The dog-based memecoin has zoomed more than 32 per cent in the last 24 hours to $0.00002945 from $0.00002239. The rally has led its market-cap to hit the $15.5 billion mark, putting it back in the top 15 cryptos in terms of market-cap.
The rally in Shiba Inu is widely supported by the volumes which rose more than 250 per cent in the last 24 hours. SHIB tokens worth more than $2.7 billion have exchanged hands during the period under review.
Market experts said that the recent rise in the crypto behemoths and increased retail interest has boosted the morale of the memecoins and Shiba Inu is not an exception.
The overall crypto markets have been giving a relief rally after weeks of continued down trend, said Ishan Arora, Partner, Tykhe Block Ventures, a crypto hedge fund.
“Bitcoin and Etherum both bouncing off the lows have again given investors confidence in other coins such as Shiba Inu which have also bounced off weeks of downtrend,” he added.
Despite the latest round of rally, Shiba Inu is still 72 per cent down from it’s all time high, scaled in October 2021, as the memetoken followed the footsteps of the other altcoins.
“Crypto prices have mimicked the US stock rally and recovery in stocks have provided the tailwinds for crypto, ” said Sharat Chandra, VP – Research and Strategy, EarthID.
The maximum supply of Shiba Inu, fondly known as the ‘Dogecoin Killer’ by fanatics, is 589,735,030,408,323 SHIB, with a total of 549,063.28B SHIB in the circulating supply.
Shiba Inu’s price consolidation and an on-chain analysis suggests prices inching towards $0.000054, he said on the basis of analysis of the tech charts.
Fundamentally, SHIB is not as decentralised as Bitcoin and hence the key value driver among the retail buyers, said Melbin Thomas, Co-founder, Sahicoin. “India has seen a surge in new users into crypto after the budget,” he added.
Crypto newbies get attracted to the low price of the token and expect multibagger returns from it. However, such expectations are highly deceptive. The best advice to investors is to do their own research before investing, Thomas said.
