The price of Shiba Inu (SHIB) increased for the week as investors assessed its inclusion on Coinbase, the world’s most valuable crypto exchange. We have seen a 22% increase in the token’s price.
For the first time since June 29, 2021, the meme coin exchange rate increased by 16% to $0.00000950.
Over the past few days, SHIB has been moving uphill in a bullish trend that started Thursday amid strong buying pressures while Bitcoin struggled to stay afloat the $48k price levels.
A market valuation of $3.3 billion has been assigned to Shiba Inu, the 49th most valuable crypto, which traded at $0.000008 at the time of writing.
SHIB is an Ethereum-based cryptocurrency that mimics Dogecoin, a meme cryptocurrency. Elon Musk’s cryptic endorsements of the Shiba Inu token boosted the token’s popularity.
Musk, the world’s most influential billionaire in the crypto world, earlier tweeted about the arrival of a new Shiba Inu puppy called Floki, which helped SHIB gain attention.
The announcement was followed by a slight increase in the fast-rising crypto, further continuing Musk’s influence on tokens featuring dogs, such as Dogecoin (DOGE), BabyDoge and Floki Inu.
Shiba Inu’s future success hinges on adoption, not utility. In the same way that Dogecoin grew its community by attracting thousands of traders, SHIB aims to grow its community by attracting hundreds of traders. This strategy has led Shiba Inu to launch its own decentralized exchange, ShibaSwap, based on its popularity.
To increase investment demand for SHIB, ShibaSwap burned $25,000 worth of tokens in mid-August.
Half of the token’s supply was gifted to Ethereum co-founder Vitalik Buterin. In the end, he donated much of the money (about $6.7 billion) to a COVID-19 charity in India after burning some of it in a dead wallet.