The Dogecoin killer and dog meme-inspired coin Shiba Inu has surged over 35% in recent days
Despite the catastrophic year that cryptocurrencies have had, a herd of tokens started to fight their way back in 2023. The dog meme-inspired coin, Shiba Inu (SHIB) is currently in the lead. Shiba Inu has surged over 35% in recent days and almost 100% in the previous month.
It fits into a larger industrial trend. The top token in the cryptocurrency market and the “poster child” Bitcoin has increased by 37% since January 1, while Ethereum has increased by 35%. The shift’s motivations are not readily apparent. Optimism for the macroeconomic environment, resulting from indications that inflation may finally be declining, is among the most obvious green lights.
However, some people might also adhere to the widely accepted Bitcoin analyses, which determined that US$21,000 was the so-called floor price for Bitcoin and that if its price dropped as low as a few thousand below the floor, so-called “support” would set in, when traders start buying the dip, thus supporting the price once more. From a low of under US$16,000 in November to around US$23,000 today, Bitcoin has recovered, and tokens, in general, have also.
When the Shanghai upgrade occurs, the Ethereum blockchain will experience a “hard fork,” allowing crypto traders who put tokens into maintaining the chain’s ledger to finally remove their investments from the system. This will provide the network with a significant technical boost. The Shanghai update, which was supposed to be completed in March, is already flying past deadlines, including the Zhejiang developer test that is being held this month.
However, excitement is already building for the launch of Shibarium, Shiba Inu’s blockchain that will build on Ethereum’s foundation. As the Shibarium universe expands, a new token called Bone Shibaswap (BONE), which will act as a governance token and let holders vote on ideas, is being introduced. BONE started trading on the cryptocurrency platform Bitget a few days ago, and it already has a US$411 million market cap. The SHIB Army, a group of SHIB supporters, is working to get BONE listed on Binance, the largest cryptocurrency exchange in the world. Binance hasn’t yet replied.
The launch of two more tokens, LEASH and TREAT, which are both reward tokens for SHIB holders, as well as other significant milestones are all part of Shibarium’s road map, which also includes BONE.
Dog meme-inspired coin Shiba Inu which just had a rise is still worth a tiny US$0.000014. And it’s barely making any progress in bridging the miles-wide gap between where it is today and where it peaked during the epidemic (roughly five times higher, in October 2021). However, the cult currency, which was developed as a joke to compete with the well-known meme coin Dogecoin, has a devoted fanbase who collectively propelled the coin from nothing into the top 10 crypto rankings in only one short year away. A further illustration of how drastically the cryptocurrency markets have fluctuated is that, despite the last year’s collapses, if you had invested US$100 in SHIB at the time of its introduction in August 2020, your money would have grown to an astonishing US$2,800,000 today.
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