Shiba Inu price soars as interest in meme tokens surges

Posted: 7 October 2021 11:48 pm

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
  • 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.

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.

memecoins performance

Performance of the top 6 meme coins (source: Coingecko) Image: Supplied

How to buy Shiba Inu

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

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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