Shiba Inu Soars in Record-Setting Bull Run

Gerelyn Terzo
Updated: Oct 24, 2021, 13:37 GMT+00:00

SHIB fans are convinced that the meme coin is on its way to trading for one cent and beyond.

Shiba Inu Soars in Record-Setting Bull Run

Shiba Inu investors are patting themselves on the back after their favorite meme coin has gone into the stratosphere.  The rally has been going on all weekend, during which time SHIB has achieved a fresh-all time high. In the last 24 hours, the Shiba Inu price has rallied 43% to 0.00004127 while trading volume has soared more than 950% to $12 billion. SHIB traded as high as 0.00004442 in the last day.

Shiba Inu, an offshoot of Dogecoin, the original meme coin, is trending on Twitter across two dozen countries, according to some social media accounts. SHIB fans are convinced that the cryptocurrency, which muscled its way in the CoinMarketCap rankings to No. 12, is on its way to trading for one cent and beyond.

Supply and Demand

Shiba Inu currently has a circulating supply of 394.7 trillion. Some token holders are urging the project to burn more tokens to diminish the supply, while others maintain that new buyers will do the trick. To that end Shiba Inu inked a partnership with NowPayments earlier this month through which a percentage of SHIB will be burned with each transaction.

SHIB investors are hoping online broker Robinhood will step up and help them get to their one-cent goal by listing the meme coin. There is a petition on to make this happen, which has secured 298,000 signatures and counting.

October Catalysts

Shiba Inu has been helped by a number of catalysts and milestones that have occurred in the month of October, in addition to reaching a new all-time high. For example, the project crossed the 1 million mark for followers on Twitter. Plus, the coin now boasts more than 760,000 holders for the SHIB token.

Trading platform announced that users can now trade Shiba Inu. In addition, Coin Cloud has made it easier for users to access Shiba Inu by launching SHIB at its crypto ATM machines.

Elon Musk has also had a positive influence on Shiba Inu in recent months by posting updates on his Shiba Inu puppy, Floki. Musk supports Dogecoin, the mascot for which is a Japanese breed dog Shiba Inu.

All in all, the bulls have been in control of Shiba Inu since about mid-October, and the coin has seemingly been itching to to shoot higher ever since.

About the Author

Gerelyn is a cryptocurrency and blockchain journalist who has been engaged in the space since mid-2017 when bitcoin was embarking on its first major bull run

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