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Shiba Inu Coin Price: Will Shibdentity Drive SHIB’s Price to $1?

The ultimate objective is to simplify token transactions. Let's take a look a this Shiba Inu coin price article in more detail.

Prasanna Peshkar

Prasanna Peshkar

January 27, 2024 8:01 AM

Shiba Inu Coin Price: Will Shibdentity Drive SHIB’s Price to $1?

Shiba Inu, often referred to as the “Dogecoin killer,” has caught the spotlight due to its community-driven ethos and the introduction of the ShibaSwap decentralized exchange. As of the latest data, Shiba Inu is currently valued at $0.000009049, showing some growth 2% in the past 24 hours. The unique setup of Shiba Inu, featuring the SHIB token and other associated tokens, has gathered a devoted following. It’s akin to a close-knit community collaborating to shape things up in the cryptocurrency space, emphasizing the communal spirit that sets Shiba Inu apart. Let’s take a look a this Shiba Inu coin price article in more detail.

Right now, it’s trading at $0.050966 and making waves in the crypto scene. The Shiba Inu coin trading game pulled in an impressive $105.66 million in the last 24 hours. The total market cap of all Shiba Inu currencies is a hefty $5.34 billion, making up around 0.33% of the entire cryptocurrency market. And hold onto your hats because Shiba Inu prices jumped 1.78% in just one day!

On October 28, 2021, Shiba Inu was at its peak, trading at $0.00008819. But it faced some challenges, especially on November 28, 2020, hitting its lowest value ever at $0.0000105637. Since then, it’s been an emotional ride with lows of $0.000055603 and highs of $0.00001179. People are a bit unsure about what’s next for Shiba Inu, especially with the Fear & Greed Index at 55, leaning towards Greed.

There are currently 589.29 trillion Shiba Inu tokens in circulation, with a total supply of 589.74 trillion. They keep producing more, with a 7.33% rise in the past year, totaling around 40.23 trillion Shiba Inu tokens. Shiba Inu now holds the fifth spot in the Ethereum (ERC20) Tokens category and the second spot in the Meme Coins sector. That’s the scoop on Shiba Inu’s current popularity in the cryptocurrency industry!

What is the new Shib news?

According to the official announcement, in 2024, the spotlight will be on Shibdentity, marking a shift from traditional wallet addresses to embrace a more comprehensive identity system in the Web3 era. Shibdentity, embodied by a Shib Name, aims to offer a secure and unified method for establishing and managing digital presence in today’s interconnected landscape. The expertise of @D3inc in domain infrastructure plays a pivotal role in transforming Shib Names from a mere concept into a global standard.

The ultimate objective is to simplify token transactions, making them as effortless as sending an email, all through your unique Shib Name. The emphasis is on seamlessly integrating Shib Names into the very fabric of the internet, forging a digital realm where your Shib Name serves as your universal key, unlocking opportunities across the web. Future-proofing your identity takes center stage, and Shibdentity is committed to evolving in tandem with advancing technology.

How high will the SHIB Price go in 2024?

Taking a closer look at the current situation with SHIB, there’s a mix of positive and not-so-great signs. On the bright side, it’s trading above the 200-day simple moving average. However, over the past year, its price has taken a hit, dropping by -20%. This puts SHIB in a bit of a tough spot, trailing behind 78% of the top 100 crypto assets in the last year. 

Interestingly, SHIB hasn’t been able to keep up with the likes of Bitcoin and Ethereum, which have outperformed it. In the last 30 days, there have been only 13 green days, making up 43% of the observed period. 

Adding to the challenges, it’s currently down by a significant -90% from its all-time high. While its market cap suggests medium liquidity, the yearly inflation rate at 7.33% adds a layer of complexity to the overall picture. Looking forward, the future is a bit uncertain for SHIB, facing an uphill battle to recover lost ground against its crypto counterparts and broader market indices. Yet, with this innovation and the upcoming Bitcoin halving the SHIB price could display bullish momentum.

The Shiba Inu could trade between $0.00058052 and $0.00001919. Should it attain the upper price target, SHIB has the potential to surge by more than 110%, reaching $0.00001919. 

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Prasanna Peshkar
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Prasanna Peshkar

Prasanna Peshkar is a seasoned writer and analyst specializing in cryptocurrency and blockchain technology. With a focus on delivering insightful commentary and analysis, Prasanna serves as a writer and analyst at CryptoTicker, assisting readers in navigating the complexities of the cryptocurrency market.

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