The meme token has soared over 35 per cent in the last 24 hours and has doubled investors wealth in the last one week. The recent run of Shiba Inu has crowned it as the 11th largest cryptocurrency, as per Coinmarketcap.com.
The latest run in Shiba Inu is more mind boggling for crypto enthusiasts as Tesla boss Musk had snubbed the meme token. The mercurial technocrat said that he doesn’t actually own any Shiba Inu tokens.
Shiba Inu is an example of a price rally driven by a large retail community, sentiments, and hope. Shiba Inu is driving more volume than Bitcoin on all top exchanges worldwide right now, said Hitesh Malviya, Founder, Itsblockchain.com.
Shiba Inu tokens have soared about 700 per cent in the last one month, thanks to the growing clamor for Robinhood to add Shiba Inu coin to its platform, which has added fuel to the fire.
Following this astronomical rise, Shiba Inu has scaled the market cap of $22.6 billion, which is about 31 per cent less than the total market cap of Dogecoin, the numero uno meme token.
Now, analysts believe that Shiba Inu may actually dethrone Dogecoin to become the most valued meme token in the crypto space, whereas others laugh off this joke token theory.
Nirmal Ranga, Chief Revenue Officer, ZebPay, said Shiba Inu is aiming to become an Ethereum-based replacement to Dogecoin, the popular meme coin.
“The Shiba Inu token system supports innovative and artistic projects like NFT art incubators,” added Ranga. “The development of its own decentralized exchange called the ShibaSwap is also in the pipeline, all factors which have been driving the token’s value and interest among traders.”
Unlike Bitcoin, which has a limited supply of 21 million, Shiba Inu is intentionally designed for abundant supply. The total circulating supply of it is 1 quadrillion.
“It’s all about buying momentum, if the buying momentum doesn’t die in the next two days, then there is a higher probability of Shiba taking over Doge in market cap,” he said.
Analysts said that the rise in the recent trading volume is only due to fear of missing out (FOMO) as interest peaks, and traders rush to take part in the rally as a means to book profits.
“Even though Doge is the oldest namecoin and highest marketcap among the category, Shiba Inu is making a place for itself,” Ranga said.
A petition on Change.org asking Robinhood to list Shiba Inu now has more than 326,000 signatures.
“A large number of Indian investors are exposed to the fun token for more price growth,” Malviya said, who suggested investors to book profits at these levels.