trillion tokens, of the SHIBA token supply will be “burned at launch,” and an additional 300 trillion tokens will be “removed from circulation at launch.” 5% is set aside for centralized exchange listings and 5% for a “marketing and development fund.”

In addition, the token reserves 4% for an ecosystem fund, 4% for cross-chain trading platforms, and 5% for the project’s team.

Similar to rival meme-inspired cryptocurrency Shiba Inu ($SHIB), the project also introduced a token with the ticker symbol $BONES, which is the “official gas token for Shibarium chain.”