Source: A screenshot, Instagram/shibatoken_official
The meme coin shiba inu (SHIB) continues to climb and is currently the best daily and weekly performer among the top XNUMX cryptoassets by market capitalization. This has led many to wonder if there is anything else in the coin or if it is just another pure speculation.
At XNUMX:XNUMX UTC, SHIB’s price was XNUMX. Despite its many frontal zeros, the coins have risen by a whopping XNUMX% in a single day. It is also more than XNUMX% in a week. Over the past year, CoinGecko shows that the price has increased by XNUMX%. It hit its all-time high five months ago and has since fallen by XNUMX%.
That’s not all, because the coin is approaching the list of top XNUMX cryptoassets by market capitalization – now it sits on the XNUMXth. Its market capitalization is more than USD XNUMXbn. In comparison, the largest meme competitor Dogecoin (DOGE) is currently in XNUMXth place with USD .
But perhaps its biggest upside of all is that SHIB is now the fourth token of XNUMXh trading volume. It is preceded only by Tether (USDT), Bitcoin (BTC) i Ethereum (ETH). SHIB has recorded a trading volume of almost USD XNUMXbn. ETH before it has , while Bitcoin Cash (BCH), which follows, has less than USD XNUMXbn.
Therefore, although it still has a way to go before it reaches the third in line, SHIB has left the fifth in the dust. In comparison, DOGE is in XNUMXth place per trading volume with USD XNUMXBn.
You can see how big the jump is for a coin if you compare its performance today with that of yesterday. As reported yesterday at XNUMX:XNUMX UTC – less than XNUMX hours ago – SHIB ranked XNUMXth per market cap and had just exceeded USD XNUMXbn in trading volume.
These big and fast profits are not uncommon in the kryptoverse, but are more often seen further down the list with the lesser known projects. Of course, with this new coin pushing forward and making its way up the list, people have become more and more curious about why this is so and what gives it value, if there are any? Or is it another crypto pump-and-dump episode we’re watching?
Among these people was the rapper and producer Busta Rhymes, who himself is becoming an increasingly loud voice in the crypto community. The celebrity wanted to know why the price of the coin appreciates, especially since people warned him to stay away from this “scam” project.”
According to some, the coin’s increasing acceptance and listing could be one of the key points behind its rally. For example, SHIB rose by over XNUMX% after crypto exchange Coinbase listed it in mid-September.
Now some are talking about a possible listing in the great trading app Robinhood, and that’s what could currently pump the price. But many emphasize that this listing is just a rumor and that people, if anything, should use the pump to sell their coins and get out.
As reported yesterday, Tesla’s Elon Musk tweeted about his Shiba Inu puppy, which some believe has contributed significantly to the current price increase.
The coin was launched in August XNUMX. Half of the created SHIB was allocated to the wallet of Ethereum founder Vitalik Buterin, who then burned XNUMX% and donated the remaining XNUMX%. This step, per the SHIB website”ensur[ed] our long-term success and stability.”
Also, the team says they are using Amazon Smile to collect and donate a percentage of the owners’ Amazon PURCHASES to the Shiba Inu Rescue Association.
Apart from that, their website claims that the Shiba token is “a decentralized meme token that has evolved into a living ecosystem.” However, other details about the adoption of the coin are scarce in addition to trading and speculating.