Shiba Inu investors are patting themselves on the back after their favorite meme coin has gone into the stratosphere. The rally has been going on all weekend, during which time SHIB has achieved a fresh-all time high. In the last 24 hours, the Shiba Inu price has rallied 43% to 0.00004127 while trading volume has soared more than 950% to $12 billion. SHIB traded as high as 0.00004442 in the last day.
Shiba Inu, an offshoot of Dogecoin, the original meme coin, is trending on Twitter across two dozen countries, according to some social media accounts. SHIB fans are convinced that the cryptocurrency, which muscled its way in the CoinMarketCap rankings to No. 12, is on its way to trading for one cent and beyond.
— Shib (@Shibtoken) October 24, 2021
Supply and Demand
Shiba Inu currently has a circulating supply of 394.7 trillion. Some token holders are urging the project to burn more tokens to diminish the supply, while others maintain that new buyers will do the trick. To that end Shiba Inu inked a partnership with NowPayments earlier this month through which a percentage of SHIB will be burned with each transaction.
We are proud to announce that we will be establishing a #PartnerSHIB with NowPayments.@NOWPayments_io will onboard the #SHIB Trifecta $SHIB $LEASH $BONE, starting with $SHIB, BURNING 🔥 a percentage on each transaction.
— Shib (@Shibtoken) October 7, 2021
SHIB investors are hoping online broker Robinhood will step up and help them get to their one-cent goal by listing the meme coin. There is a petition on Change.org to make this happen, which has secured 298,000 signatures and counting.
— Shiba Inu (@ShibaInuHodler) October 23, 2021
Shiba Inu has been helped by a number of catalysts and milestones that have occurred in the month of October, in addition to reaching a new all-time high. For example, the project crossed the 1 million mark for followers on Twitter. Plus, the coin now boasts more than 760,000 holders for the SHIB token.
Trading platform Public.com announced that users can now trade Shiba Inu. In addition, Coin Cloud has made it easier for users to access Shiba Inu by launching SHIB at its crypto ATM machines.
Elon Musk has also had a positive influence on Shiba Inu in recent months by posting updates on his Shiba Inu puppy, Floki. Musk supports Dogecoin, the mascot for which is a Japanese breed dog Shiba Inu.
Floki has arrived pic.twitter.com/2MiUKb91FT
— Elon Musk (@elonmusk) September 12, 2021
All in all, the bulls have been in control of Shiba Inu since about mid-October, and the coin has seemingly been itching to to shoot higher ever since.