Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice. It is solely the writer’s opinion.
The crypto-market has been on a bullish surge recently, with the latest price rally beginning in mid-October. Shiba Inu [SHIB] has been no exception, with the meme coin posting considerable gains in the past month.
Additionally, Shiba Inu’s Shibarium has also received accolades for its performance, processing record requests since its launch.
In a whirlwind of cryptocurrency fervor, memecoins, propelled by vibrant communities, have seized the spotlight. SHIB emerged as a major player, riding the waves of community support rather than real-world utility.
In fact, 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’s origins and its popularity
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 from 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 cryptic-creator and Vitalik Buterin’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. A 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. 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, signalling continued evolution.
Shibarium dubbed “one of the best-performing networks”
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.
“Memecoin” label continues to stick to SHIB
While Shiba Inu has often been labeled a “memecoin,” 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 L-2 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 labelled a memecoin, 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 has the capacity to 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.
SHIB’s soaring trajectory: 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 fervor is sustained by a fundamental desire for change and an exploration of 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 in 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.
Price action to turn more bullish?
Source: SHIB/USD, Tradingview
SHIB was trading at $0.00000927 at press time. The coin has been on a bullish surge lately, surging by more than 35% over the last 30 days.
Both its Money Flow Index (MFI) and the Relative Strength Index (RSI) rested much above neutral 50-level. It suggested that the current price rally for SHIB is likely to last long.
The million dollar question: Will SHIB surge?
I asked ChatGPT to predict SHIB’s price within a week, given its price, RSI and MFI lying in positive territories.
Source: ChatGPT
The AI bot predicted a surge to $0.000012 within a week—A surge of 30% on the part of SHIB in the next seven days.
Any crypto-enthusiast following SHIB would have definitely 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. The crypto market’s volatility and myriad influencing factors make it a challenging task. While it’s within the realm of possibility for Shiba Inu to reach $0.1, it’s critical to approach such forecasts with caution.
How much are 1,10,100 SHIBs worth today?
The unpredictability of the crypto-market indicates that success hinges on various dynamic factors, such as community support and broader market trends.
Conclusion
Despite Shibarium’s commendable performance, hitting the $0.01-price mark for Shiba Inu might not be imminent. The burn mechanism, a crucial aspect for influencing the token’s value, is yet to be initiated. Although Shibarium is currently collecting transaction fees and allocating them for operations and burns, the actual burning of SHIB tokens has not been set into motion.
