The meme coin shiba inu (SHIB) continues to climb and is currently the best daily and weekly performer among the top 100 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 8:12 UTC, SHIB’s price was 0.00003029. Despite its many frontal zeros, the coins have risen by a whopping 34% in a single day. It is also more than 331% in a week. Over the past year, CoinGecko shows that the price has increased by 26,912,484%. It hit its all-time high five months ago and has since fallen by 19%.
That’s not all, because the coin is approaching the list of top 10 cryptoassets by market capitalization – now it sits on the 12th. Its market capitalization is more than USD 15bn. In comparison, the largest meme competitor Dogecoin (DOGE) is currently in 9th place with USD .
But perhaps its biggest upside of all is that SHIB is now the fourth token of 24h trading volume. It is preceded only by Tether (USDT), Bitcoin (BTC) and Ethereum (ETH). SHIB has recorded a trading volume of almost USD 15bn. ETH before it has , while Bitcoin Cash (BCH), which follows, has less than USD 9bn.
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 10th place per trading volume with USD 3.58Bn.
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 9:11 UTC – less than 24 hours ago – SHIB ranked 19th per market cap and had just exceeded USD 12bn 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 40% 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 2020. Half of the created SHIB was allocated to the wallet of Ethereum founder Vitalik Buterin, who then burned 40% and donated the remaining 10%. 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.