The Shiba Inu coin (SHIB) – a new meme-based cryptocurrency that revolves around the Shiba Inu dog breed – has surpassed Dogecoin, another cryptocurrency based on the Shiba Inu dog breed, in recent days.
Why did the SHIB coin rise?
According to Benzinga, the SHIB coin has become successful in the past few days, trading more than 17% higher than normal.
In fact, there have been a number of dog-related cryptos booming lately, including Kishu Inu (KISHU), UnderDog (DOG), and renDOGE (RENDOGE), all of which have been booming in the past few days.
- “While meme coins are back in the green, investors should exercise caution – especially if they expose themselves to coins with a high supply and low market capitalization,” said Benzinga.
Has the SHIB coin fallen recently?
SHIB coins have been falling along with other cryptocurrencies including Ethereum, Bitcoin, and Dogecoin in the past few weeks, as I wrote for Deseret News. The depreciation came after a financial watchdog group in China said institutions should avoid offering cryptocurrency-related services, according to Reuters. Chinese investors soon got out.
The SHIB coin fell after cryptocurrency Ethereum co-founder Vitalik Buterin decided to burn his SHIB coins because he didn’t want control over the cryptocurrency markets.
- Coin burning “refers to the act of sending a token to an unusable account and taking it out of circulation, reducing supply and increasing its scarcity,” Benzinga said.
But SHIB coins could go up in value because there are fewer of them now, which makes each SHIB coin rare and unique, as I explained on the Deseret News.
What are the new SHIB coin predictions?
According to the Newsroom Post, the SHIB coin has been volatile lately, moving from a low of $ 0.00000809 to a high of $ 0.00001198. However, prices are expected to go down.