Over 200,000% gains! Why Shih-Tzu (SHIH) is making everyone wonder

3 min read | November 23, 2021 01:34 AM AEDT | By Manu Shankar

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Over 200,000% gains! Why Shih-Tzu (SHIH) is making everyone wonder — Image source: Wit Olszewski, Shutterstock

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HIGHLIGHTS

The Shih-Tzu token is a twin blockchain token, which runs on Ethereum and Binance Smart Chain blockchains.

The Shih-Tzu (SHIH) token saw a massive price rally of 202,942.31% on 22 November, and was trading at US$0.000018 with a 24-hour trading volume of US$481,780

Bitcoin is seeing red, Ethereum is seeing red, Binance Coin is seeing red, Dogecoin and Shiba Inu are seeing red, but little-known Shih-Tzu crypto token just turned on the heat on Monday, November 22, giving most crypto heavyweights a stiff competition.

The Shih-Tzu (SHIH) token saw massive price rally of 202,942.31% at the time of writing (BST 12:31 pm) and was trading at US$0.000018 with a 24-hour trading volume of US$481,780. The reason for such a massive rally is still unknown for a token that is not only new in the market, but also for a token that has such low volumes.

Reasons behind the spike

The last three-months statistics show that the crypto was lying flat without much noticeable movement in the market. But the current rally has had a few crypto fanatics surfing the web to gather more information about the token.

If one were to scan through the website of Shih-Tzu then one can find that it’s listed on leading exchanges such as Uniswap, Pancakeswap. The inspiration for the token is a no brainer though! It’s inspired by the other superior meme-based tokens Dogecoin, Shiba Inu and Akita Inu.

Also read: Will Crypto.com coin (CRO) touch $5 level by 2022?

The Twitter chatter claims that the rally could well be accredited to the announcement of the launch of its whitepaper, which would have the details of the ShihWorld, NFT marketplace, play-to-earn gaming ShihSwap, and ShihMask. The Twitter shows a short GIF showing Elon Musk, indicating that it could be yet another Musk-backed token.

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So, what is Shih-Tzu token?

The Shih-Tzu token is a twin blockchain token, which runs on Ethereum and Binance Smart Chain. The ERC-20/BEP20 token is yet another meme-based token that aims to be an NFT artwork is aimed towards animal lovers and advocate of animal rights.

Also read: How Kraken’s delisting of Monero will affect UK customers

With its NFT artwork, it aims to influence and spread awareness of how ETH-based blockchains can influence animal advocates and artists to collaborate in multiple avenues.

The token was recently registered on 18 November, and it has no founders, no team tokens. It’s the community that decides on the future of Shih-Tzu.

Another scam in making?

Well, as there is very less information and data available about the token at present, it looks like a case of pump and dump. Whether it’s a scam or not only time will tell, but the huge spike in price in a single day indicate that someone is manipulating its prices rather than any particular development or news or announcement.

Experts believe that it would be better to adopt a wait-and-watch approach rather than investing in the token seeing just the one-day spike.

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