Shiba Inu (SHIB), the popular meme-based cryptocurrency, has been on a tear recently. The coin has gained significant momentum, rallying more than 5% in a period of 24 hours. The surge in Shiba Inu’s price seems to have been influenced by the success of Dogecoin, another meme-inspired cryptocurrency that has seen a massive surge in popularity recently.
The coin has a market capitalization of $6,758,571,472, representing a 5% increase. The recent surge in price has attracted a lot of attention from investors and traders, with many predicting that the coin could continue to rise in value in the coming weeks and months. This can be attributed to the trading volume’s surge of over 150% showing the increased whale activity as of press time
Why the surge?
Dogecoin has been on a remarkable run today, rising more than 25% since the beginning of the trading session. The cryptocurrency has been supported by high-profile figures such as Elon Musk, who has been a vocal proponent of the coin on social media. Musk’s recent move to change the Twitter logo from a bluebird to a Doge dog sign has only added to the coin’s popularity.
While Dogecoin’s success has undoubtedly played a role in Shiba Inu’s recent rally, the coin has also been gaining attention on its own merits. Shiba Inu is a decentralized meme token that was launched on the Ethereum blockchain in August 2020. The coin was created as a homage to the popular Shiba Inu dog breed, which has become a staple in the meme community.
One of the reasons why Shiba Inu has been gaining traction in the crypto community is its unique tokenomics. The coin has a total supply of one quadrillion tokens, which is significantly larger than most other cryptocurrencies. However, the developers have burned a large portion of the tokens, reducing the circulating supply and increasing the value of each remaining token.
Another factor contributing to Shiba Inu’s success is the growing interest in decentralized finance (DeFi) and non-fungible tokens (NFTs). The coin has been used as a means of payment on several NFT marketplaces, including OpenSea and Rarible.
In conclusion, Shiba Inu has emerged as one of the most exciting meme-based cryptocurrencies in recent months. The coin’s unique tokenomics, growing use cases, and rising popularity in the crypto community have all contributed to its recent success. While the future of Shiba Inu remains uncertain, the coin’s recent rally is certainly worth keeping an eye on for anyone interested in the world of cryptocurrency.
