Friday, December 3

Watch out, dogecoin! Shiba inu token makes its way into the top 10 cryptocurrencies

The cryptomoney based on memes shiba inu skyrocketed more than 45% in the last 24 hours and made it into the top 10 digital tokens by market capitalization.

Shiba inu is a derivative of dogecoin, which itself was born as a satire of the cryptocurrency frenzy in 2013, and has almost no practical uses.

However, its price has soared by about 180% in the last seven days, according to CoinMarketCap, surpassing dogecoin to become the eighth most valuable cryptocurrency, with a total value of $ 42 billion.

Its trades, however, are volatile and at 14:08 GMT the shiba inu had given up about half of its profit for the session, but still racked up around 25% in the last 24 hours.

Bitcoin, the largest cryptocurrency with a market capitalization of $ 1.2 trillion, added just over 4% on Thursday, but was trading below the record high it set last week.

Known as “shib” and with a growing army of retail investors, Shiba inu coins are worth a fraction of a penny. Its website calls it “a decentralized meme token that has evolved into a vibrant ecosystem.”

The gains were driven, according to analysts, by the promise of quick profits – a factor that was also behind the widespread explosion of cryptocurrencies during the Covid-19 pandemic. Others said that cryptocurrency market specialists were trading large volumes of the token.

“People are always looking for the ‘next bitcoin,'” said Mati Greenspan, founder of the cryptanalysis and advisory firm. Quantum Economics. “Getting rich quick is a very powerful motivation.”

Expectations of greater acceptance in the mainstream market were also driving earnings, with rumors that the meme-based cryptocurrency will operate on more retail platforms.

Leave a Reply

Your email address will not be published. Required fields are marked *