A week of total Bull-Shib? Even in a bear market every doge can have its day

After having a crap year in the dogehouse of memecoin purgatory, it seems Shiba Inu ($ SHIB) is off the blockchain – so to speak – and back rutting around the backyard of decentralized asset potential.

The peculiar crypto thingy is currently on a tear all its own. The memecoin has jumped in value by half in the last seven days of trade, up over 51%.

While the big name cryptocurrencies – Bitcoin, Ethereum, Solana and the rest – continue to flounder in a cruel bear market, Shiba Inu is proving itself the salmon of the sector climbing its brave little way upstream and past the bear’s teeth.

The Shiba-Inu-themed meme coin has become one of the most acquired cryptocurrencies among the 100 largest (whale) investors on the Ethereum network.

SHIB has, to an extent, managed to buck the trend in wider crypto markets at the moment, with the price proudly cocking its leg and dribbling upward at an impressive rate, although not to levels anywhere as stupidly wonderful as those last seen around November last. year.

According to Coingecko the latest rise puts the cryptocurrency as the second-biggest gainer among the top 30 largest cryptocurrencies by market capitalization within the past week.

Valeria Blokhina at U Today says on Friday last the number of SHIB holders reached a new all-time high, approaching the two million level. That’s up from 1,182,817, in just a week.

Something’s got the kids in a frenzy:

So, why all the sudden Bull-SHIB?

For once, it appears not to be all down to the human pump, who also sends stuff into space.

eToro’s market analyst and crypto expert Simon Peters says there are a number of factors driving the token price higher.

Part of the higher trend is thanks to major investors buying into the token, with one scooping up 150 billion of the cryptoasset in one swoop. There’s been a few very keen Shiba Inu whales adding more SHIBs pushing it up the global cryptocurrency ranking, overtaking Tron ($ TRX) in the process.

But Peters says it’s also the nature of the network which is leading to something of a price revival in a rather faithless crypto-trading environment.

Peters says Shiba has had more than 62 billion of the cryptoasset’s tokens burned in the past few days, reducing supply and supporting prices.

SHIB is trading around $ 0.00001163 across various exchanges as I write, including Binance and Coinbase.

“This potentially presages changes which are underway for the Ethereum network through ‘The Merge’, which is looking to move from a proof-of-work to proof-of-stake model – which could have a similar impact to burning by locking coins away. through staking, ”he adds.

Shib World

Shiba Inu is a decentralized cryptocurrency created in 2020 by an anonymous person under the pseudonym Ryoshi.

The SHIB token is an Ethereum-based ERC-20 token that was created as a direct competitor to Dogecoin. The token does not support smart contracts and is not backed by any asset. However, it can still be transferred from one user to another.

SHIB is one of many dog-themed cryptocurrencies. However, unlike Dogecoin, SHIB is building an entire ecosystem around itself named ShibSwap. As of now, ShibaSwap consists of two tokens: LEASH and BONE.

Last week, Shib announced the launch date of its Shibarium beta test and provided an update about its xFund.

Considered an integral part of the Shiba Inu ecosystem and hopefully helping Shib’s transition from a memecoin to a utility project, Shibarium beta testing will kick off by the third quarter of 2022.

The Shiba Inu team has already teased Shibarium will be a lot like the Ethereum Layer-2 scaling platform “Polygon.”

The Shib team also aims to deploy all the inhouse projects, including the play-to-earn game, Shiboshi, to the blockchain when it eventually goes live.

Over at CoinJar, Luke Ryan isn’t as conviced there’s a solid case for Shib’s sudden rise – but since when do crypto fans need anything more than a good dose of hopium?

“As a hype-driven memecoin, SHIB may be operating as a canary in the coalmine for a broader shift in market sentiment. DOGE is also having a pretty good week, ”Ryan says.

“When fundamentals aren’t exactly your thing, all you’ve got is hope and FOMO, so if coins with the market cap of SHIB and DOGE are able to put in strong, volume-driven reversals, then perhaps the rest of the market may not be that far behind.

“Whether these gains are sustainable is another question altogether.”

For more Shiba inu and dogecoin hilarity (and bloody quality info) please visit The Badman’s work, like this gem from October last.



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