Could a SHIBA INU Price Spike Rock The CryptoVerse?
Or Will the Doge Days of Summer Keep Canine Altcoins Panting?
(Guam, USA) - Never underestimate the value of a small coin. Not when its mascot is a cuddly Shiba bowwow. Not when it’s electrified by a hundred million people with a trillion dollars to burn. And especially not when dog’s best friend bears an insufferable addiction to the betting pool!
Within the galaxy of dog meme chips, micro-currency mavens are expecting the Shiba Inu token to skip a decimal into higher sub-penny territory at any moment.
The net-positive excitement is tied to the rush of winning “big” on tiny investments, the thrill of seeing another meme coin stick it to the naysayers, or a little bit of both. But at publication, SHIB is still trading at a paltry $0.0000077 per coin.
Assuming perpetual zeroes after the final digit on the price board, that’s no more than one 77 thousandth of a single red cent! Which might fetch you a stale Scooby snack from unsold merch at the dog pound, but precious little else.
Nevertheless, hope is the stuff that memes are made of. And if you’re wondering how in hounds’ high heaven that humanity can hear the dog whistle of anticipation over the tail-chasing din of doubt, look no further than Dogecoin’s best in show at 74 cents in May of this year.
Doge-worthy pursuits
Yes, it was the spunky little Doge that blazed a trail of speculation for a whole litter of purebred puppy tokens inseminated by the sweet scent of market success. And in hopes of sharing the luck, the logos promoting these spinoff cryptos shamelessly mimic the same Shibu Inu dogface that the Dogecoin meme token made famous, with some variation—you know, “for differentiation’s sake.”
Properly appalled at the audacity of the copy-dogs, the authentic Dogecoin Shibu can already be heard sniping out terse little complaints in his signature doggone broken English. “Very wow! So offense! Leave alone!”
Who the long-term alpha dogs will be among the pack of wannabe poochie chips is anyone’s guess. But DogeCash, Baby Doge Coin, ShibaPup, Shiba Inu, and Dogelon Mars are among the many strays hoping to hitch a ride on Dogecoin’s anti-gravity gravy train.
Outside the Dogecoin spinoffs, last spring saw a whole spectrum of rocket-rising tokens that arguably had no business exploding in price. But explode they did. And the precipitous “market corrections” (drops in valuation) that immediately followed indicated that the world of decentralized finance still has quite a way to go until its infrastructures will support steadier comparative pricing and more equable fiat reckoning.
Still, the little spitz known as Doge is holding its value at a bright-eyed-and-bushy-tailed quarter dollar lately.
A Doge is born
From the tail end of 2013, a whelping Doge hugged the floor, eking out incremental notch-ups and slipups from a starting price of $0.000267. Then, out of nowhere, Dogecoin suddenly leapt to $0.008873, but only after spending five years learning to crawl.
Then the Doge got some high-profile love from maverick inventor and crypto enthusiast Elon Musk. Just over a year ago, he tweeted, “It’s inevitable” in reference to a looming “dogecoin standard” meme depicting the billowing Dogecoin currency as a dust cloud engulfing the “global financial system.”
That was followed by Musk’s February 2021 tweets proclaiming “Dogecoin is the people’s crypto,” and “No highs, no lows, only Doge,” plus his April Fool’s Day announcement that his SpaceX exploration company was planning to “put a literal Dogecoin on the literal moon.”
On April 20, Doge shot up to 41 cents. And by late April, fellow billionaire Mark Cuban was telling daytime network television host Ellen DeGeneres that Dogecoin is “a better investment than buying a lottery ticket” and Musk was barking out his imminent Saturday Night Live guest host slot and calling himself “The Dogefather.”
If Doge is the currency of the people, then dank memes, pithy tweets, and loaded social media posts are the fire fueling Doge values. And it was in this blurb-slobbering atmosphere that Doge’s price was shattering every devil’s advocate’s expectation.
Finally, right before Musk’s May 8th SNL appearance, Doge ATH’d at just under 74 cents. But it fell below 42 cents after the self-styled Dogefather inexplicably described Doge as a “hustle” on the show. By May 12, Musk was back to promoting the “joke crypto” with a somewhat serious announcement that SpaceX would fund a moon mission with Dodgecoin next year. “To the mooooonnn!!” Musk tweeted, and the joke was on the sceptics once more.
The persuasion in the equation
But all egomaniacal tweetstorms aside, the buy-and-hodl math reveals a more intriguing story to those hoping to hop a rocket-ride to cryptocurrency wealth.
Suppose you paid a thousand dollars (on top of an exchange fee) for a huge hoard of Doge in December of 2013, when it was still priced at less than a 300th of a cent. The bargain basement buy filled your crypto wallet with nearly four million sub-penny coins. Here’s how that played out for you:
$1,000 / $0.000267 = D3,745,318.35.
Feeling rich yet? That’s more than 3.7 million Dogecoins!
“Yeah, but they’re practically worthless,” you reason. “The fruited plain is teeming with riper pickings!”
So, you stow away your Doge, get back to arbitraging more valuable coins, and forget all about those puny little puppy nuggets you’ve just tucked away.
Sure, you would eventually read Musk’s comments and hear about Doge’s price inching up over the course of the next few years, but those itty-bitty baby bumps would be too modest to bother with. Better to “hodl out,” in tepid hope they’ll someday rise enough in value to justify dumping them into real performing assets.
Then one day in early May of 2021 you wake up to morning talk-show banter about a curious meme token that’s suddenly the wagtail’s woof! Apparently, it just shot past 54 cents on buzz about The Dogefather’s fast-approaching appearance on SNL.
“Dogecoin?” you wonder to yourself. “Wait, didn’t I throw a thousand at that when my kid brother tugged my shirttail about buying something cheaper than Bitcoin and Ethereum several years ago? And didn’t I toss it into some alternative hot wallet I never use? Hmm, let me check.”
You stumble out of bed, amble toward your rig of flatscreens, and fumble through search engines trying to remember which exchange purse you poured all that unessential Doge into. At last, you remember you put it in cold storage!
After a day of doggie digging, you unearth an old hard wallet. You hook it to a hard drive, on the last leg of a digital quest for the long-forgotten stash.
Bingo!
Name-oh!
Whoomp!
There it izzo!
“D3.7 million, right where I sent it packing to the doghouse!
“Quick! Check the price again. What???” Your favorite DEX says Doge has suddenly crossed 66 cents!
Like an overanxious mongrel, you nearly pee yourself connecting the siphoning tube from your wallet to your hard drive, so you can offload this volatile asset before it careens back to earth.
But you hem and haw wondering whether it will rise any more. You lose heart when it drops to 58 cents, but by some fortuitous twist of fate, you snap the sell button right as Doge crests at $0.7376.
Here’s what that looks like, dollarwise:
D3,745,318.35 x $0.7376= $2,762,546.81
After shelling out a little over $5,500 in DEX fees, you still net over $2.7 million. A thousand-dollar cache forgotten about five years ago is suddenly worth over 276,250% more than its original purchase price! Talk about the stuff that memes are made of!
Hot on the trail!
Some say history could soon repeat itself with the rise of Shiba Inu token, the so-called “Doge Killer” coin. SHIB is the Ethereum-based answer to Bitcoin-forked Doge. But its 395-trillion-token circulating supply dwarfs Doge’s 130.8 billion coins.
Following its meteoric rise and its feared and fateful tumble, Doge has weathered several plunges in value since its May 8th all-time high and has bobbed between $0.16 and $0.28 for the last month.
So, is the dog meme theme played out, or is it just getting started? Leave it to Musk to chime in for a price pump. On July 1, the Tesla tycoon tweeted a Baby Doge poem, in a purported parody of a popular Asian children’s song.
News sites reported resulting price surges as high as 40% for Baby Doge Coin, aka the Son of Dogecoin. But since Baby Doge’s birth last May, there have always been too doggone many post-decimal zeroes in its trade rate to register anything more than a blip across price monitors and a few quick cheeky mentions in the media.
With further evidence suggesting that this newfangled farthing has a way to go, Coinbase lists Baby Doge’s circulating supply and market cap each at precisely zero. Other sites quote initial circulating supply at 420 quadrillion with as many as 125 quad already burned by its creators. Needless to say, Baby Doge isn’t tradable on the CB CEX just yet.
Hot air and dog’s breath…
For barking out loud! Is it all hype from this point forward? I mean, after all, we are talking about the infinitesimal value of memes wrapped around memes here. And some of these underdog biscuits look more like cute doggie logos slapped on fundraising chips than hard assets with fungible circulating supplies or ferocious capitalizations (to say nothing of DeFi problem-solving guts). You couldn’t buy a carton of milk in a grade school cafeteria with most of these tokens!
And when total coin supplies are as vast as all the sands of every ocean, dune, and desert, how high can values really go? I mean, aside from the 129 million doge Elon will spend on the SpaceX moon landing, there’ll still be 130 billion more left for the rest of us to play fetch with.
Thank God for SHIB’s sake that Buterin burned off nearly half a quadrillion slugs from the litter just to keep it real!
But for whatever it’s worth to speculators great and small, let’s consider the underpinnings of the magic moment that could break the dog days of summer and send crypto profiteers howling at the moon.
And let’s assume that SHIB trots back up to 83 thousandth of a cent for sake of example. So, here’s our hundred-thousand-dollar formula for SHIB finally tasting that pretty penny:
$100 / $0.0000083 = SH12,048,192.80
SH12,048,192.80 x $0.1 = $120,481.93
For a mere hundred bucks, your return is more than $120,000, should SHIB ever crack a penny.
Digging in
Like drops of golden moisture trapped inside 395 trillion popcorn kernels, the energy locked up in SHIB could just blow up this token’s core value under the right conditions. I don’t know about you, but when I look at the fundamentals, I can almost feel it in my bones.
In an alleyway teeming with aspirational doggie tags like HotDoge, Corgi Inu, Daddy Doge, and DOGEFI, there may be more to SHIB than meets the eye. Yes, while “The Doge Killer” could be just a catchphrase, I suspect the bite of substance behind that snarl.
Consider the fact that SHIB isn’t the only project managed by Shiba Inu Token’s developers. Shibatoken.com describes the SHIB platform as “A Decentralized Meme that Evolved into a Vibrant Ecosystem,” including not just one but three tokens: SHIB, LEASH, and BONE, plus a decentralized exchange called ShibaSwap, an incubator, a rewards system, and a growing community of more than 550K members, with plans to expand.
While SHIB’s still reportedly chasing that penny after birthing a few millionaires who cashed in early, $1300+/- LEASH is the premium priced purebred at the betting track, and Bone clocks in at under two and a half dollars per token.
The “Doge Killer LEASH” coin, as it’s known on exchanges, is the rarity behind SHIB and, as of this writing, is trading at under $1300 per coin, with a market cap of more than $139M, and a circulating supply of just 107,647.
Shibatoken.com mentions that LEASH was originally designed to be a rebase token, which would indicate a fluid supply to keep its price stable. But developers sought to limit its supply and maximize its monetary value, instead.
Ordinarily humankind wouldn’t expect to find price stability in the meme doghouse. But, then again, where else can we really discover steady monetary values in the cryptoverse besides the neighborhood of stablecoins?
Yet, those of us who inhabit the crypto cosmos know that collaring digital currencies with fluctuating fiat prices is highly speculative and more than a little relative. But, rest assured, the record shows top-dog frisbee clenchers holding their own.
This post contains no investment advice. Zero. Zilch. Nada! It's purely for your entertainment. Please study up before the dog eats your homework, and always spend your bones wisely! Ruff!
