Shiba Inu (SHIB) has become one of the most prominent meme-inspired cryptocurrencies since its launch in August 2020. The developers behind the decentralized token have worked to build an ecosystem of projects for the SHIB community.
However, the recent launch of the layer-2 solution Shibarium failed to significantly boost prices amid the ongoing crypto bear market.
What is Shiba Inu? A Brief History
Shiba Inu is a decentralized cryptocurrency that spawned from a meme-inspired online community. The token’s mascot is a Shiba Inu dog, which led to the name.
In mid-2020, an anonymous individual or group known as Ryoshi started working on Shiba Inu as an experimental decentralized community project. Ryoshi intended to take the meme coin concept behind Dogecoin and build an ecosystem around it.
Also read: Shiba Inu: 74% of SHIB Holders Are in Loss
After launching in August 2020, SHIB gained little initial traction until May 2021. That month, Ethereum co-founder Vitalik Buterin donated and burned trillions of SHIB, sparking a frenzy of interest. The supply removal helped propel SHIB’s price from $0.0000007 to $0.000037 within days.
By October 2021, SHIB peaked at $0.000088, delivering over +10133726% gains from its debut. However, the token has declined significantly since being caught up in the 2022 crypto bear market.
The developers behind SHIB have worked to expand its utility and use cases beyond being a speculative asset. Efforts include the Shibarium layer-2 network, metaverse land in the Shibaverse, and plans for merchant payments with SHIB. However, prices remain depressed near all-time lows.
When will Shiba Inu (SHIB) delete a zero?
SHIB is trading at $0.000008241 at press time, with no major fluctuations in the last 24 hours. While it is uncertain as to when Shiba Inu will delete a zero and hit the $0.00001 level, cryptocurrency experts at Changelly have provided a timeline for this milestone.
According to the prediction, SHIB is set to hit $0.0000105 in March 2024. The analysis reveals that during that month, SHIB will be hovering around a minimum price of $0.00000721. However, the price can go either way depending on the whole market movement.