In recent years, Shiba Inu has become a popular breed of dog, particularly in the world of cryptocurrency. The Shiba Inu coin, also known as SHIB, has gained a lot of attention, especially after being endorsed by Elon Musk on Twitter. As a result, many people have become interested in owning a Shiba Inu dog, and their prices have increased significantly. In this article, we will delve into a comprehensive analysis of the Shiba Inu price, and examine the current state of the crypto market. Whether you’re a dog lover, a cryptocurrency enthusiast, or just curious about this emerging trend, this article will provide valuable insights into the Shiba Inu market and what to expect as short-medium term Shiba Inu targets.
The Shiba Inu cryptocurrency, also known as SHIB, was created in August 2020 by an anonymous person or group known as “Ryoshi.” It was created as an experimental project on the Ethereum blockchain, with the intention of providing an alternative to popular cryptocurrencies like Bitcoin and Ethereum. The creators of SHIB wanted to create a decentralized currency that could be used to facilitate transactions and exchanges, without the need for intermediaries like banks or financial institutions.
The SHIB cryptocurrency gained significant attention in 2021, following endorsements from well-known figures like Elon Musk and other influencers. This attention helped to drive up the value of SHIB, making it one of the most talked-about cryptocurrencies of the year. Additionally, the creators of SHIB launched several other tokens, including LEASH and BONE, to expand the project and create new use cases for the cryptocurrency.
Can you mine Shiba Inu?
Well, the short answer to this is no. You cannot mine Shiba Inu (SHIB) cryptocurrency. Unlike Bitcoin and other cryptocurrencies that rely on a proof-of-work (PoW) consensus algorithm, SHIB is an ERC-20 token that operates on the Ethereum blockchain. This means that SHIB is a type of token that is built on top of the Ethereum network, and it does not require mining.
Instead of mining, SHIB tokens are created through a process called “minting.” This process involves locking up a certain amount of Ethereum (ETH) in a smart contract, which then generates a specific amount of SHIB tokens. Minting allows SHIB to be created without the need for energy-intensive mining activities, making it a more environmentally friendly alternative to PoW cryptocurrencies.
Where to Buy Shiba Inu?
There are many exchanges that offer Shiba Inu as cryptocurrency to buy, sell and hold. However, people are starting to understand the importance of owning your own crypto (not your wallet, not your crypto). We advise to use the below exchanges to buy and sell, however, store your cryptos in a hard wallet.
Exchanges that offer Shiba Inu
Hard wallets to store Shiba Inu
How did Shiba Inu Perform in 2023?
Since the beginning of 2023, the SHIB token managed to increase by more than 65% to date. Prices rose from $0.0000079 to reach the current price of $0.000013. This means that if you bought $1,000 worth of SHIB tokens, you would have today $1,650.
Where will Shiba Inu Price go next?
If we look at the bigger picture in the SHIB 1-week chart below, we can guesstimate the upcoming Shiba Inu targets. It is true that past prices are not indicative of future ones, but we can at least place trading triggers accordingly. If the crypto market continues to go higher, here are the SHIB targets:
- $0.000018
- $0.000022
- $0.000030
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