Shiba Inu Coin – Daily Tech Analysis – February 11th, 2022

Shiba Inu Coin – Daily Tech Analysis – February 11th, 2022

Bitcoin below $44,000, dogecoin, Shiba Inu, XRP plunge over 6%. Check cryptocurrency prices today

  • The global cryptocurrency market capitalisation today declined over 3% at $2.06 trillion, as per CoinGecko

Cryptocurrency prices today plunged with Bitcoin trading below the $44,000 level in what has been a volatile week for the digital tokens. The world’s largest and most popular cryptocurrency was down nearly 3% at $43,144. Bitcoin is down about 6% in 2022 (year-to-date or YTD) so far.

Shiba Inu Coin Price Live

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Bitcoin is down about 35% since it peaked at almost $69,000 in November last year as risk aversion grows with the Federal Reserve and other global central banks starting to tighten financial conditions and remove pandemic-era liquidity from the system.

On the other hand, Ether, the coin linked to the ethereum blockchain and the second-largest cryptocurrency in terms of market capitalization, also declined over 5% to $3,064. Similarly, Binance Coin dipped about 2% to $413.

SHIB Price and Market Stats

SHIB Price$0.00003114
Market Cap$16,784,054,034
Market Cap Dominance0.81%
Trading Volume$1,724,191,946
Volume / Market Cap0.1094
24h Low / 24h High$0.00003016 / $0.00003358
7d Low / 7d High$0.00002085 / $0.00003480
Market Cap Rank#14
All-Time High$0.00008616 -63.9%
Oct 28, 2021 (4 months)
All-Time Low$0.000000000056 55227131.3%
Nov 28, 2020 (about 1 year)

Shiba Inu Coin Live Price Chart February 11th, 2022

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Dogecoin price was trading 6% lower at $0.15 whereas Shiba Inu tanked over 8% to $0.000030. The performance of other coins were mixed as Stellar, Avalanche, Cardano, Polygon, XRP, Polkadot, Solana, Terra, Stellar prices were trading with cuts over the last 24 hours.

Meanwhile, the global cryptocurrency market capitalisation today remained above $2 trillion, as per CoinGecko, even as it was down 3% at $2.06 trillion, dragged by fall in crypto prices today.

The crypto market marked the third week of inflows totaling $133 million last week, according to a report from digital asset manager CoinShares. Bitcoin led all inflows, with $71 million, the largest since early December and the third straight week of inflows, with a total of $108 million. Ether posted net outflows of $8.5 million in the week ended February 4, its 9th straight week of outflows, totaling $280 million.

(With inputs from agencies)

Shiba Inu Rises Over 50% In A Week: What is Powering The Rally?

Shiba Inu has a huge fan following and some of the plans that developer Ryoshi had mentioned about last year are getting executed now.

The prices of Shiba Inu (SHIB) have surged recently. At one point, it jumped by almost 50 per cent. The meme coin was trading at $0.00003013 today, down byalmost 8 per cent due to profit booking by some investors in the last 24 hours, according to data from Coinmarketcap.

So, what’s driving the prices of the dog-themed coin, whose growth was muted towards the beginning of the year? Some of the announcements SHIB’s anonymous developer who goes by the pseudonym ‘Ryoshi’ made last year seem to be rolling out now, pushing the coin’s uptake.

Shiberse Announcement

On February 10, Shiba Inu’s official Twitter handle announced the launch of Shiberse, the virtual metaverse world for the SHIB ecosystem, which doesn’t just have the primary token SHIB.

Ryoshi launched two other tokens, BONE and LEASH. BONE is like a governance token. So, users who own BONE will be able to vote things that matter for Shiba’s DAO (Decentralized Autonomous Organization). LEASH’s total supply is currently limited at 107,646 and is given to those who provide liquidity to Shiba’s DeFi (Decentralized) ecosystem. In the newly launched Shiberse, only LEASH holders will be able to buy LAND exclusively.

“Although Shiba Inu, had been flat for quite some time, the recent announcement of the metaverse pushed the coin almost 80 per cent higher. Investing in meme coins is always a highly risky strategy. Even though the Shiba Inu community is pushing for higher adoption of their token, investors should do their own research about the use cases before investing,” says Edul Patel, CEO and co-founder of Mudrex, a global algorithm-based crypto investment platform.

Huge Buying Activity By Big Ethereum Investors

Before the big announcement of Shiba Inu’s metaverse plans, several big Ethereum investors—known as Ethereum whales in the trading community—began to buy millions of dollars’ worth of SHIB tokens.

According to, a crypto purchase activity tracking website, on February 1, someone called ‘Jiraiya’ bought SHIB tokens worth $1.079 million in a single day. Not only this, several other whales like him were on a buying spree moments before the Shiberse metaverse announcement.

“Some meme coins have done exceedingly well. However, most of the meme tokens have just faded and died down. These dog-themed meme coins have a lot of correlation with public icons… if (someone) like Elon Musk tweets about these tokens, they are bound to experience massive volatility,” says Patel.

The Expected Coin Burning Exercise In February

Steven Cooper, the CEO of Bigger Entertainment, tweeted on February 6 that his company will be holding a SHIB token burning event on February 14 at 2 pm CEST, which will be broadcasted live on Youtube.

A crypto coin-burning exercise simply means that a certain number of crypto coins is sent to a crypto wallet address that is off the market. So, the coins are still there but they can never be used again. “Coin-burning is the intentional and permanent elimination of a portion of cryptocurrency coins from circulation. It is done by sending cryptocurrency tokens to an eater address, also known as a ‘blackhole.’ It is a wallet address where no one holds the private key. Without the private key, these tokens cannot be accessed by anyone and are lost forever,” says Patel.

This exercise reduces the supply of coins in the market, helping the prices go up. “This crypto coin burning exercise permanently destroys a certain number of tokens so that the community experiences the market prices that they believe are a better representation of the true worth of the token,” says Ajeet Khurana, a crypto advisor, former CEO of Zebpay.

First Real-World Use Case

A restaurant in Naples, Italy, named Welly’s, recently adopted Shiba Inu as its mascot. It has also adopted blockchain technology to run operations. This was the first time a real-world use case was found for Shiba Inu.

Although it started off as a meme coin, this has made Shiba Inu a marketing brand, thanks to its huge fan following.

Shiba Inu FAQS

What is Shiba Inu token?

Shiba Inu (SHIB) is a meme token which began as a fun currency and has now transformed into a decentralized ecosystem. During the initial launch, 50% of the supply was allocated into Vitalik Buterin’s ethereum wallet. The price of SHIB has soared from as low as $0.000000000056 to an all time high of $0.000084, that is a 150,000 times increase within 8 months.
As a result of that, Vitalik proceeded to donate 10% of his SHIB holdings to a COVID-19 relief effort in India and the remaining 40% is burnt forever. That donation was worth about $1 billion at that time, which makes it one of the largest donation ever in the world.

What is the Shiba Inu community working on right now?

Right now in 2021, Shiba Inu coin has captured mainstream attention as a meme coin.

What will Shiba Inu coin be worth in 2030?

Bearing that in mind, CoinPriceForecast says that SHIB will hit $0.00351957 at some point in the middle of 2030, but will then drop back to $0.00299302 at the end of the year.