Here’s a quick and simplified look at the $SHIB Shiba Inu (SHIB) currency:
🐶 What is Shiba Inu?
Shiba Inu operates as a digital currency based on the Ethereum (ERC-20) system, with a total supply estimated at over 1 quadrillion (1,000,000 trillion) SHIB.
It was established in 2020 by an anonymous individual known as “Ryoshi,” and emerged as a meme coin aimed at showcasing the power of the grassroots community in cryptocurrency.
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🆕 Recent Highlights
Token burn levels increased by over 4000% in May, with 25.93 million SHIB burned in a single 24-hour period, which impacted supply and price dynamics.
The transfer of 5.45 trillion SHIB (~$162 million) away from exchanges recently indicates an increase in the number of coin holders (Hodlers) and continued confidence from the community, which is considered a potential positive indicator for price.
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🧱 Why does SHIB remain strong despite being a meme coin?
Shiba has an active network that includes a decentralized trading platform (ShibaSwap) and a governance team based on decentralization, along with future plans that include creating the Shibarium Layer 2 network, reducing transaction fees, and expanding technical uses.
The community supports projects like NFTs such as Shiboshis and integration with real-world payment processes in some stores via the Flexa platform.
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📈 Overview of Recent Performance
Indicator Value or Event
Market Cap Approximately $11 billion
Daily Trading Volume About $1.4 billion
Number of Wallet Holders Approximately 1.3 million wallets
