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While Dogecoin is close to achieving its goal of hitting its all-time target of $1 despite its massive circulating supply of 131.6 billion coins, Shiba Inu and its rapidly growing ecosystem are also hopeful that this feat will be achieved one day.
Shiba Inu (SHIB), the meme token that was inspired by Dogecoin (DOGE) is off to a good start this week as its price is seeing a bullish momentum today. The retail backing the digital token has received is massive enough that it has resisted a massive sell-off after the largest token dump in the coin’s history was recorded.
According to data from Santiment, whale addresses with 1 million to 10 million $SHIB in their wallet collectively dumped 31.07 billion Shiba Inu tokens on the market.
🐶 #ShibaInu's addresses worth 1M to 10M $SHIB made their largest dump in the asset's 6-month history on Thursday's price drop. 31.07B coins were shed from these addresses, 3.02% of all of these modest-sized address holdings. Things are now rebounding. 📈 https://t.co/qja8cfp9fE pic.twitter.com/D8M1WjDanh
— Santiment (@santimentfeed) October 11, 2021
The expected impact of this dumping was cushioned as more retail investors saw the dump-off as an opportunity to shore up their position in the digital currency. At the time of writing, Shiba Inu is changing hands at $0.000029, after surging by 13.05% in the past 24 hours. In the past week, the meme coin is up 195.11%.
The retail interest in Shiba Inu appears to be gaining momentum currently, as shown by Google trends. The data shows that searches for ‘Shiba Inu’ are currently at 92, a slight slip from the highest level of 100 recorded back in May this year. This retail boost is notably fueled not just by the so-called Shiba Army, but by the other prospective investors looking to take up a position with the memecoin.
Shiba Inu Price: The Journey to $1
Shiba Inu was created to serve as a formidable competitor to Dogecoin, and Elon Musk, the major proponent for the latter coin might have taken a liking for Shiba Inu also. While Dogecoin is close to achieving its goal of hitting its all-time target of $1 despite its massive circulating supply of 131.6 billion coins, Shiba Inu and its rapidly growing ecosystem are also hopeful that this feat will be achieved one day.
Shiba Inu has more than impressed its early supporters, as it has a Return on Investment (ROI) rate of 1809563.85% according to data from CoinMarketCap. To hit its planned $1 price target, a more massive growth rate will still be required to be printed, a feat that many believe will be impossible with the coin’s total supply of 1 quadrillion.
The original design of the Shiba Inu token was that 50% of the total liquidity was locked on Uniswap, and 50% of the total supply was gifted to Ethereum’s co-founder, Vitalik Buterin. The bulk of Vitalik’s gift was burnt while 50 trillion SHIB tokens were donated to India Covid-19 relief fund as charity.
While the journey to $1 appears somewhat impossible, the cryptocurrency ecosystem has shown there is virtually nothing that is impossible in the crypto industry. Amongst the plans the Shiba Inu team believes will help the coin’s price in this ambitious pursuit is to build the ecosystem around the token including maximizing the proposed ShibaSwap exchange, as well as in periodic burning of the SHIB tokens. The sentiments in relation to these are contributing to the growth of the token at present.