The Decentralized Meme Token Shiba Inu is one of this week’s biggest gainers following the release of its NFTs and listing on eToro. SHIB has posted a 26.5% gain in the past 7 days. Aside from recent project roll-outs, the increase can also be attributed to the market. Major cryptos like Bitcoin and ETH as well as altcoins are on the upswing.
Shiba Inu has a reputation for doing things differently. For example, Founder Ryoshi decided to lock 50% of the total supply of 1 quadrillion in Uniswap. Then, the other half was allocated to Ethereum co-founder Vitalik Buterin’s Ethereum wallet.
Buterin surprised the crypto community when he donated 10% of his SHIB holdings to a COVID-19 relief effort in India and burned the remaining 40%. That donation was worth about $1 billion at that time, making it one of the largest donations ever in the world.
According to the developers, one thing the sets Shiba Inu apart from the most popular meme coin, DogeCoin, is how community-driven it is. The coin has a fervent fanbase coming from their “Shiba Inu Ecosystem,” which includes developers, coin holders, and fans, which can push the coin past Dogecoin in the future.
Shiba Inu tokens were originally not intended to have actual uses in the real world; that’s why it’s considered a “meme token.” So why exactly is it rising in value?
NFT Magic: Shiba Inu’s Value Soars thanks to NFTs
Shiba Inu’s rise in value is being attributed to the release of its trading card NFTs on OpenSea. The KriptoKards Shiba NFT Card Collection is an initiative of the community members. “Shiba HODLER Card #001” has a floor price of .02 ETHER or around $60. A total of 25 of each card will exist and the first six will be given away for free.
Last month, an image of the iconic Japanese Shiba Inu dog, the face of DogeCoin, was sold as an NFT for $4 Million. It holds the record of being the most expensive meme NFT in history. Atsuko Sato, who owns the viral Shiba Inu dog named Kabosu, is behind the sale. Meanwhile, user ‘pleasrdao’ bought the NFT 3 days after it was listed for a whopping 1,696.9 ETH.
This NFT Sale gives enough reason for the project to explore releasing a more extensive NFT Collection. It is in an advantageous spot because of its community with over 5811,000 members.
Aside from the NFT Release, the surge in value is because of the eToro listing. Basically, eToro users can buy their Shiba Inu tokens on the platform. This is a crucial development because it improves the customer journey and has the potential to bring in new users. eToro is a social trading and multi-asset brokerage company with over 20 Million users worldwide.
NFTs and Memes
Memes are deeply inculcated in the digital culture. Since NFTs started as a digital trend, memes fluidly embraced it. There was such a huge showing for OG Memes like Disaster Girl, Charlie Bit Me and Bad Luck Brian. There are also platforms exclusively catering to monetizing the meme culture like Meme.com which landed a $5 Million Investment.
The rise in the value of Shiba Inu Tokens because of an NFT drop proves the synergy between the two. So the NFT and Meme space is ripe for new offerings.
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