Cryptocurrency token Shiba Inu is up today, 5.62% over the last 24 hours so far, bringing the SHIB price to $0.00001271 (SHIB/USD). The coin was up much higher earlier in the day, though, spiking to $0.00001345 just before 2:00 am. The price fell from there, but not as low as it was before the spike, retaining some of its gains.

SHIB/USD

A Volatile Crypto

SHIB’s rate stood at $0.00001167 late last night, before this morning’s jump. This means that the price increased by 15% in just a few hours. That puts Shiba Inu in the top rankings for movement over the last 24 hours for the cryptocurrency market.

SHIB’s pricing has been all over the place recently, moving erratically from highs to lows in the course of just the last week. The coin had peaked at $0.00001458 on the 29^th of last month. That is significant since it is the highest we have seen the Shiba Inu price reach since August. To see it still spiking close to that point this morning means that there is plenty of vitality left in this coin and consumers are interested in it as an investment.

Shiba Inu’s Path Forward

Though the crypto market has lost billions this year, a few coins are gaining traction recently and managing to achieve some of their best prices in months. Shiba Inu joins the ranks of Dogecoin and a few others that are surging back with volatile, but bullish movement or long-tail bullish trends.

Shiba Inu is enjoying a small trade volume increase today as well as a price jump. Its trade volume has increased by 16% over the last 24 hours, bringing in $651 million in that time. Just a few days ago, the coin was bringing in $2.5 billion in the same period. A lot of investors have dropped their SHIB coins, but the recent spike could draw them back in for some more trading action.

Because of renewed interest in this coin, it could be propelled much higher by early 2023, as its investors are defending the level and keeping it active despite the lack of utility it offers. Keep in mind that the coin is ranked #13 overall in the cryptocurrency market, so even though it has little real-world application, it could be more widely accepted as a form of payment by a large number of online vendors in the near future. If crypto is the future, then high ranking coins like Shiba Inu will be the first ones to be widely accepted.

Waves (WAVES), sometimes dubbed as “Russian Ethereum” was the top gainer last week. The Sasha Ivanov-created token soared over 90% to $8.77 over a seven-day period, according to CoinMarketCap data.

WAVES weekly gains outpaced those of major coins such as Bitcoin BTC/USD, Ethereum ETH/USD and Dogecoin DOGE/USD.

Top Gainers of Week Ending June 6, 2022 (Data via CoinMarketCap)

Cryptocurrency	7-Day % Change (+/-)	All-Time High Value/Date Reached	% Change (+/-) Since All-Time High
Waves (WAVES)	+90.8%	$62.36 On Mar 31, 2022	-85.8%
Helium (HNT)	+25.6%	$55.22 On Nov 12, 2021	-82.2%
Cardano (ADA)	+20.4%	$3.10 On Sep 2, 2021	-80%
Chiliz (CHZ)	+15.15%	$0.89 On Mar 13, 2021	-85.05%
Chainlink (LINK)	+14%	$52.88 On May 10, 2021	-84.8%
AAVE (AAVE)	+11.4%	$44.17 On May 3, 2021	-56.1%

See Also: Best Crypto Debit Cards

Call For Neutrino To Come Home To Waves

The Neutrino Protocol called for the holders of the token to “come back” to Waves. Neutrino USD (USDN) has lost its peg twice in a period spanning two months and there are dangers of a third de-pegging should large-scale selling occur, said the Protocol in a blog post last week.

The call by the protocol behind Neutrino is geared at supporting the stability of the coin and reducing the effect of external liquidity pools and improving the liquidity on Waves among other reasons, according to the blog.

Meanwhile, Ivanov pointed out that USDN annual percentage yield is nearly 70% on Vires, a decentralized non-custodial liquidity protocol based on Waves.

https://t.co/FQc8RTH1vk

Meanwhile $USDN APY is around 70% on Vires.

— Sasha Ivanov  (1 ➝ 2) (@sasha35625) June 3, 2022

Master Plan For DeFi

Last week, Waves also released its DeFi Master Revival plan, which addressed the de-pegging of USDN from the dollar after Terra Classic (LUNC) and TerraClassicUSD (USTC) collapsed.

The plan involves buying and locking CRV tokens with 45% of WAVES staking profits from Neutrino. 

Lamboway Contest

Waves.Exchange is holding a Lamboway Contest, which began on May 30. Anyone who invests a small amount of USDT or USTC, in the Lambo Investments product stands a chance to win a supercar.

New round of Lamboway

Win a car of a dream

Invest $USDT or $USDC https://t.co/4NcKc0MIU2 The earlier you invest the better your chances to win!

Hold your investment until the end of the contest

Follow the Twitter

Read all the terms in our articlehttps://t.co/A2lGHWM6aN pic.twitter.com/IkermLHC0i

— Waves.Exchange  (1 ➝ 2) (@Waves_Exchange) May 30, 2022

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What happened

Between the hours of 3 a.m. and 4 a.m. ET, Bitcoin (CRYPTO:BTC), Ethereum (CRYPTO:ETH), and Dogecoin (CRYPTO:DOGE) each saw a rather sizable spike. Bitcoin went from around $47,000 per token to $48,300 per token. Ethereum surged from $3,700 per token to $3,800 per token. And Dogecoin rose from $0.171 to $0.175 over this time frame.

Today, these top cryptocurrencies are up 1.4%, 1.9%, and 0.5% as of 10:30 a.m. ET, largely as a result of this early-morning spike. 

It appears that the market sell-off heading into the end-of-year options expiry for Bitcoin and other key tokens is at play with this move. These top tokens have recovered some of their losses from the past week, though each remains more than 5% lower over the past seven days.

So what

Similar to the “witching hour” events seen in the stock market, options and futures expiry in the crypto world provides for periods of volatility throughout the year. Today, being the last day of the year, also marks the expiry date for $6 billion of Bitcoin options. A sell-off into this event, followed by a rise coming out of the options expiry, has historically taken place.

It appears institutional investors eager to front-run this move bought heavily into these top tokens earlier today. Additionally, sources have noted that the “max pain” level for Bitcoin (the level at which most options expire as worthless, and therefore the level most profitable for market makers) is $48,000. As of 10:30 a.m. ET, Bitcoin currently trades right around $48,000 per token.

Now what

The fact that these top cryptocurrencies all followed Bitcoin’s move this morning suggests a continued high correlation among top tokens in the crypto world. As Bitcoin gains or loses value to the dollar, these top tokens, which are priced in both dollars and Bitcoin, appear to be following suit. Accordingly, these recent options-driven moves, largely from institutional investors, are starting to get noticed.

Many investors are expecting to see less volatility in early 2022, following this options expiry event. That said, as we’ve seen in recent years, volatility is the name of the game in the crypto world. Those looking to add exposure to this sector should be prepared for wild swings as the market continues to find the correct price for these risk assets.