This crypto’s price surges 145% in 7 days. What’s driving the record rally?

Shiba Inu is a decentralized digital token and its putting up a strong performance lately. The has been on a record rally since the past few sessions, surged over 70% in the early deals, and is currently trading at $0.00007139, up 38% over the last 24 hours, as per CoinGecko. It is currently the 10th-biggest cryptocurrency with a market value of around $40 billion.

In recent months, SHIB has been in the news for being listed on more exchanges thereby increasing liquidity and access to the token. Adding to it, Vitalik Buterin also burned over $6 billion worth of SHIB tokens, said Nischal Shetty, Founder, WazirX. 

“Even though SHIB has been rallying for the past month, but it reached a new all-time-high price. On WazirX, SHIB has overtaken Bitcoin’s position as the top traded token in the Indian rupee market this week. In the past 24 hours, over $320 Million worth SHIB has been traded on WazirX. This market movement has also caused WazirX to record an all-time-high 24-hour trading volume of over $560 million,” added Shetty.

Trading in Shiba Inu has been volatile on its way up. The crypto slumped earlier this week after Elon Musk tweeted that he didn’t own the coin. However, the growing clamor for Robinhood Markets to add the Shiba Inu coin to its platform is helping boost the cryptocurrency to record highs. Its price is up around 145% in the last seven days.

“Meme coins like Shiba Inu that are entirely community run embody the core of the decentralized finance ecosystem. The recent price rally demonstrates how prices are governed by sentiments and a large community. The community fosters token value and given the clamor around the Robinhood petition to add the token on the platform, more people gaining interest in the token which is further resulting in the price surge,” said Sonal Kukreja, Vice President Marketing and Partnerships, Unicas.

Along with these factors, other developments and projects around the token have added to its value and has attracted other investors’ interest which is why the token continues to rally regardless of the current movement of the market, Kukreja added. 

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