Dogecoin’s (DOGE) recent price rallies have had digital asset enthusiasts abuzz with speculation as to what price level it’s next all-time-high might be. Surprisingly, one of its many clones, Shiba Inu token (SHIB) rallied over 200% over the weekend, on the back of successive listings on Huobi, and Crypto.com.
What’s Shiba Inu coin #SHIB and why is it growing so fast before #SNL ? pic.twitter.com/rEqjdPiEna
— Han Jin (@jinhan8) May 9, 2021
“What’s Shiba Inu coin #SHIB and why is it growing so fast before #SNL ?” Inquired Twitter user, @jinhan8, to his followers on Saturday night – ahead of Dogecoin evangelist, Elon Musk’s appearance on US Television channel, NBC’s hit sketch-comedy show, Saturday Night Live. The rival meme-derived tokens, coincidentally, experienced astronomical price rallies at a similar time.
DOGE, which is ranked as the fourth biggest digital asset, by market capitalization ($72,005,797,804 at time of writing,) on CryptoSlate’s coin rankings list rallied 42.9% in the past 7 days – dropping about 25% in the few hours following Musk’s appearance on NBC’s SNL comedy show. The joke-turned-heavyweight-asset, DOGE enjoys trading volumes of $44,990,804,620 (at time of writing,) at a price level of $0.55590 (at press time) – down from a high of $0.75287 about 24 hours ago.
SHIB, on the other hand, appears to be intent on living up to its nickname – Dogecoin Killer. Though valued at $0.00001, and sporting a minor market cap of $5,610,677,255 (at time of writing,) the copycat token managed a 676.75% price jump over the past week. The digital asset’s rally may have coincided with Dogecoin – as well as several other fellow copy-coin’s – bullish momentum, but SHIB doesn’t appear to have borrowed much steam from it’s parent coin.
Though borrowing a lot in both branding, and spirit from DOGE, SHIB seems to be intent on standing out as a beast, in its own right. Not needing a celebrity talk-up to put some wind in its sails, the Shiva Inu token leaped from $0.00000623 to a night of $0.0002441 in the span of a single hour – following it’s listing on the second biggest digital assets exchange, by trading volumes, Huobi – before retracing +70% of it’s previous move, to what looks to be a second wave low, of $0.00001112.
Despite SHIB’s breathtaking volatility, the coin has grown rapidly, in popularity. Possibly on the back of the Defi, and NFT craze that currently grips crypto markets. The team behind the SHIB token have pivoted into both, Defi, and NFT regarding the development plans, with a Uniswap-like platform in the works, according to Shiba Token updates blog Shibinformer.com.
Users on StockTwits, and Reddit appear to be unable to contain their excitement regarding the asset, its price growth, or its near future. Since cryptocurrency trading is, predominantly, a retail game, it is possible that concurrent listings on centralized exchanges, Huobi, Crypto.com, and CoinEx, within the same 48 hour period of May 8th may have given interested traders – the majority of whom not understanding Defi platforma, like Uniswap, etc – a shot at buying into the, much coveted, asset.
With talks of a possible Binance listing doing the rounds – along with anticipation of the upcoming Shibaswap Defi platform, which will have SHIB take on some exchange token-like properties – the upside potential for this coin may quite still be high. “There’s no denying the coin has corrected a lot and many people are holding bags, still it could be a huge opportunity (albeit a risky one, but isn’t that why we’re all here!!,)” cautions a Reddit post.