Crypto

Shiba INU (SHIB) Is Still In A Strong Position For The Second Half Of 2021

Every time the crypto markets show the slightest sign of a bullish uptrend, people expect to see new all-time highs. Unfortunately, that is very unlikely under the current market conditions, regardless of which currency one is invested in. As a result, Shiba Inu (SHIB) remains uncertain about its future direction, although a short-term bounce isn’t out of the question. 

Can Shiba Inu (SHIB) Recover?

Ever since the cryptocurrency markets decided to shed 50% of their value, there has been very little excitement across the different communities. No currency has been able to buck the negative trend. Even the popular Shiba Inu (SHIB) is still down by 28.8% from two weeks ago. Such a dip isn’t unsurmountable, yet the current market conditions aren’t too favorable either.

In the past day, the value of SHIB has gained nearly 6%. On any typical day, that would be an outstanding performance. However, these days, it seems to be more of a temporary bounce than anything else. No market has a stable price floor for now, and all bets are off. Despite the odds, SHIB maintains a market cap of over $3 billion and nearly $300,000,000 in daily trading volume. The all-time high is still 83.7% away, confirming no new ATH should be expected in the coming days and weeks.

SHIB/USDT chart by Tradingview.com

Despite the current market dip, the SHIBArmy subreddit remains very popular. It has now surpassed 200,000 Reddit subscribers, confirming there is still a lot of interest in this project. Compared to other “Dogecoin killer” tokens that launched over the years, Shiba Inu seems to have its act together a bit better. Continuing that momentum will determine how long the project can remain relevant. 

LEASH, BONE, Bury, Dig

While the names within the Shiba Inu ecosystem may be a bit confusing at first, it also makes a lot of sense after some research. Shiba Inu has three main tokens: SHIB, LEASH, and BONE. LEASH was supposed to be a rebase token pegged to Dogecoin’s value, but that plan was scrapped. As a result, there is no rebase to speak of, and there are only 100,000 tokens in circulation. 

BONE is a bit of a mix between SHIB and LEASH. Its supply is much higher than LEASH and serves as the governance token for Shiba Inu’s ecosystem. Holding more tokens will result in a bigger “weight” for one’s opinions. BONE is also supported in decentralized finance (DeFi) and will take that industry to the next level. 

Users looking to stake their tokens can “bury” SHIB as a way to provide liquidity to ShibaSwap. Buried tokens are converted to xSHIB and will be eligible for rewards. Three percent of the BONE amount minted per block goes to the xSHIB pool, along with 0.3% of the transaction fees generated by the trades in the pool. It is a relatively straightforward way of generating rewards, of which 33% are available immediately. The remaining rewards are locked for six months.

Digging, on the other hand, also pertains to providing liquidity, both rather as liquidity pairs. Once both coins in the pair are “digging”, users can earn trading fees but may also suffer from impermanent loss. Users earn a share of Eth Swap Transaction fees and a number of BONE tokens. The 33%/66% rewards scheme applies to this option too. 

Both BONE and LEASH will begin trading on the Kanga exchange come July 23rd.


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JP Buntinx

JP Buntinx has been writing about cryptocurrency since 2012. His interest in crypto, blockchain, fintech, and finance allows him to cover a broad range of different topics.

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