Arguably the most valuable aspect of Shiba right now is his community.
It’s been a “ruff” few weeks for Shiba Inu (SHIB). Arguably the most popular meme coin in cyberspace was down almost 2.5 percent today. While other coins like Bitcoin, Ethereum, Solana, LoopRing … etc have all hit all-time highs in the past few days, Shiba has continued its tail.
In fact this chart shows between its all-time high of $0.0000879 two weeks ago, to its close today of $0.0000547, is a decline of 40 percent.
Despite this decline, fans and users of the meme continue to rally behind it. According to Shiba’s CERTIK audit report posted on its website, more than 985,000 people hold some amount of SHIB. Additionally this week, Shiba Inu’s number of Twitter followers reached 1.8 million, surpassing Ethereum’s 1.7 million Twitter fans. These are positive signs of expanding community support for the Shiba Inu project. However, there are two issues that need to be addressed to put some pep back in this pup.
First, Shiba’s circulation supply is highly concentrated. According to the blockchain explorer Etherscan.io, 63.6% of the total available supply of SHIB is held by 10 portfolios. Even Shiba’s own audit report shows that 53.9% of its available supply is held in four wallets. It is a significant risk if one of these people decides to sell a significant portion of their Shiba bags.
Second, as of right now the best use case for Shiba is as a payment method, but according to Cryptwerk only 112 total merchants accept SHIB. At the time of this writing, there is 7,586 merchants accepting Bitcoin; 3887 accept Ethereum; and 3127 who accept Litecoin.
To ensure its long-term value, those two points need to be addressed by its developers and its growing community.
The developers of Shiba recognized its limited use case and therefore created two more tokens to help add utility and value to the community: its LEASH token is supposed to serve as a store of value, while its token BONE serves as a loyalty and voting / governance reward. token for the community. However neither of those coins have enough users to even rank in the top 3000 traded coins or have a market cap number.
Arguably the most valuable aspect of Shiba right now is his community. Anonymous Shiba founder Ryoshi reiterates that in the project’s white paper titled WoofPaper v2:
“We are a decentralized spontaneous community building experience. “
