JAKARTA – Shiba Inu (SHIB), the second meme token after Dogecoin (DOGE) inspired by the Shiba Inu dog, once again recorded a significant price increase throughout 2024. Based on the latest data, SHIB increased by 150 % since the beginning of the year. (YTD).
This makes SHIB one of the top meme-based crypto assets after Dogecoin (DOGE), which has seen a 310% year-to-date increase. Additionally, this coin remains the largest Ethereum-based token in terms of market capitalization, surpassing its rival Pepe Coin (PEPE).
According to Shytoshi Kusama, the lead developer of the Shiba Inu ecosystem, the future goal of SHIB is not only to burn tokens to reduce supply, but also to create new utilities. This approach aims to expand the long-term adoption of SHIB as a more functional currency beyond its status as a meme coin. These measures include the development of issue characteristics and increased integration into diverse ecosystems.
However, the coin market is inseparable from risk. Analysts at 10x Research say SHIB trading volume on key exchanges such as Binance and Uniswap saw a significant decline in the first quarter of 2024. This condition, triggered by price corrections and regulatory concerns, shows the challenges facing are facing coin memes to maintain long positions. in the long term.
Furthermore, the volatility of the cryptocurrency market remains a major concern. Analysts warn that major corrections could impact coin performance first, given that the coin market tends to be influenced by speculative sentiment. Nonetheless, a strong community and continued innovation within the SHIB ecosystem gives its supporters reason for optimism.
With a market capitalization of US$14.9 billion (approximately Rs. 235 trillion), Shiba Inu remains one of the most noticed meme tokens. Developers and their community are now inevitably proving that SHIB is not just a coin meme and is capable of becoming a digital asset with fundamental value.
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