Popular canine token has soared in price significantly over past week thanks to these drivers
The second largest canine crypto in terms of market capitalization, Shiba Inu, has demonstrated an impressive rise over the past week as its price jumped by nearly 20%.
SHIB price close to “burning” a zero
Since the middle of last week, Shiba Inu has been growing by leaps and bounds.
On Tuesday, Jan. 10, the price soared by 10%, and from Wednesday to now, it has spiked by over 12%, hitting the $0.00000980 price mark.
In early November when the crypto market was hit by the insolvency of the FTX giant and its founder, former crypto billionaire Sam Bankman-Fried, Bitcoin and altcoins have plunged. Shiba added the fifth zero to its price, and now, it seems, it is preparing to eliminate it once again.
Bitcoin rising close to $19,000
Another factor that has likely contributed to the coin’s growth is the rise of the Bitcoin price. Over the past few days, BTC suddenly regained the $18,200 level, and on Jan. 12, it touched $19,000 before rolling slightly backward.
SHIB and other altcoins surged on the back of the flagship cryptocurrency. Besides, Twitter has recently added a “cashtag” for Shiba Inu, as it did for Dogecoin, ADA and other cryptos as January began.
Little things like this generally contribute to an overall background upon which a token’s price can go up.
Aside from that, SHIB Metaverse hub WAGMI Temple is going to be previewed by the attendees of SXSW 2023 in Austin, Texas, as covered by U.Today.
