While all the leading cryptocurrencies have declined, following bitcoin, the Shiba Inu meme coin has grown by tens or even hundreds of percent.
In two weeks, SHIB soared more than 220%, from $ 0.00002728 to $ 0.000087778. The token is now in ninth place in terms of capitalization and surpassed the famous Dogecoin (DOGE). According to the creator of Shiba Inu, known under the nickname Ryoshi, this cryptocurrency was created as a DOGE killer. Now this goal has been reached, but Shiba Inu is attracting growing investor attention. In fact, Ryoshi and his team managed to create a balanced and forward-looking ecosystem that includes not only the network and community but also a decentralized exchange and platforms for launching smart contracts and non-fungible tokens (NFT).
SHIB is up an incredible 1100% since the beginning of the month from the price of $ 0.000007249. Bitcoin during the same time rose 54% from $ 43.41K to $ 67K on October 20 and has now corrected to $ 60K. Experts are trying to explain the success of SHIB by the maturity of the market. Traders and investors have begun to better understand the features of different cryptocurrencies, and now they are choosing functional and promising projects while investing. In these conditions, those who are the first to notice a good cryptocurrency project are the winners.
After SHIB set an all-time high, it has already corrected within 30%. But its further growth is still possible, and not only on the speculative FoMO-effect (Fear of missing out) but also due to fundamental factors. The most important factors are SHIB listing on several exchanges; the launch of its own line of non-fungible tokens called Shiboshi, as well as interest in this cryptocurrency on derivatives exchanges.
SHIB has already been listed on BitKan, AOFEX, StealthEx, CoinFlex, and professional platform Coinbase Pro. Analysts explain the recent skyrocket by the expectation of listing on the Robinhood exchange. In addition, the price of SHIB is increasing due to adaptation. In early October, the Shiba Inu team announced a partnership with the cryptocurrency payment service NOWPayments. Plus 3% of the profits of NOWPayments will be burned, this contributes to the deflationary model.
After the huge growth of Shiba Inu in October, players expect a correction in the range of 25%-35%. The coin now looks overvalued and it is too late to enter it, according to most analysts. Perhaps investors will get such a chance after the correction. However, bearish sentiment can be defeated by any positive event. For example, if Elon Musk wants to improve his verbal intervention, which slowed down the growth of SHIB on October 25, when he announced that he didn’t hodl SHIB. Earlier, Elon Musk spoke positively about Shiba Inu more than once.