The Shiba Inu price seems to be well on its way to a new ATH after rising 7% on the 24-hour trading chart. Following the latest crypto market crash, the dog-token may yet emerge as a winner in the long run.
Shiba Inu (SHIB) Takes The World By Storm
The “Dogecoin killer” has enjoyed wide acceptance from the Chinese crypto space. “Shiba Rise” hashtags got over 100 million views on the Chinese social media platform Weibo.
Many Chinese crypto investors have bought the newest crypto entrant on popular crypto exchanges like Huobi and OKEx.
Riding on the wave of popularity, its crypto SHIB token was listed on the world’s largest crypto exchange Binance. This brought the world’s attention to the Dogecoin knock-off. An $8,000 investment in the Shiba Inu coin by a New York family reportedly pulled in $9 million in profits, per reports from the Market Insider.
However, China’s crypto payment ban took some of the steam off, and many crypto investors scrambled to take profit. Despite what many may call a pump and dump scheme, the Shiba Inu has been likened quite frequently to its older cousin DOGE.
Dogecoin, which started as a joke currency, has been a revelation after it posted over a 15,000% increase in the last few months. Making a new all-time high (ATH) of 74 cents a couple of weeks ago, the Doge community has become something of a living force of crypto traders. And this frenzy is likely spilling to the Shiba Inu coin as it has taken the world by storm since launching in early May.
SHIB Price Sets A New Trend
Market analysts have spent some time predicting what potential returns the SHIB coin could give to investors. Head of research and strategy at crypto exchange AAX Ben Caselin told The Inverse that investors should not be quick to dismiss the crypto token.
According to him, growing Shiba adoption reflects the mass movement of new traders coming into the crypto space. Another analyst bullish on the Shiba token is founder and managing partner of Token Bay Capital Lucy Gazmararian. Speaking to the Insider, Gazmararain noted that the “memefication” of money was an interesting subject in itself.
“Today, with the rise of cryptocurrencies, we are witnessing groups of anonymous individuals experiment with the democratization of money itself, and the Shiba token embodies this new trend,” she added.
For the past three days, the SHIB token had maintained a balance along with the apex levels before an inverse head and shoulder pattern was formed. This led to a small rally above the $0.00000807 level. Along with an increase in volume, the price rose close to the $0.00001 range before the pullback.
If this bullish momentum intensifies, we might see the SHIB price finally breakthrough and race towards the dream price of $0.01 before the end of 2021.
How to Buy Shiba Inu
Shiba Inu can be bought on Huobi Global, Binance and a host of other crypto exchanges. It is mostly offered as a USDT trading pair but you can buy it with ETH on Uniswap.
Although you can buy Dogecoin with fiat on global investment platform eToro, you cannot as yet buy Shiba Inu, but that may change in the near future, as the platform has recently added four news coins in a sign that it is speeding up its crypto listing processes.
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