SHIBA Inu once again in demand, touches new highs

Highlights

  • Shiba Inu’s price jumped around 23.44% to $0.000008 as the traders welcomed it’s on Coinbase listing. 
  • On Friday, Shiba’s rise saw a 23.44% hike from the lows of US $0.00000651 recorded on 16 September. 
  • According to CoinMarketCap, the SHIB is trading at US $0.000008 with a 24-hour trading volume of US $2,56,51,60,572.

Shiba Inu is in the news once again and it is proving to be investors’ favourite token of late. The price of memecoin has seen an incredible spike on Friday after it got listed on the Coinbase exchange.

Shiba Inu’s price jumped around 23.44% to US $0.000008 as the traders welcomed the Coinbase listing with many of them projecting a bull run for the meme-based coin. Shiba Inu, in fact, has been in the news, following the Elon Musk’s tweeted about the arrival of his new Shiba Inu Puppy named ‘Floki’.

Tesla CEO Musk is known to influence the price of a cryptocurrency with the Dogecoin effect. SHIB’s listing not only gave a voice to the rising popularity of altcoins but also ensured that the liquidity is maintained. Shiba’s rise was a 23.44% hike on Friday from the lows of US $0.00000651 recorded on September 16.

Also read: Universidad De Chile Crypto Sees Meteoric Rise Post Listing

Not only SHIB has been investors’ favourite coin, in fact in May, Ethereum founder Vitalik Buterin also got keen on the coin when he was gifted 50% of all Shiba Inu coins. However, Buterin donated the donated the coins to charity.

Created in 2020, Shiba Inu is often considered to be an Ethereum-based alternative of Dogecoin. Developed by an anonymous developer Ryoshi, Shiba Inu is a collection of dog-themed cryptocurrencies, including Baby Dogecoin, Dogecoin, JINDO INU, Alaska Inu, and Alaskan Malamute.

Shiba Inu is also available on other exchanges like Binance and BitMart.

Also read: ELF crypto on fire, no sign of slowdown in recent rally

How is Shiba Inu faring?

SHIB has enjoyed a bull run on Friday with investors flocking in on to the platform. In fact, the trading volume received a bump by 1177.21% in the 24-hour period. According to CoinMarketCap, the SHIB is trading at US $ $0.000008 with a 24-hour trading volume of US $2,56,51,60,572. At the time of writing (BST 1:30 pm), SHIB was up by 24.97% in the last 24 hours. SHIB currently has a live market cap of US $3,27,52,48,511 and has a circulating supply of 39,47,96,00,00,00,000 SHIB coins.

Also read: Can Gala crypto continue its strong run?

Conclusion 

SHIB has enjoyed investors’ confidence for some time now. However, there is also section that believe that trading in SHIB is like buying a lottery – you never know what it will produce. However, for now, investors are happy to park their investments and let it grow. Many traders too bet on the fact that if anyone wants to get int SHIB, then 2021 is the year for you!

Many believe that SHIB has the potential to grow and reach to US $1 in near future. Though it is still far away, if the altcoin can maintain the momentum and the market reacts too favourably, then SHIB would be a golden coin to invest at least for the time being.

Comment


Disclaimer