Shiba Inu price soars as interest in meme tokens surges
Shiba Inu’s gains over the last 12 months currently stand at a mind-boggling 22,717,023.9%.
- As a result of Shiba Inu’s ongoing push, it has broken into the list of top-20 cryptocurrencies by total market cap.
- Shiba Inu (SHIB) is one of the few meme tokens available across major trading platforms, including Huobi, Binance, Coinbase, eToro and Crypto.com.
- Analytical data suggests that other meme coins may also be on the verge of a breakout soon.
Meme cryptocurrency Shiba Inu (SHIB) made an overnight push of mammoth proportions recently, thanks to a tweet by Elon Musk that seemingly promoted the digital token.
The SpaceX CEO welcomed the newest member of his family, a Shiba Inu puppy named Floki, sitting on a Tesla. The breed happens to be the mascot of Musk’s “favorite” cryptocurrency, a detail that has even led him to be called “Dogefather” by netizens across the globe.
Floki Frunkpuppy pic.twitter.com/xAr8T0Jfdf
— Elon Musk (@elonmusk) October 4, 2021
From a purely financial perspective, over the last 48 hours, the value of SHIB has risen by a whopping 95%, only to correct slightly shortly after. At press time, Shiba Inu is trading at $0.00002710.
As a result of this surge, Shiba Inu’s market cap recently broke past the $11.22 billion mark. Coin-volume data related to SHIB has also been soaring, with the metric rising by +750% on October 6 alone.
Furthermore, the digital asset’s triple-digit breakout has resulted in increased interest in other meme coins as well, with many analysts predicting a similar breakout for DOGE, Dogeelon Mars and others shortly. This ongoing bullish momentum seems to have been spurred, to a large degree, by Bitcoin’s sudden ascent to the all-important $55,000 level.
Performance of the top 6 meme coins (source: Coingecko) Image: Supplied
Shiba Inu’s ecosystem continues to grow
According to data online, of the top 5 meme coins available in the market today, SHIB has been the best performer over the last 7-day haul by far. The value of a single token rose to a multi-month high of $0.0003529 on October 6 from a relative low of $0.00000700 just two days prior.
These developments come when the SHIB ecosystem has added many new features, including the ShibaSwap exchange, a trading module that claims to be using a fee structure model that is even cheaper than that of UniSwapt. As per the project’s developers, the new and improved SHIB framework allows token holders to accrue steady yields via several novel liquidity and staking avenues.
The Shiba Inu community is also eagerly awaiting the launch of the coin’s upcoming non-fungible token (NFT) infrastructure, tentatively referred to as Shiboshi NFT.
Looking ahead
SHIB is one of the select few meme coins to be listed on major trading platforms such as Binance and Coinbase, thereby allowing it to benefit from the liquidity and investor exposure of these exchanges. It will be interesting to see how the coming few weeks and months play out for the digital asset, especially as the market cap of the cryptocurrency industry continues to grow.
Interested in cryptocurrency? Learn more about the basics with our beginner’s guide to Bitcoin, dive deeper by learning about Ethereum and see what blockchain can do with our simple guide to DeFi.
Disclosure: The author owns a range of cryptocurrencies at the time of writing
