“People are always looking for ‘the next Bitcoin’,” said Mati Greenspan, founder of crypto analysis and advisory firm Quantum Economics. Others said crypto-specialist market makers were trading large volumes of the token. Its website calls it “a decentralised meme token that has evolved into a vibrant ecosystem”.ĭriving the gains, analysts said, is the promise of quick gains – a key factor behind the broader explosion of cryptocurrencies during the COVID-19 pandemic. Known as “shib” to a growing army of retail investors, shiba inu coins are worth a fraction of a cent. Trading in shiba inu is volatile, and by midday New York time it had given up most of the day’s gains, but was still up around 7%.īitcoin, the biggest cryptocurrency with a market cap of $1.2 trillion, was up around 4%, but below its record high from last week.
“This makes it closer to a collectible market than a currency market, and as such determining value with traditional analysis seems impossible.”
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“It seems driven by fad buyers hoping to get in now and flip later to what will need to be a new series of buyers at even higher prices,” said Rick Meckler, partner at Cherry Lane Investments in New Vernon, New Jersey. 8 cryptocurrency, with a $42 billion capitalization. Yet its price has rocketed around 160% this week, according to CoinMarketCap, leapfrogging dogecoin to become the No. Shiba inu is a spinoff of dogecoin, itself born as a satire of a cryptocurrency frenzy in 2013, and has barely any practical use.
Meme-based cryptocurrency shiba inu soared more than 45% over the past 24 hours, muscling into the top-10 largest digital tokens by market capitalization.
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