On Tuesday, SHIB reached a 5-week high as fresh investors kept pouring money into the coin. The overall global cryptocurrency market cap was 0.20% lower. However, the SHIB, short for “Shiba Inu” and named after a well-known Japanese dog breed, was 5% up. The cryptocurrency SHIB was introduced in the first quarter of 2021. However, the token’s popularity has since taken off, and plenty of individuals now purchase SHIB in the hopes of profiting as the price rises.
In 2021, the price of SHIB has skyrocketed, increasing from about $0.00005 to a high of $0.0005. That amounts to more than 900% gain in a short period. Since then, a general uptick in interest in crypto assets has accompanied the increase in SHIB price. The price of Ethereum, the blockchain on which SHIB is based, and Bitcoin, the world’s largest cryptocurrency, reached new highs in the middle of 2021. Many new investors are purchasing SHIB for the first time due to the increase in the token’s price.
Why the SHIB Token Is Attracting a Ton of New Investors
The token has grown in popularity as a result of both its relatively low cost and its connection to the well-known Dogecoin. Despite being a relatively new cryptocurrency, SHIB already has a sizable user base. Elon Musk and other prominent cryptocurrency community members praised the coin. Its price, currently trading at about $0.000009593, has increased because of the influx of new investors.
Investors have been drawn in by the SHIB token’s distinctive qualities. First, the token is burned every time a deal is made, reducing its overall quantity. This is a key selling factor for investors searching for a cryptocurrency with long-term potential. Second, a sizable group of people support the SHIB token. The Shiba Inu group is one of the most vibrant and active communities in the cryptocurrency space. They are always promoting the token. The SHIB token also has a variety of practical applications. Although it is still in its infancy, the token has significantly impacted the cryptocurrency community.
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