Shiba Inu price soars as interest in meme tokens surges
SHIB's gains over the last 12 months currently stand at a mind boggling 22,717,023.9%
- As a result of SHIB's ongoing push, it has broken into the list of top-20 cryptocurrencies by total market cap.
- Shiba Inu is one of the few meme tokens that is 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 in the near future.
There's never a dull day in crypto, as was put on full display when meme cryptocurrency Shiba Inu made an overnight push of mammoth proportions recently, thanks to a tweet released by Elon Musk that seemingly promoted the digital token.
As per the tweet, 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 "favourite" cryptocurrency, a detail that has even led him to be called "Dogefather" by netizens across the globe.
From a purely financial perspective, over the course of the last 48 hours, the value of SHIB has risen by a whopping 95%, only to correct slightly shortly thereafter. At press time, Shiba Inu is trading at AUD$0.000031 (US$0.00002251).
As a result of the aforementioned surge, Shiba Inu's market cap recently broke past the US$11.22 billion mark. Not only that, coin-volume data related to SHIB has also been soaring, with the metric rising by an insane 750+% over the course of 6 October 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 in the near future. Lastly, this ongoing bullish momentum seems to have been spurred, to a large degree, by Bitcoin's sudden ascent to the all important US$55,000 level.
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, with the value of a single token rising to a multi month high AUD$0.00048 (US$0.0003529) on 6 October from a relative low of AUD$0.0000096 (US$0.00000700) just 2 days prior.
These developments come at a time when the SHIB ecosystem has expanded to include a number of 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. Not only that, as per the project's developers, the new and improved SHIB framework allows token holders to accrue steady yields via a number of novel liquidity and staking avenues.
Last but not least, the Shiba Inu community is also eagerly awaiting the launch of the procol's upcoming NFT infrastructure, tentatively referred to as Shiboshi NFT.
It is worth remembering that SHIB is one of the select few meme coins to actually 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.
Disclosure: The author owns a range of cryptocurrencies at the time of writing