Shiba Inu (SHIB), a cryptocurrency project that began as a competitor to Dogecoin but has since evolved into a veritable momentum engine, recently set a new all-time high price.
Shiba Inu’s SHIB coin is currently trading at $0.00008854 at the time of writing. This is higher than the previous all-time high of $0.00003791 set in May 2021. The current price of SHIB coin corresponds to a 54 million percent increase year-to-date!
Factors behind the extraordinary rally in Shiba Inu’s SHIB coin
The wider crypto sphere, including Ethereum and Shiba Inu’s SHIB coin, was hammered at the start of the summer when Elon Musk took a much more cynical stance toward Bitcoin. At the same time, China shattered the last vestiges of that bull run by outlawing crypto mining entirely, forcing a mass exodus of all mining operations from the country. Since then, the US Securities and Exchange Commission (SEC) has stated that a crypto ban in the style of China is not in the works in the world’s largest economy, thereby creating a much more favorable environment for cryptocurrencies.
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In a recent post, we mentioned that a change in crypto leadership could be on the way. Bitcoin has always led the initial bull run with outsized gains in the past few bullish cycles. This was followed by a more widespread crypto mania, with altcoins leading the way. The most immediate bullish impulse for the world’s premier cryptocurrency has now been realized, as a futures-based Bitcoin ETF (BITO) has already begun trading. This scenario favors a gradual shift to alternative currencies, such as Shiba Inu.
Of course, a number of endogenous factors are also playing a role in Shiba Inu’s SHIB coin’s current rally. To begin, the project’s developers are pursuing a concerted supply burn strategy to reduce the number of SHIB coins in circulation, paving the way for a meteoric price rise. SHIB coin holders are voluntarily sending their coins to an inaccessible wallet as part of this initiative, effectively removing them from circulation.
10,000 NFTs in the form of Wen Shiboshis are set to drop soon in another Shiba Inu scheme that we previously covered. These Shiboshis will have only generic names at first, such as 00001. Holders of these NFTs, on the other hand, would be able to change their names for a fee of $100 paid in SHIB coins. The catch is that these SHIB coins would be burned in a special wallet. This means that every time the name of one of the 10,000 Shiboshi NFTs is changed, $100 worth of SHIB coin will be burned. At the current exchange rate, $100 is worth 2.511 million SHIB coins. Keep in mind that the token had a total supply of 1 quadrillion coins when it first launched. Currently, there are a little over 394.796 trillion SHIB coins in circulation.
Furthermore, Shiba Inu’s SHIB coin may soon be available on Robinhood, a popular retail brokerage platform. At the time of writing, a petition on Change.org had 296,303 signatures in support of SHIB’s inclusion on the platform. Keep in mind that Dogecoin, a cryptocurrency that experienced a similar surge in popularity earlier this year, had also seen significant gains in the months leading up to its Robinhood listing.
With the price of Shiba Inu now at an all-time high, predictions for the SHIB coin to reach the $1 mark are becoming more fervent. While the likelihood of such an event is still remote, it is certainly within the realm of possibility.
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Update: Elon Musk ruins the SHIB Coin’s Party
Elon Musk may have nipped the ongoing rally in Shiba Inu’s SHIB coin in the bud, in keeping with his time-honored tradition of igniting epic bull runs while putting an end to others. To wit, Tesla’s CEO has now confirmed via Twitter that he does not own any SHIB tokens.
And the reaction is ugly:
Let’s see where the price stabilizes now.
Shiba Inu (SHIB) just made another all-time high. It seems Musk’s comments only had a transitory impact.
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