Shiba Inu Price Up By 52.79% – Time to Buy SHIB Coin?
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Popular ‘Dogecoin killer’ is getting a lot of media attention following its remarkable rally in the last 24 hours. With meme coins now becoming a mainstream concept, more investors are looking to buy SHIB before it draws close to the dollar mark.
Shiba Inu: Decentralized Spontaneous Community Building
The Shiba Inu blockchain was launched in August 2020 by another crypto mystery character known only as ‘Ryoshi.’ Like popular dog-themed cryptocurrency DOGE, Shiba Inu is a meme coin. However, it differs in the platform it operates on and in its mission.
The Shiba Inu protocol is hosted on the popular decentralized applications (dApps) facilitator Ethereum and has a mission to displace Dogecoin from the meme coin pedestal. According to its website, the Shiba Inu project is an “experiment in decentralized spontaneous community building.”
The brain behind the meme protocol is reputed to have said that Shiba Inu will displace Dogecoin without hitting a cent in value.
This has seen the project work to rise above the meme coin tag and it features a decentralized exchange (DEX) platform called ShibaSwap. Here, users can trustlessly swap SHIB tokens without needing to rely on centralized exchanges. Also, they can provide liquidity and stake to earn newly minted WOOF returns. Looking to generate more real-world use cases, the ShibaSwap also supports non-fungible tokens (NFT) with a recent release of 10,000 NFTs on the DEX platform.
The canine-themed protocol is powered by the SHIB token which has one quadrillion tokens in circulation. 50% has been permanently locked on the UniSwap DEX platform while the remaining was burnt to Ethereum co-founder Vitalik Buterin.
SHIB Blazing the Trail Once More
SHIB’s ascent into the limelight came a bit later, and the digital token became a household name following Elon Musk’s support of the Dogecoin project. Sporting a similar name as the Dogecoin mascot, Shiba Inu surged 21,000% in one week, clearly stating its intents.
This saw SHIB skyrocket into the top 50 most valuable crypto assets with a current market valuation worth over $6.227 billion. In performance, SHIB has mainly faced a flat line in value briefly spiking up to $0.00003503 on May 5 before receding.
Following the crypto market crash, SHIB dropped down 50% to $0.00000588 in July with brief rallies. The massive control that BTC wields in the market kept SHIB prices constantly pegged to the large-cap asset.
However, SHIB is making a significant comeback with the broader crypto market this month. The asset surged more than 40% 24 hours earlier to $0.0000135.
Today, the dog-themed cryptocurrency has continued its upward trajectory and is up 52.79% in the last 24 hours.
Weekly gains stand at 124.76% following the crypto market crash, and the asset is trading at $0.00001665. This rally has served as a signal for investors to buy SHIB as the crypto market rebounds.
SHIB Technical and Fundamental Analysis
SHIB’s bullish potential shows market confidence in the meme coin. On the trading chart, the meme coin shows a big green candlestick on an uptrend and is above the 20-day moving average (MA) support price of $0.00000834.
The relative strength index (RSI) figure of 89 shows that it is trading in the overbought region. This depicts that more investors want to buy SHIB.
The token’s surge has been linked to Elon Musk’s constant tweets on meme coins. In a recent tweet, the Tesla boss put an image of the Japanese Shiba Inu dog with the tag ‘Floki Frunkpuppy.’ This led to a huge surge in the valuation of the meme coin.
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