Posted 7. 10. 2021 at 15:32
Shiba Inu, meme coin inspired by a hunting dog breed from Japan, attacks the front rungs of the cryptocurrency ranking according to market capitalization.
Almost every moment the world flies around the news that this cryptocurrency, also called by some as shitcoin, overtook another well – known digital currency, which has made its place in the rankings hard.
Shiba Inu is currently located at 13th place according to the data on coinmarketcapu with a market capitalization of over $ 13 billion and a token increase of more than 380,81 % during the last seven days. The usual position of this cryptocurrency is somewhere in the 50th place.
The price of a meme coin called SHIB, which is issued as an Etherea token, is currently on price 0,00003336 USD and it is currently about the most traded cryptocurrency of Binance, Coinbase in Huobi.
SHIB price chart
What is behind this increase?
Shiba Inu has (like Dogecoin) a fairly large fan base called „Shib Army“ and acts primarily on twitter. Bloomberg, for example, attributes this madness to tweets Elona Muska |, who at the beginning of the week published a photo of his puppy named Floki – “surprisingly” it is a breed of Japanese hunting dog. And there are several similar tweets:
My Shiba Inu will be named Floki
— Elon Musk (@elonmusk) June 25, 2021
When we remember Dogecoin, which at the beginning of this year Elon Musk pumped out with his contributions about approx 1250 %, it’s no wonder that Shiba Inu fans are reacting similarly now.
What exactly is Shiba Inu
This decentralized cryptocurrency was created in August 2020 by an anonymous person known as “Ryoshi” and had no purpose other than entertain the crypto world. However, after the price boom of May this year, the creators decided to give some cryptocurrency deeper meaning. He created his own ecosystem, about which you can read in our comprehensive article.
New cryptocurrency on Coinbase
Less than a month ago, this one was self-proclaimed Dogecoin killer listed on the US stock exchange Coinbase. The 24-hour trading volume of the SHIB token was at a level of $ 1.3 billion and even surpassed BTC in volume $ 774 million. Even on the most famous cryptobours Binance the trading volume of the Shiba token is higher (5 billion) than that of Bitcoin alone (4.35 billion).
What will be next?
Of course, no one knows. Some experts see this growth giant pumpwhich must soon collapse, others feel potential. From a technical point of view, however, the price is very overheated, which means the need for correction. E.g. The daily RSI, or overbought curve, is at 99 points out of a hundred, with a correction usually in place when the curve exceeds 70 points. However, as usual, cryptotracks do not always proceed logically and it is not excluded that SHIB will continue to grow.
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