309Write - Shiba Inu Coin Records 30 Percent Spike Up

According to CoinMarketCap, Shiba Inu surged more than 30 percent by midday with its price rising from $0.00001516 early in the morning to $0.00001774. However, the token is still 65 percent below its all-time peak of $0.00008 reached in October 2021.

With $3.41 billion in trading volume over the last 24 hours, SHIB hit its highest peak since May.

In the last 24 hours, volumes of Shiba Inu also witnessed an enormous shift of 475 percent as SHIB tokens worth more than $4.36 billion exchanged hands.

Ishan Arora, a partner at Tykhe Block Ventures, said, “the Shiba Inu will attract ample [attention] as it has listed on Robinhood, the largest retail stock trading app,” further noting that users can quickly buy Shiba Inu with just a click without worrying about exchanges or wallets.

Data from Coinmarketcap suggested that the fifteenth largest crypto token was commanding a market cap close to $16 billion with a total of 549,063.28 billion SHIB tokens in supply.

The Chairman of BigONE exchange Anndy Lian said the buzz among retail investors for Shiba Inu is compared more so with other coins that got listed on Robinhood at the same time.

BigONE analysts still see an increase of a twenty to eighty percent gain from the current position, and this analysis was released a few days prior to the announcement from Robinhood.

Shiba Inu spike extended to other tokens

The spike in Shiba Inu also extended to other tokens, such as Baby Shiba Inu, Dogey Inu, Banano, SafeMoon Inu, BitShiba, Shiba Girlfriend, and Flok Inu which rose to 22 percent.

Anndy Lian, chairman of BigOne Exchange commented that “this spike in price could also help other promising meme coins such as Floki Inu, Kishu Inu, Babydoge or the newer ones on Cronos chain such as Croki gain more traction.”

According to CoinMarketCap, during the same 24-hour time frame of the SHIB spike, Dogecoin also recorded a tremendous rise of almost eight percent from $0.0771 to $0.0838.

In June, DOGE tokens traded at $0.08. Therefore, its traders are eager to see it reach $0.10 even though it was trading at $0.18 at its beginning and at $0.34 at the end of 2021.

DOGE and SHIB coins have battled for the lead in market cap over the last several months and have been hovering at around $10 billion.

‘Meme coins’ highly volatile, investors warned

Reflecting on the weekend spike in crypto tokens, experts noted that meme tokens are highly volatile in nature and lack sound fundamental value.

They suggest that investors not blindly punt on such joke coins, which are prone to becoming junk coins.

Arora suggests that investors be cautious with their investment in meme tokens, especially in the current volatile market conditions.

Investors in Shiba Inu are hopeful about SHIB token price reaching one cent in 2022 although SHIB will have to increase 403 times to reach that level this year.

Ethereum whales have supposedly been identified in the purchasing of Shiba Inu tokens in bulk. If the ETH whales are surely shifting to Shiba Inu, this is evidence of the increasing trust in the Shiba Inu ecosystem.

Enjoyed this article? Stay informed by joining our newsletter!

Comments

You must be logged in to post a comment.

Related Articles
About Author