New Delhi: SHIB is continuing to draw the attention of both beginner and veteran crypto enthusiasts, The recent spike in the price has made Shiba Inu the new king of the meme coins. But still, many investors have questioned that if this move can sustain with time.
Self-hailed DOGE Killer Shiba Inu jumped more than 40% to touch its all-time high on October 24 by reaching the price of $0.00003995. SHIB was trading with a 24-hour trading volume of $8,585,097,334.
SHIB went on to touch $0.00004176 after breaking its all-time high.
Shiba Inu went on to top the WazirX exchange in terms of volume with Tether and Bitcoin in India.
On October 14, SHIB went down to the 14th position based on market capitalization as around $600 million was wiped off within the minutes. As per reports, an anonymous whale decided to buy almost 6.3 trillion SHIB in the 2nd week of October 2021. As per the data, SHIB has surged more than 260% due to it.
SHIB has outperformed many potential cryptos in the market. Meme-coin has made a massive comeback with immense growth from investors.
There have been many developments in the Shiba Inu ecosystem that have contributed to the ongoing rally and the key factors are:
1) The implementation of the burn mechanism
2) The announcement of the launch of 10,000 Shiboshis on ShibaSwap
3) The rise in the number of token holders
An expert has compared DOGE’s run to its all-time high to Shiba Inu’s ongoing rally.
Shiba Inu is preparing to get into gaming and holders are expecting a boost in its demand. Earlier Shiba Inu was facing two main challenges
1) Lack of liquidity
2) Lack of ecosystem updates
