Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
Shiba Inu experienced a significant spike in burn rate. According to Shibburn, the meme coin’s burn tracker, an astounding 4205% increase in the SHIB burn rate resulted in good market sentiment for the token on the 22nd of February.
With over 86 million SHIB destroyed in just 24 hours, the Shiba crypto community continues to demonstrate efforts to promote Shiba Inu tokenomics.
Another notable development in the L2 Shibarium ecosystem is the launch of SHEboshi.
SHEboshi NFT Launch
Kaal Dhairya, the meme coin’s main developer, addressed the recent launch of SHEboshi, highlighting important advancements from the Sheboshi team.
SHEboshi, an ERC-404 token standard, intends to revolutionize the Shiba Inu ecosystem by allowing for the burning of SHIB, BONE, and LEASH, among other features.
According to an announcement shared by the developer on X, the debut of the ERC-404 Sheboshi marks a new era of decentralized experimentation in Shibarium, sparking speculation among crypto market fans worldwide.
The fact that this NFT launch secured the top spot on OpenSea before reaching landfall on Uniswap or Shibaswap demonstrates its success.
This marks the community’s incredible efforts to boost the SHIB tokenomics, boosting excitement for the token.
With such ongoing activities, SHIB has emerged as a major player, riding the waves of community support rather than real-world utility.
Such has been the craze that in the past as well, AMBCrypto has enquired about what AI bots like ChatGPT think of SHIB.
Shiba Inu 101
The tale began in 2020 when an enigmatic figure or a group, named Ryoshi, started SHIB as an ironical tribute to the eponymous Japanese dog breed, also Dogecoin’s [DOGE] mascot.
A parody of the crypto-frenzy, the project started from zero, with zero, in the spirit of creating something out of nothing. It was not founded by an existing community or preassembled team.
SHIB, an Ethereum [ETH]–based ERC-20 token, quickly soared in popularity due to its charismatic ShibArmy and strategic endorsements by online influencers.
Notably, Elon Musk’s foray into Dogecoin’s world also fueled SHIB’s meteoric rise.
The ShibArmy, a passionate community, spearheaded SHIB’s success, accumulating over 27,000,000% in price rise from January to October 2021.
July 2021 saw the emergence of ShibaSwap, SHIB’s decentralized exchange. It marked a paradigm shift, adopting the automated market maker (AMM) model.
It allowed users to “dig” (provide liquidity), “bury” (stake), “fetch” (retrieve), and swap SHIB, LEASH, and BONE tokens.
The innovative passive income reward system, along with a six-month lock rule, brought a new dimension to the DeFi landscape.
While skeptics viewed SHIB as a pump-and-dump coin lacking real-world utility, its “Decentralized Meme Token” status found resonance within the crypto-community.
The SHIB token, encapsulated in the “woof paper,” aimed to experiment with spontaneous decentralized community building, putting power back into the hands of people.
Positioned as the “Dogecoin Killer,” SHIB is often cheered on to surpass its precursor.
The Ethereum creator’s involvement
Ryoshi, the mysterious creator, stirred a storm in the crypto-realm by transferring 50% of SHIB’s supply to Ethereum’s Vitalik Buterin.
The transfer of such a huge sum being gifted to an individual triggered debates around SHIB’s decentralization.
This move fueled controversy, raising questions about decentralization.
However, Buterin’s unprecedented burn of SHIB tokens worth $6.6 billion alleviated concerns and showcased SHIB’s resilience.
Source: Etherscan
The uniqueness of the Shiba Inu ecosystem lies in its colossal total supply—An astronomical one quadrillion tokens.
SHIB’s market presence expanded as it secured listings on major exchanges, including Coinbase, Binance [BNB], Huobi, and Kucoin.
The American exchange Robinhood, however, remained cautious due to security concerns.
The roadmap for SHIB’s future remained shrouded in secrecy, with developers hinting at potential coin burns and a Metaverse entry, signaling continued evolution.
Shibarium’s layer-2 solution
In a recent revelation, NowNodes, a prominent Node operator and blockchain API developer, declared Shiba Inu’s Shibarium layer-2 solution as “one of the best-performing networks” in the blockchain technology ecosystem.
NowNodes conveyed that Shibarium has proven to be a standout performer, processing over 66 million requests since its launch in August this year.
Taking to X, NowNodes expressed enthusiasm, stating,
“Shibarium Net was one of the best-performing networks in our ecosystem this month. Our team prepared a Milestone report dedicated to the success, most recent updates, and highlights of the network.”
NowNodes had been an early supporter of Shibarium, extending its support both before and after the layer-2 solution’s launch.
Shibarium’s success lies in its robust performance, making it the most utilized L-2 network in terms of providing seamless transactions to users.
Outshining competitors, Shibarium has remained active and dynamic, with users consistently initiating transactions on the platform.
Now let us dive into some details about the coin and what ChatGPT has to say about its price movement in the future.
Not just a meme coin
While Shiba Inu has often been labeled a “meme coin,” characterized by its playful dog-themed branding and community-driven nature, it’s important to note that the term doesn’t diminish its impact.
Despite originating as a meme, the token has evolved beyond its initial classification.
With a dedicated community and initiatives like the Shibarium L2 solution, Shiba Inu demonstrates resilience and innovation in the crypto space.
The “meme coin” label may overlook the substantial developments within the Shiba Inu ecosystem, reflecting a broader shift in perception from a meme-based token to a dynamic player in the cryptocurrency market.
Curious as to whether SHIB could break free of the public perception of being labeled a meme coin, I asked ChatGPT about it. The results were interesting –
Source: ChatGPT
ChatGPT seems to think Shiba Inu’s association with meme coins, stemming from its meme-inspired origins, doesn’t confine its potential
Labels are limiting, and Shiba Inu, like a metaphorical jailbreaker, has the tools to transcend them.
The key lies in visionary leadership, ongoing innovation, and a robust community.
Beyond memes, Shiba Inu can redefine its narrative, becoming a substantial force in the crypto realm. The power is vested in those who recognize its disruptive potential.
So, rather than viewing it through the lens of a meme coin, Shiba Inu has the opportunity to rewrite its story and emerge as a formidable player.
Musk’s influence
Shiba Inu’s meteoric rise finds roots in the dual engines of influential endorsements and a fervent community.
Elon Musk, the tech magnate with a penchant for crypto, significantly impacted Dogecoin and Shiba Inu’s trajectory through his tweets and TV appearances.
His endorsements, even mentions, created a ripple effect, drawing attention to the meme-inspired token. This phenomenon, often dubbed the “Elon Effect,” illuminated Shiba Inu in the crypto-sphere.
Yet, the community’s role was equally pivotal. The Shiba Inu community, characterized by passionate holders, actively propagated the token’s appeal.
Social media platforms became virtual battlegrounds for Shiba enthusiasts, amplifying the token’s visibility.
The strong community support fortified Shiba Inu against market fluctuations and skepticism, creating a self-sustaining ecosystem.
I hovered over to ChatGPT for the AI’s take on this. Curiously enough, the response suggested much more.
Source: ChatGPT
ChatGPT seems to think the Shiba Inu phenomenon reflects a shared aspiration to challenge the established financial order, seeking novel avenues for wealth creation.
While influencers and communities act as catalysts, the enthusiasm is sustained by a fundamental desire for change and exploring uncharted territories in the crypto landscape.
It is a reminder that beyond the hype lies a profound quest for redefining financial paradigms. There also seems to be a passion for embracing the transformative potential of decentralized technologies.
Shiba Inu, in essence, becomes a symbol of this collective journey toward a decentralized and dynamic financial future.
ChatGPT’s take on SHIB
I asked ChatGPT to predict SHIB’s price within a week, given its current price.
Source: ChatGPT
The AI bot predicted SHIB to rise to $0.000009 within a week—a rise of less than 10% on the part of SHIB over the next seven days. It’s a reasonable expectation by all means.
I then asked ChatGPT to predict SHIB’s price towards the end of 2024.
Source: ChatGPT
The bot forecasted a price of $0.00002 for SHIB by the end of 2024—a 2.5x rise within a year. Again a very reasonable estimate, given ChatGPT’s frequent forecasts of exceedingly high price surges.
Any crypto enthusiast following SHIB would have wondered, “Will SHIB reach $1?” Or even, $0.1.
Considering the latter scenario which seems more likely than the former, I wondered if ChatGPT would be equally positive about it as I was.
Source: ChatGPT
ChatGPT’s response was too ambiguous, to say the least. It said making predictions about the price of cryptocurrencies like Shiba Inu is akin to navigating uncharted waters.
Even so, it remains positive that $0.1 is within the realms of possibility as far as SHIB is concerned.
The meme coin doesn’t exist in isolation though. SHIB, while a meme coin, is also influenced by other factors, just like other cryptocurrencies.
Ergo, while $1 is a realistic target, it’s not an easy one. As an investor or a trader, one must thus approach such forecasts with caution.
By and large, the crypto market indicates that success hinges on various dynamic factors, such as community support and broader market trends.
What do the charts say?
SHIB depreciated by 3.5% in the past 7 days changing hands at $0.000009518.
The RSI was spotted just above the 50 mark, indicating slight buying pressure.
Capital inflows were also growing as the Chaikin Money Flow (CMF) indicator moved above the zero line.
The price appears to be heading towards the next level of resistance, which is located at $0.00001037; if the price can break through this level, it is projected to rise further.
Conclusion
With the increase in SHIB burn and a spike in Shibarium daily transactions, a significant recovery for the meme coin is probable.
As the Shiba community continues to burn large amounts of SHIB, the law of supply and demand suggests that a rally is possible, propelling the token’s bull run ahead.
ChatGPT is also positive about SHIB, saying it has the potential to reach $0.1.
However, traders should note that ChatGPT is only a tool, and its predictions should not be interpreted as advice.
