This SHIB Inu known as the ‘Dogecoin killer’ has sparked a massive frenzy with a 300% weekly rise and is currently priced at $0. 00003524. This has placed SHIB in the list of top 20 cryptocurrencies by market capitalization with a value of $20,987,654,321 and a trading volume of $15,876,543,210 within the last 24 hours.
The token’s spike has brought back debates regarding the effectiveness of meme coins, and the influence that social media have over cryptocurrencies. Some of the factors that have been attributed to the recent price explosion of SHIB Inu include the recent release of the SHIBoshis NFT collection.
These 10,000 different NFTs and Shiba Inu characters have attracted much attention in the crypto space and stimulated the interest of traders into the SHIB tokens that serve as a medium of trading the NFTs. The high interest generated by the NFT sale has shown that SHIB can leverage the growing market of digital assets, which might create further applications of the token.
One of the main drivers of SHIB’s recent growth has been social media with the token attracting a huge following on Twitter and Reddit. Shib is a community-centric token and its supporters are also called SHIB Army who actively participate in the promotion of the token. This low profile marketing strategy has however helped the company in the mobilization of new investors especially during the peak of price trends.
However, the current listing of SHIB in various leading cryptocurrency exchanges has also made its accessibility a possibility for a larger number of investors. This has enhanced the liquidity of the token while its low nominal value has made it a popular coin among new entrants into the crypto market.
However, the high velocity of the SHIB price also brought some concerns to the stability of the token’s growth and the possible negative consequences for buyers. It has been also criticized that the token has no real utility and its price is likely to be in quite volatile and easy to manipulate.
This is the case with meme coins such as SHIB with financial authorities in various countries raising concerns over the risks of highly volatile and speculative investments. There are fears that enhanced regulatory measures may in the future have implications on the performance and usage of SHIB.
However, given these challenges, the supporters of SHIB Inu believe that the token has a bright future ahead of it. They attribute the token’s evolution from a mere gambling instrument into a multi-billion dollar asset, backed up by decentralized exchanges, yield farming and NFT projects as proof of real world application.
In the future, as SHIB Inu keeps on rising from strength to strength, more focus will be directed at its potential for sustained growth and development for the benefit of its holders. The next few weeks will be decisive for the future of SHIB as not only a temporary meme coin phenomenon but as a rival to Dogecoin in the future.
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