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What is the Shiba Inu cryptocurrency (SHIB) and why it exploded

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Dogecoin (DOGE) was the original meme coin, but since it ascended, countless doggie-themed cryptocurrencies have emerged to take its majesty, including doge cash (DOGEC), akita inu (AKITA) and dogelon mars (ELON).

The leader of the pack is shiba inu (SHIB), who exploded in 2021, vying with dogecoin for the lead puppy position.

Since its inception in August 2020, SHIB has rocketed through the rankings from a low of $0.000000000056 in November 2020 to a record high of $0.00008616 in October 2021, generating an increase of more than 150,000,000 %.

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This is a big adventure for a coin that apparently came out of nowhere.

What is SHIB?

At the most basic level, SHIB is a counterpart to dogecoin, developed at Ethereum. Unlike dogecoin, it is a token (a cryptocurrency that operates on another blockchain infrastructure) rather than a currency, which exists in its own blockchain.

Also, dogecoin is a fork of luckycoin (LKY) which in turn is a fork of litecoin (LTC) which is a fork of bitcoin (BTC). SHIB is a standard ERC-20 token that operates on the Ethereum blockchain.

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Like dogecoin, SHIB is a meme asset: a cryptocurrency that is inspired by internet memes and forms communities of enthusiasts.

Meme coin price movements are often linked to sentiment around recent news and influencer activity on social media.

SHIB itself is named after the canine breed, which became the face of the “doge” meme that inspired the creation of dogecoin.

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What is the story behind SHIB?

According to its official website, SHIB was created as a “spontaneous experiment in building decentralized communities” by anonymous developer Ryoshi (which in Japanese means “fisherman”).

Ryoshi believes they are “nobodies” and “replaceable”: “With Shiba, we made it clear from the start that no one is in charge. There is no culprit, responsible person or entity who holds the keys of the kingdom.” In May, Ryoshi added that “to this day, I have 0 SHIB”.

The shiba inu “woofpaper” (“whitepaper”) poses the following question: “What would happen if a cryptocurrency project were 100% owned by its community?”.

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Along with SHIB, Ryoshi also created the “Dogecoin killer” LEASH token, albeit in small quantities, while BONE was released alongside decentralized brokerage (DEX) ShibaSwap.

A total of one quadrillion SHIB was issued and the anonymous developers behind the shiba inu sent about half of the total supply (a little over 505 trillion) to the address of Ethereum co-founder Vitalik Buterin.

The logic, according to Ryoshi, was that “there is no greatness without a point of vulnerability and as long as [Buterin] don’t give us a rug tug, then SHIBA will grow and survive.”

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After a while, Buterin burned 410.24 trillion SHIB (90% of his assets) and donated the rest to charity, arguing that if he were to do something with the tokens he earned, it would generate unnecessary speculation.

If you believe this is ridiculous, you are probably not alone. But Dogecoin was considered a cryptocurrency of “mess” before it became the great 2021 coin and the subject of fans like Mark Cuban and Elon Musk.

SHIB is already on a similar trajectory. At times, cryptocurrency reached the top 10 ranked currencies by market capitalization and even surpassed dogecoin, boosted by listings at major crypto brokers such as Binance and Coinbase.

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Where to buy SHIB?

SHIB can be purchased from brokers such as Coinbase, Binance, Huobi Global and OKEx. It can also be traded on DEXs like Uniswap, 1inch and 0x.

At Coinbase, you can buy SHIB directly with Dollars; other brokers offer trading pairs with tether (USDT), USD binance (BUSD) or wrapped ether (WETH).

In May 2021, SHIB’s price skyrocketed shortly after its listing on Coinbase due to an apparent and immense demand from users.

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At the time, Changpeng Zhao (or CZ), CEO of Binance, tweeted that the broker “runs out of ETH deposit addresses on account of SHIB” and this “has never happened before with any other ERC-20 currency”.

However, he also warned that he was not “promoting” it and that he considered it a “super high risk”.

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The future of Shiba Inu

SHIB’s meteoric rise has made many people rich. One portfolio saw its investments soar from about $8,000 to more than $5 billion in 400 days.

However, beyond that, it remains a “token of fun” driven by retail investor sentiment.

It’s a phenomenon similar to the WallStreetBets movement that has Reddit traders buying stocks like Gamestop and AMC for fun or Crypto Twitter snapping up shares of tungsten cubes.

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Meanwhile, institutional investors don’t want to have anything to do with meme coins and meme tokens; an executive working with institutional custody of crypto told Decrypt that “zero” clients are looking to allocate a portion of their portfolios in SHIB.

But that may not matter if the new wave of meme-driven retail investment is the future of finance and not (as some claim) a herd bubble like the tulip fever of the 16th century.

“If people care enough about a joke,” said the executive, “it becomes real.”

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Shiba Inu price edges closer to another 50% upswing

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  • Shiba Inu price has dropped 18% into a high probability reversal zone, hinting at a new leg-up.
  • Investors can expect SHIB to shatter intermediate resistance levels and tag the $0.0000625 resistance level.
  • A breakdown of the $0.0000362 support will invalidate the bullish thesis.

Shiba Inu price looks ready for a reversal as it enters a crucial support area that is likely to trigger a massive uptrend. This move has a high chance of occurrence as it allows sidelined buyers who missed the initial run-up to get in on the next leg-up.

Shiba Inu price prepares for liftoff

Shiba Inu price rose 50% in under two days as it triggered an upswing on November 28. This rally set up a swing high at $0.0000543 and has dropped 23% to where it currently trades – $0.0000422.

Interestingly, SHIB has entered the high probability reversal zone, extending from $0.0000400 to $0.0000431. This is an oversold area that is likely to trigger an inflow of buying pressure from investors that missed the initial spike in price.

Therefore, market participants can expect Shiba Inu price to reverse its downtrend soon. The resulting uptrend will take a jab at the range high at $0.0000543 and attempt to move higher. In this case, SHIB will revisit the $0.0000579 and $0.0000625 resistance barriers.

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In total, this run-up from $0.0000415 would indicate a 50% gain for Shiba Inu price. 

SHIB/USDT 4-hour chart

SHIB/USDT 4-hour chart

While things are looking gloomy at the moment, investors can expect a decent bounce from Shiba Inu price soon. A failure to do so could result in a breakdown of the 79% Fibonacci retracement level at $0.0000400 and a revisit of the range low at $0.0000362.

A daily close below this level will create a lower low and invalidate the bullish thesis. In such a case, Shiba Inu price could tag the $0.0000330 support level.

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Healthcare Company Adds Shiba Inu to Its Balance Sheet

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A Toronto-based healthcare company now holds Shiba Inu on its balance sheet.

Ask The Doctor, a Canadian online healthcare company, has added $1.5 million worth of Shiba Inu to its balance sheet, according to an announcement posted on its Twitter account.

Kraken facilitated the seven-figure buy. As reported by U.Today, Shiba Inu started trading on the San Francisco-based cryptocurrency exchange on Tuesday.

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The medical information website will also begin accepting the meme cryptocurrency with its healthcare partners within the next three days.

It already allows clients to pay with Dogecoin for certain services in the U.S. and Canada.   

The Toronto-based company was launched in 2010, allowing its clients to connect with medical professionals via text messages or video streaming. Notably, its list of co-founders includes former NBA player Israel Idonije and former NBA star Dikembe Mutombo.

In 2016, Ask The Doctor started accepting Bitcoin payments, becoming the first healthcare company around the globe to embrace crypto.

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The reason for adding the new payment option was to offer customers who share sensitive medical data more privacy.

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Shiba Inu Coming to Brazil’s Largest Crypto Exchange

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BBrazil’s Mercado Bitcoin is set to add support for Shiba Inu on the first day of December.

Mercado Bitcoin, the largest cryptocurrency exchange in Brazil, has announced that Shiba Inu will become available for trading starting from Dec. 1.

The token is yet to be added to the trading platform at the time of writing.

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The announcement was accompanied by a video of a Shiba Inu dog in military gear.

After listing SHIB, Mercado Bitcoin will also add support for Cosmos (ATOM), Polkadot (DOT) and Loopring (LRC) later this week.

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 2TM, the parent company of the number one exchange in Latin America, raised another $50.3 million in late November. This occurred just months after raking in $200 million in July during a Series B investment round spearheaded by Japanese conglomerate SoftBank.

Last month, Korbit became the first cryptocurrency exchange to list Shiba Inu in South Korea.

Kraken, one of the world’s top exchanges, also added support for the top token earlier this week.

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