A new meme-inspired cryptocurrency named Shiba ($SHIBA), which has self-dubbed itself as the “Birth of a New King,” experienced a staggering 3,000% increase in its price earlier this month. However, it has since plummeted, now sitting at an 84% decrease from its all-time high.
Etherscan, the Ethereum blockchain explorer, reveals that although SHIBA is not available on centralized crypto trading platforms such as Coinbase and Binance, it has garnered significant trading volume, reaching almost $250,000 million within a 24-hour span on Uniswap, a well-known decentralized exchange.
CryptoGlobe reported the surge in SHIBA’s price earlier this month, linking the price hike to the token’s low liquidity. Ethereum blockchain data indicates that SHIBA has been part of 28,200 transactions and is held by 2,047 owners.
The cryptocurrency has experienced a sharp decline in value, dropping approximately 84.4% from its highest point at $0.0000000078, now hovering around $0.00000000121.
On its official website, SHIBA positions itself as the “rebirth of the DOGE killer,” expressing anticipation for a new leader in the crypto space while highlighting the enthusiasm of Shiba whales. The site also addresses past disappointments in the market, stating, “the Shiba whales have their eyes blazing,” and proclaiming that it’s “time for the birth of a new king, a new Doge Killer of 2023, $SHIBA.”
SHIBA’s token supply structure is detailed on its website, explaining that 47% of the total, equivalent to 470 trillion tokens, are set to be “burned at launch.” An additional 300 trillion tokens will be “removed from circulation at launch.” The token allocation includes 5% for potential listings on centralized exchanges, 5% for a “marketing and development fund,” 4% for an ecosystem fund, 4% for funding cross-chain trading platforms, and another 5% designated for the project’s team. In a move reminiscent of its meme-crypto counterpart Shiba Inu ($SHIB), SHIBA has also introduced a token named $BONES, designated as the “official gas token for Shibarium chain.”