Shiba Inu (SHIB), a cryptocurrency project that started as a competitor to Dogecoin but which has since transformed into a veritable momentum engine, just made history by reaching a new all-time high price.
At the time of writing, Shiba Inu’s SHIB coin is trading at $0.00003982. This is higher than the previous zenith of $0.00003791 recorded back in May 2021. SHIB coin’s current price level now corresponds to year-to-date gains of 54 million percent!
Factors behind the extraordinary rally in Shiba Inu’s SHIB coin
Readers would remember that the wider crypto sphere, including Ethereum and Shiba Inu’s SHIB coin, was hammered toward the start of the summer when Elon Musk adopted a much more cynical stance toward Bitcoin. Concurrently, China shook the last vestiges of that bull run when it banned crypto mining altogether, forcing a mass exodus of all mining operations out of the country. Since then, however, the US SEC has indicated that a China-style crypto ban is not in the offing in the world’s leading economy, thereby creating a much more conducive environment for cryptocurrencies.
In another scheme by Shiba Inu developers that we’ve covered previously, 10,000 NFTs in the form of Wen Shiboshis are set to drop soon. Initially, these Shiboshis will only have generic names, for instance, 00001. However, the holders of these NFTs would be able to change their names for a $100 fee paid in SHIB coins. The caveat here is that these SHIB coins would then be burnt in a dedicated wallet. This means that whenever the name of any of the 10,000 Shiboshi NFTs is changed, $100 worth of SHIB coin would be burnt for each instance. At the current pricing, $100 is equivalent to 2.511 million SHIB coins. Bear in mind that the token had started with a total supply of 1 quadrillion coins. Currently, there are a little over 394.796 trillion SHIB coins in circulation.
Shiba Inu surges over 45% in two days to reach an all-time high
Shiba Inu (SHIB), a spin-off to Dogecoin (DOGE) token, reached an all-time high following a price surge of more than 46% in just two days. The SHIB/USD trading pair was valued highest at $0.00003941 during press time.
The latest price jump of SHIB token is attributed to an ongoing bullish trend from Oct. 15, which helped the cryptocurrency’s value rally by more than 26%. Since Oct. 17, SHIB maintained week-long support at roughly $0.00002796 before resuming to bull run to its all-time high.
In the last seven days, Shiba Inu’s market value surged over 50% and currently stands as the 13th biggest cryptocurrency in terms of market capitalization, just three positions away from Dogecoin.
Currently, Shiba Inu holds the biggest circulating supply of nearly 395 trillion. Back in September, the Dogecoin-inspired token jumped 40% after Elon Musk, CEO of Tesla, tweeted about the arrival of a new Shiba Inu puppy called Floki.
The token also saw adoption from large organizations that enabled its customers to interact with it. One of the largest Brazilian exchanges – Novadax – listed SHIB just a few days ago.
The popular trading app – Public – followed suit shortly after. Moreover, rumors emerged that Robinhood could be next in line, which also propelled significant price pumps.
Consequently, SHIB has surged by 35% in a day and 50% in a week and marked a new all-time high earlier at just over $0.000039. This means that the asset is up by more than 450% in October so far.
Its market capitalization now exceeds $15 billion, and SHIB is well within the top 15 coins by this market. In terms of traded volume, SHIB/USDT is the most traded pair on Binance over the past 24 hours, surpassing $2 billion in volume.
Further CoinGecko data shows that SHIB traded at $0.000000000077 on January 1st, 2021. It means that the meme coin is up by a whopping 50,649,250% YTD. As such, a hypothetical investment of $1,000 made on January 1st would be worth over $500 million today.
Shiba Inu Coin – Daily Tech Analysis – October 24th, 2021
Steering clear of the first major support level at $0.0000271, Shiba Inu Coin rallied to a late afternoon intraday high $0.00003461.
Shiba Inu Coin broke through the 23.6% FIB of $0.00002831 and the day’s major resistance levels.
A late pullback saw Shiba Inu Coin fall back to sub-$0.000033 levels before wrapping up the day at $0.000033 levels.
In spite of the pullback, Shiba Inu Coin avoided a fall back through the third major resistance level at $0.0000308.
At the time of writing, Shiba Inu Coin was up by 0.47% to $0.00003402. A mixed start to the day saw Shiba Inu Coin fall to an early morning low $0.0003355 before rising to a high $0.00003415.