Over the last week, Shiba Inu has experienced almost 367% gains and has recently overtaken a number of large cryptocurrencies including UNI, AVAX, LINK and LTC. The jump in price has occurred as the token’s ecosystem has 10,000 NFTs ready to launch. These NFTs are called Shiboshis and will take SHIB into the gaming universe.
Shiba Inu has already overtaken Dogecoin with its rapid market cap growth. The memecoin is currently the most traded cryptocurrency on Binance, Coinbase and Huobi. SHIB now ranks 12th among cryptocurrencies and beats Ethereum-killers and Chainlink.
The memcoin was created anonymously by Ryoshi in August 2020. It is now trending as the most traded cryptocurrency across top exchanges. There are three tokens in Shiba Inu’s ecosystem: SHIB, BONE and LEASH. All three tokens have observed a spike in demand over the past two weeks.
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The rally was triggered by the launch of Shiba Inu’s decntralised exchange platform Shibaswap and implementation of the “burn mechanism”. The coin now ranks 12th on CoinGecko, the world’s largest independent crypto data aggregator.
The SHIB ecosystem has seen a number of recent developments, which have added to the rally. The number of token holders has risen. Shiba Inu is also preparing to delve into gaming and holders are expecting a boost in its demand.
Before the recent rally, SHIB was facing two key challenges: a lack of liquidity and a lack of ecosystem updates. With its recent listing on Coinbase, SHIB has managed to overcome the challenge of liquidity. Its daily trade volume now exceeds $15 billion.
SHIB has overtaken cryptocurrencies like Avalanche (AVAX), Chainlink (LINK), Uniswap (UNI) and Litecoin (LTC) with its current market cap. Analysts have set a coin price target of over $0.000030000.
Shiba Inu has hit 1 million followers on one of its public platforms and has crossed the line of 700,000 SHIB holders.