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Shiba Inu (SHIB), a cryptocurrency project that started as a competitor to Dogecoin but which has since transformed into a veritable momentum engine, just made history by reaching a new all-time high price.
$SHIB hits new all-time-high at $0.00003982, with 24-hour volume surging over 500%
— Stock Talk Weekly (@stocktalkweekly) October 24, 2021
At the time of writing, Shiba Inu’s SHIB coin is trading at $0.00003982. This is higher than the previous zenith of $0.00003791 recorded back in May 2021. SHIB coin’s current price level now corresponds to year-to-date gains of 54 million percent!
Factors behind the extraordinary rally in Shiba Inu’s SHIB coin
Readers would remember that the wider crypto sphere, including Ethereum and Shiba Inu’s SHIB coin, was hammered toward the start of the summer when Elon Musk adopted a much more cynical stance toward Bitcoin. Concurrently, China shook the last vestiges of that bull run when it banned crypto mining altogether, forcing a mass exodus of all mining operations out of the country. Since then, however, the US SEC has indicated that a China-style crypto ban is not in the offing in the world’s leading economy, thereby creating a much more conducive environment for cryptocurrencies.
We had noted in a recent post that a transition in crypto leadership might be in the cards now. Over the past few bullish cycles, Bitcoin has always led the initial bull run with outsized gains. This phase has been followed by a more general crypto mania under the leadership of altcoins. Given that a futures-based Bitcoin ETF (BITO) has already commenced trading, the most immediate bullish impulse for the world’s premier cryptocurrency has now been realized. This scenario favors a gradual transition toward altcoins, including Shiba Inu.
🚨NEW PAIRS ADDED + BURN🔥!!!!
The Shiba Community asked for a BURN 🔥 and #ShibaSwap DEVs have listened, and are delivering!
As one part of the new listings plans, they have implemented a burn procedure to reduce $SHIB and $LEASH supply. pic.twitter.com/lfooX0S00D
— Shib (@Shibtoken) August 7, 2021
Of course, there are a number of endogenous factors that are also contributing to the current rally in Shiba Inu’s SHIB coin. First, the project’s developers are now pursuing a concerted supply burn strategy in order to reduce the SHIB coins in circulation, thereby paving the way for a meteoric price rise. As a part of this initiative, SHIB coin holders are voluntarily sending their coins to an inaccessible wallet, effectively removing those coins from circulation.
In another scheme by Shiba Inu developers that we’ve covered previously, 10,000 NFTs in the form of Wen Shiboshis are set to drop soon. Initially, these Shiboshis will only have generic names, for instance, 00001. However, the holders of these NFTs would be able to change their names for a $100 fee paid in SHIB coins. The caveat here is that these SHIB coins would then be burnt in a dedicated wallet. This means that whenever the name of any of the 10,000 Shiboshi NFTs is changed, $100 worth of SHIB coin would be burnt for each instance. At the current pricing, $100 is equivalent to 2.511 million SHIB coins. Bear in mind that the token had started with a total supply of 1 quadrillion coins. Currently, there are a little over 394.796 trillion SHIB coins in circulation.
Moreover, Shiba Inu’s SHIB coin may soon debut on the popular retail brokerage platform, Robinhood. A petition on Change.org has already garnered 296,303 signatures (at the time of writing) in support of SHIB’s listing on the platform. Bear in mind that Dogecoin, a cryptocurrency that experienced a similar momentum outburst earlier this year, had also registered outsized gains in the runup to its Robinhood listing.
With Shiba Inu at an all-time high now, predictions for the SHIB coin to hit the 1 cent price level are growing ever more forceful. While the probability for this eventuality is still remote, it certainly remains within the realm of the possible.
Update: Elon Musk ruins the SHIB Coin's Party
In keeping with his time-honored tradition of sparking epic bull runs while ending others, Elon Musk may have nipped the ongoing rally in Shiba Inu's SHIB coin in the bud. To wit, the CEO of Tesla has now confirmed via a tweet that he owns no SHIB tokens.
None
— Elon Musk (@elonmusk) October 24, 2021
And the reaction is ugly:
Let's see where the price stabilizes now.
Update 2: Shiba Inu Makes Another All-time High
$SHIB sets new all-time-high at $0.000046
— Stock Talk Weekly (@stocktalkweekly) October 26, 2021
Shiba Inu (SHIB) just made another all-time high. It seems Musk's comments only had a transitory impact.
