Despite the fact that Shiba Inu (SHIB) was formally released in August 2020 as the financial market (DeFi) took a huge step forward and increased greatly, this cryptocurrency has earned a reputation for itself based on its acquisition of growth.
“SHIB remains a hot topic in crypto,” Santiment explained, “since its substantial flexibility and temporary support conference have lately stimulated its varied talks.”
SHIB is a Dogecoin-inspired meme cryptocurrency with a market valuation of $35.27 billion, making it one of the top 10 most important secret currencies.
Furthermore, it is the first ERC-20 token to be published and promoted in ShibaSwap trading and is a classic emblem of the SHIBA INU network.
Surprisingly, SHIB is renowned as the ‘Doge Killer’ due to its low pricing, which draws Dogecoin investors.
SHIB had a monthly spike of 889%. SHIB has risen tremendously, by 889 percent. CRV came in second with 98%, followed by Mana with 105%.”
On 1st November, SHIB had a daily operation rate of 35.08% and a greater daily volume than Bitcoin. In May, this cryptocurrency experienced a weekly growth of 1946.11%, indicating that it has been moving too rapidly.
Shiba Inu Price Chart – Source: Coinmarketcap
SHIB rose to prominence for a variety of reasons. To begin with, the SHIB token’s initial price was relatively modest. Second, the high level of FOMO (Fear of Missing Out) causes investors to leap at the SHIB chance. Third, based on Elon Musk’s billionaire Dogecoin, SHIB has increased dramatically in a short period of time.
As the neck-and-neck struggle between SHIB and Dogecoin continues, it remains to be seen which meme cryptocurrency will emerge victoriously.