Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
Shiba Inu [SHIB] had a remarkable spike in its burn rate, exceeding predictions and leaving a trail of almost 410.7 trillion SHIB tokens burned from its maximum supply.
The Shiba Inu burn rate, as tracked by Shibburn, increased by 4240.91% in the last day, culminating in the burning of a whopping 15.71 million SHIB tokens.
Notably, this astonishing growth has thrust Shiba Inu into the limelight, causing waves in the cryptocurrency market, and attracting crypto lovers and market observers.
Now let us look at a few other developments growing in the SHIB ecosystem.
New milestone for Shibarium
Shibarium accomplished a new milestone. The L2 has grown in popularity in recent months, with total transactions exceeding 300 million, demonstrating its widespread use.
#SHIBARMY is driving #Shibarium to new heights. This rollercoaster truly has only one direction: UP! 🚀 pic.twitter.com/c0pNpxHgf5
— Shib (@Shibtoken) January 22, 2024
L2’s total transactions surpassed $300 million, while its total wallet addresses exceeded 1.3 million. According to Shibariumscan.io, the L2 has processed over 2.7 million blocks at an average block time of five seconds.
A tale of the Shibarium
The introduction of Shibarium in 2023 was the biggest event for the Shiba Inu ecosystem. It was finally launched on the 16th of August 2023, following much anticipation and speculation.
Since then, it has become one of the hottest topics in the cryptocurrency world.
However, the launch failed to go as planned since the price of SHIB did not move in line with the expectations.
SHIB was trading at almost $0.000011 before the launch but two days after its introduction, the token’s price plunged to $0.000009.
The difficulties did not end there, as the L2 encountered server troubles a few days after launch, forcing them to run the L2 in private mode for quite some time.
This was mostly due to the Shiba Inu team’s inability to handle the massive quantity of traffic that entered the Shibarium ecosystem following the launch.
The L2 later gained momentum as it passed several milestones, even though the initial launch failed to succeed as expected. At the time of the Mainnet launch, there were 26,691 accounts on the network.
By December, the L2’s stats had improved and it is still growing.
According to data from Shibariumscan.io, Shibarium has completed over 134 million transactions and reached 1.3 million total wallets, and over 2.1 million total blocks, with an average block time of five seconds per time.
These are impressive figures that show Shibarium gaining momentum.
Shibarium: A standout performer
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 (Formerly, Twitter), 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.
@ShibariumNet 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
Get into our new 🧵 https://t.co/t4e5ljoXNi pic.twitter.com/WHyZZCQAE0
— NOWNodes ⛓️ (@NOWNodes) November 3, 2023
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.
Shiba Inu: The origin stories
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.
Vitalik Buterin’s involvement in the mix
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 [COIN], Binance [BNB], Huobi, and Kucoin.
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.
Keeping in mind these factors, we take a look at what ChatGPT thinks the price of Shiba Inu would be in 2024.
Shiba Inu: 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.
Navigating the “Elon effect” and community power
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 price movements
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. I must say it’s 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.
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.
SHIB’s price action
Source: TradingView
Despite a large increase in the burn rate, the SHIB price exhibited little resiliency. As of writing, the Shiba Inu price had risen only 1.7% in the previous 24 hours, trading at $0.0000090.
SHIB fluctuated between $0.000008835 and $0.000009121 in the same time frame.
The Awesome Oscillator glowed multiple red signal bars below the half-line, followed by a green signal bar which could indicate a possible pullback. The OBV treaded linearly after a gradual rise to confirm the trend.
Conclusion
Amid the expanding crypto sector, propelled by enthusiasm for Spot Bitcoin ETFs, Shiba Inu has emerged as a standout performer.
The coin’s unique status has been reinforced by its popularity among cryptocurrency enthusiasts, who have taken notice of it not just for its meme coin status but also for its active community involvement and current Shiba Inu burn activities.
It will also be intriguing to see if the high burn rate of SHIB affects the price of the token in any way.
Read Shiba Inu (SHIB) Price Prediction 2023-24
With a price prediction of $0.00002 by the end of 2024, ChatGPT is quite optimistic about what SHIB may accomplish in 2024. Though there are many speculations regarding a bull run this year, only time will tell if they come to pass or not.
But keep in mind that ChatGPT its early stages and is not yet a flawless tool. So, before finishing any SHIB orders, conduct your own research.
