Shiba Inu, the self-acclaimed Dogecoin-killer, has shaken the market with its recent bullish momentum.
The meme coin has surmounted over 350% upsurge within one week, ranking it amongst the top 12 cryptocurrencies based on market capitalization. Presently, SHIBA is the most traded currency on leading exchanges like Coinbase, Binance, and Huobi.
Memecoins
A meme coin is a digital currency linked with some theme, more often as a jest rather than for more serious products. Dogecoin was the very first meme coin deployed.
The Shiba Inu Protocol
Shiba Inu was developed by a person named Ryoshi in August 2020. The protocol’s three tokens SHIB, LEASH, and BONE, experienced tremendous increments within the past few weeks.
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Last week, Shina increased to $0.000035, the second-highest record after an All-Time-High value of $0.000038 on May 10th, 2021. Just a few inches away from setting a new All-Time-High record.
SHIB Token is trading upwards | Source: SHIB/USD on TradingView.com
Just recently, SHIB’s market cap increased to over half of Dogecoin’s market cap. Currently, Dogecoin ranks 10th globally, with a market capitalization of $32 billion, while SHIB ranks 12.
The Whale-Sized Trading
Just after an anonymous whale trader decided to purchase over 6.3 Trillion SHIB tokens and increase SHIBS token valuation, it expanded massively.
As a result, Shiba has been one of the most traded digital currencies in the market within this past week. With a current market cap of over $13.23 billion, the coin spiked by 17% in the last 24 hours.
The deployment of Shiba Inu’s DEX ecosystem ShibaSwap and the introduction of the platform’s burn mechanism incited a rally in the altcoin’s prices. Some developments in SHIB are the main contributors to the massive growth in the price valuation.
Significant factors include the announcement of the release of 10,000 Shiboshis on ShibaSwap, the execution of the burn mechanism, and the increase in the number of token holders.
Shiba Inu To Venture Into Gaming
While Shiba Inu makes preparations to win the gaming sector, token holders anticipate a rise in its demand. At first, the protocol was experiencing the challenges of insufficient liquidity and inaccessibility of the platform updates.
Due to its recent token listing on Coinbase, the challenge of insufficient liquidity was salvaged to a great extent, noting how its daily trading volume surpasses $13 billion.
Shiba Inu Conquers Other Major Coins
The SHIB token has exceeded cryptocurrencies like Chainlink, Avalanche, Litecoin, and UniSwap.
Its double-digit increase within the last four days has assisted the nearly obliterated altcoins in arriving at the headlines again. During these few days of price rallying, the meme coin has successfully erased one zero from its price after over four months of price dormancy.
Featured Image From Pexels and Charts From TradingView.Com
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