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With Shib Leading The Way In Strong Growth, Will There Be A New Craze In The Crypto “Zoo”?
2021-11-05, 07:37
[TL; DR]
1.The price of Shib coin has increased several times within a month, with the total market cap close to that of Dogecoin now.
2.A number of positive news including its upcoming listing on Robinhood have driven the growth of the Shib in price.
3.The Shib ecosystem is under rapid construction involving a layer 2 solution Shibarium, an NFT platform and more.
4.In the long term, however, whether Shib's price remains high will depend on if its ecosystem development meets investors’ expectations.
On November 2, Elon Musk tweeted a Chinese poem which is known as "The Seven Steps Verse'' attributed to a Chinese poet, Cao Zhi who lived in China's Three Kingdoms period. This tweet has instigated hot discussions. There are various interpretations and speculations of Musk's poetic tweet that have been circulating. One of the more plausible explanations is that the various cryptocurrencies based on Meme are "fighting each other", especially with the recent skyrocketing of Shib, which is threatening to "cook" or “boil” Dogecoin, the world’s largest dog-related memecoin.
Released in August 2010, Shib is an Ethereum-based ERC-20 token. The total initial circulating supply of SHIB is as high as 1,000 trillion, with a low price per unit. Anyone can easily purchase hundreds of millions or even trillions of SHIB coins at a low cost. Since October 1st this year, the price of Shib has risen more than tenfold from $0.0000070 to a peak of $0.000087. This frenzied rally has also been described by investors as “removing zeros”.
On October 28th, Shib surpassed Dogecoin by the total market capitalization($39.5 billion), taking the place of ninth largest cryptocurrency by market value. Today, the total market cap of Shib is still as high as $35 billion(very close to Dogecoin’s $35.2 billion), overtaking many star projects such as USDC, Avalanche, and Litecoin. Shib was born with the label of being a "DOGECOIN KILLER'' and nowadays, is it bringing Dogecoin to its knees?
What’s The Driving Force Behind Shib?
In fact, the current rally in Shib prices has been going on since early October, when a number of crypto whales bought up large amounts of Shib, worth hundreds of millions of dollars in total. And on 4 October, Musk's tweet mentioning his pet, Floki, completely triggered a price spike for Shib. Its price rose by three times within just one week and moved sideways around $0.000027.
For more information on the increase in Shib's price in the first half of October, please see more:
https://www.gate.io/en/blog_detail/282
Next, let's take a look at Shib's performance at the end of October. On October 19th, there were rumors spreading on social media that Shib would be listed on Robinhood. And then, Shib coin runs in bull again. From October 24th onwards, Shib increased in its price by over 60% for the next two days. Robinhood is a US-based online platform that provides stock and cryptocurrency trading services primarily to retail investors, with a low threshold and zero fees. Currently, it already supports 7 crypto assets including BTC, ETH and Dogecoin. Then on October 30th, Coinbase added SHIB to its APP profile, alongside Bitcoin and Ethereum. Coinbase, the largest cryptocurrency exchange in U.S., went public earlier this year. Its ios App is very popular on the App Market and has topped the Apple US App Store free list several times. All this good news boosted Ship's short-term growth in its price.
On social media, Shiba Inu has a group of loyal community members who call themselves the “Shib Army” and claim that they will hold Shib for a long time to achieve financial freedom. What’s more, they always talk about Shib on the internet for the purpose of hyping it up. The petition to list Shib on Robinhood has now gained over 480,000 signatures on Change.org, making it the largest petitions on Change.org. On October 29th, AMC Theatres, the world's largest theatre chain, launched a Twitter poll asking whether it would accept Shib as payment for the movie tickets and AMC gift cards, with more than 150,000 people taking part and over 80% of those voting in favor.
In addition to the positive news, ecosystem growth also contributed to the surge in Shib. Since October 7th, Shib has destroyed a whopping 6,324 ETH in on-chain transfers, worth around $30 million, more than that of SushiSwasp. On October 28th, Shib's 24-hour ETH burning value even surpassed OpenSea and Uniswap V3 to rank fourth. And, according to official sources from the Shib team, they are moving forward with their own layer 2 solution, Shibarium, a new Blockchain platform that will be tested in a few months. The Shib project will then gradually build up a complete ecosystem including the decentralized exchange Shibaswap, Shibshis games and Shiba charity. It is clear that Shib's ambition is not only to be a "DOGECOIN KILLER '' under the Meme concept, but also to expand its ecosystem and even be a "world-changing Shiba Inu".
Source: https://ultrasound.money
Conclusion
Driven by Shib, a variety of animal-related tokens, especially canine-themed cryptocurrencies, have seen significant increases in their prices. In the long term, however, whether Shib's price remains high will depend on if its ecosystem development meets investors’ expectations.
Source: https://www.coingecko.com/en/categories/meme-token
Author: Edward. H, Gate.io Researcher
*This article represents only the views of the researcher and does not constitute any investment suggestions.
*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all other cases, legal action will be taken due to copyright infringement.
1.The price of Shib coin has increased several times within a month, with the total market cap close to that of Dogecoin now.
2.A number of positive news including its upcoming listing on Robinhood have driven the growth of the Shib in price.
3.The Shib ecosystem is under rapid construction involving a layer 2 solution Shibarium, an NFT platform and more.
4.In the long term, however, whether Shib's price remains high will depend on if its ecosystem development meets investors’ expectations.
On November 2, Elon Musk tweeted a Chinese poem which is known as "The Seven Steps Verse'' attributed to a Chinese poet, Cao Zhi who lived in China's Three Kingdoms period. This tweet has instigated hot discussions. There are various interpretations and speculations of Musk's poetic tweet that have been circulating. One of the more plausible explanations is that the various cryptocurrencies based on Meme are "fighting each other", especially with the recent skyrocketing of Shib, which is threatening to "cook" or “boil” Dogecoin, the world’s largest dog-related memecoin.
Released in August 2010, Shib is an Ethereum-based ERC-20 token. The total initial circulating supply of SHIB is as high as 1,000 trillion, with a low price per unit. Anyone can easily purchase hundreds of millions or even trillions of SHIB coins at a low cost. Since October 1st this year, the price of Shib has risen more than tenfold from $0.0000070 to a peak of $0.000087. This frenzied rally has also been described by investors as “removing zeros”.
On October 28th, Shib surpassed Dogecoin by the total market capitalization($39.5 billion), taking the place of ninth largest cryptocurrency by market value. Today, the total market cap of Shib is still as high as $35 billion(very close to Dogecoin’s $35.2 billion), overtaking many star projects such as USDC, Avalanche, and Litecoin. Shib was born with the label of being a "DOGECOIN KILLER'' and nowadays, is it bringing Dogecoin to its knees?
What’s The Driving Force Behind Shib?
In fact, the current rally in Shib prices has been going on since early October, when a number of crypto whales bought up large amounts of Shib, worth hundreds of millions of dollars in total. And on 4 October, Musk's tweet mentioning his pet, Floki, completely triggered a price spike for Shib. Its price rose by three times within just one week and moved sideways around $0.000027.
For more information on the increase in Shib's price in the first half of October, please see more:
https://www.gate.io/en/blog_detail/282
Next, let's take a look at Shib's performance at the end of October. On October 19th, there were rumors spreading on social media that Shib would be listed on Robinhood. And then, Shib coin runs in bull again. From October 24th onwards, Shib increased in its price by over 60% for the next two days. Robinhood is a US-based online platform that provides stock and cryptocurrency trading services primarily to retail investors, with a low threshold and zero fees. Currently, it already supports 7 crypto assets including BTC, ETH and Dogecoin. Then on October 30th, Coinbase added SHIB to its APP profile, alongside Bitcoin and Ethereum. Coinbase, the largest cryptocurrency exchange in U.S., went public earlier this year. Its ios App is very popular on the App Market and has topped the Apple US App Store free list several times. All this good news boosted Ship's short-term growth in its price.
On social media, Shiba Inu has a group of loyal community members who call themselves the “Shib Army” and claim that they will hold Shib for a long time to achieve financial freedom. What’s more, they always talk about Shib on the internet for the purpose of hyping it up. The petition to list Shib on Robinhood has now gained over 480,000 signatures on Change.org, making it the largest petitions on Change.org. On October 29th, AMC Theatres, the world's largest theatre chain, launched a Twitter poll asking whether it would accept Shib as payment for the movie tickets and AMC gift cards, with more than 150,000 people taking part and over 80% of those voting in favor.
Source: https://ultrasound.money
Conclusion
Driven by Shib, a variety of animal-related tokens, especially canine-themed cryptocurrencies, have seen significant increases in their prices. In the long term, however, whether Shib's price remains high will depend on if its ecosystem development meets investors’ expectations.
Source: https://www.coingecko.com/en/categories/meme-token
Author: Edward. H, Gate.io Researcher
*This article represents only the views of the researcher and does not constitute any investment suggestions.
*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all other cases, legal action will be taken due to copyright infringement.
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