Shiba Inu went on the bullish mode in the last couple of days when the hashtag #SHIB started trending on social media platforms, making its investors a lot of money.
Since Dogecoin’s craze began in early 2021, some crypto traders and investors don’t want to miss out on this memecoin. And, since DOGE, the king of memecoin, investors got the taste of that happiness. Thus, they are not as hesitant this time around about investing in such digital assets.
In February 2021, Elon Musk tweeted a lot about Dogecoin, causing the coin to surge at an incredible rate, making many people millionaires. In addition, Tesla’s CEO called the memecoin better than Bitcoin at times.
At that time, investors got into the coin as a “get in, get out” scenario. But, after that, Musk’s impact on crypto was reduced over time. However, the crypto community is saying that things are a little bit different with Shiba.
Note that prior to the rally, an unknown whale investor bought over 6 trillion SHIBA Inu coins worth around $43 million on September 30. In addition, he added another 276 billion tokens on October 2 a few days back before the rally started on the 4th.
For instance, the number of active Shiba Inu holders also increased. Also, a couple of days back, Shiba Inu followers on Twitter (NYSE:TWTR) reached 1 million.
Note that Shiba Inu was introduced to the community as an ‘experimentative token,’ but the crypto will be used in a Decentralized Exchange called ShibaSwap. This means that the token has more utility than its rival DOGE as of now.
Speaking of Shiba DEX, ShibaSwap surpassed $1B Total Value Locked (TVL) 24-hours just after its launch in July. Now, it has a TVL of $270 million.
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Source: Cryptocurrency - investing.com
