One interpretation is that the price of SHIB is becoming increasingly uncorrelated with Bitcoin’s, suggesting that broader market fluctuations have less of an effect on its value.For comparison, the 30-day correlation between Bitcoin and the stablecoins Tether (USDT), USDC, and Binance USD was 0.21, 0.23, and 0.27, respectively. The community of SHIB holders remains to be concerned about the burn.SHIB BPP shared a prediction that 111 trillion Shiba Inu will burn over the course of the next year on the community-focused discord channel for the coin.In the coming year, according to SHIBQueenie, the community’s Discord channel admin, 111 trillion could be destroyed.SHIB Decouples From BTCAccording to CoinMarketCap, SHIB has plunged by 1.99% or is trading at $0.00001305 as of this writing.Shiba Inu had a modest 0.25, or 25%, 30-day price trend with Bitcoin. Shiba Inu community forecast a 111 trillion SHIB burn, which spurred holders of SHIB to be bullish.According to the Shiba Inu community, 111 trillion SHIB could be burnt in the upcoming yearSHIB owners may have been anticipating a positive indication when they saw a large burnCrypto’s price is set to recover its losses, according to analysis of the SHIB chart’s rising formationOver the past two months, a surge in the meme coin has been brought on by the Shiba Inu burn events. It is noteworthy that WAGMI Temple is another effort made by Shiba Inu to prove that it is no longer a meme coin but a utility crypto project. The first segment of the WAGMI Temple Fireside Chats is slated to be hosted on September 8, 2022, at 8PM EST. “We aim to also host some Fireside Chats on other platforms as well in the future,” the announcement reads. The Fireside Chats will be hosted on Shiba Inu’s official Discord channel, with more plans made to roll out the initiative on other platforms. The motive is to address all questions, ideas, and concerns from members of the SHIBArmy. Shiba Inu Introduces Fireside Chats to Encourage Community Participation Meanwhile, Shiba Inu also disclosed that its metaverse team would introduce Fireside Chats throughout its metaverse creative process. Notably, the architectural design of the WAGMI Temple was derived from different inspirations, including Beijing’s Temple of Heaven, New Delhi’s Swaminarayan Akshardham, etc. “Black and white sketches and concept artwork include a strong, physical, powerful potential, especially in abstract artwork,” Shiba Inu noted in the announcement. The idea is to communicate the necessary feedback to the community, suggesting what roles the WAGMI Temple would play in Shiba Inu’s metaverse project. Shiba Inu also shared black and white pictures of the upcoming WAGMI Temple. According to a blog post today by Shiba Inu, WAGMI Temple will introduce a zen-like realm with calm meditation, natural beauty, sensation, and spiritual connections to the world. Shiba Inu unveils yet another concept for its metaverse project.The development arm of Shiba Inu has shared details of the concept of the upcoming SHIB: The Metaverse WAGMI (We’re All Gonna Make It) Temple. The Shiba Inu Incubator was created to help holders find the tools to bring their artwork to life. The #ShibArmy consists of talented individuals, which Shiba Inu supports by cultivating an environment that incentivizes activity and growth. Read more on the coin at Binance Academy here. SHIB token was born from the idea of being just another "meme" token, but over time has become its own ecosystem backed by a growing community. It has a total supply of 107,646 tokens, offering different incentives and rewards on ShibaSwap.īONE is a governance token that allows the #ShibArmy to vote on upcoming proposals for the latest project, Doggy DAO. LEASH was originally a rebase token but the developers recently removed the rebase to increase the potential. As of now, ShibaSwap consists of two tokens: LEASH and BONE.
However, unlike dogecoin, SHIB is building an entire ecosystem around itself named ShibSwap. SHIB is one of many dog-themed cryptocurrencies. However, it can be transferred from one user to another. The token does not support smart contracts and is not backed by any asset. The SHIB token is an Ethereum-based ERC-20 token that was created as a direct competitor to Dogecoin.
Shiba Inu (SHIB) is a decentralized cryptocurrency created in 2020 by an anonymous person under the pseudonym Ryoshi.
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