The cryptocurrency Shiba Inu, known as a 'dog coin', is celebrating its five-year anniversary since its launch on August 1, 2020. The project team shares important milestones over this period.
History and Achievements of Shiba Inu
Shiba Inu was launched on August 1, 2020. During the first half of 2021, SHIB marked an all-time low of $0.00000004, and less than seven months later, the token surged to an all-time high of $0.0000885 on October 28, 2021.
On that date, Shiba Inu reached a peak market capitalization of $41 billion and a peak 24-hour trading volume of $30 billion. According to the team, the number of exchanges listing SHIB has surpassed 115, while the number of wallet holders has crossed 1.51 million.
Additionally, in July 2021, ShibaSwap—the decentralized exchange for SHIB—was launched, and in August 2023, the layer-2 blockchain Shibarium was released.
Current Market Conditions of SHIB
Currently, Shiba Inu is trading at $0.000012 following a recent market sell-off that triggered $751 million in crypto liquidations, according to CoinGlass data. SHIB has entered its fifth day of declines from a high of $0.00001437, leading to a loss of the 50-day simple moving average (SMA) at $0.00001264.
The meme coin sector, including SHIB, is facing volatility due to the broader market sell-off and macroeconomic uncertainty.
Future of Shiba Inu
According to Lucie, a team member of Shiba Inu, the project has seen an unbelievable 21,600,000% increase since launch. Despite the current market conditions, the team remains hopeful for recovery and the further development of the Shiba Inu ecosystem, leveraging the experience gained over the years.
Shiba Inu continues to be a significant cryptocurrency in the market. The project's fifth anniversary allows for a reflection on its successes and highlights future plans.
