Shiba Inu coin’s Shibarium network has not been launched. The daily goal of 100-million tokens being burned has not been met. And there’s still no true utility for the token. However, Crypto.com and Binance are holding Trillions of tokens. And it appears the ‘smart money’ knows something. As the Bitcoin bull run continues and markets thrive, none of the top coins can champion $SHIB as it hits a 3 month high.
The current value of the Shiba Inu coin is US$0.000012. It hit the 3 month high of US$0.000013 last night. The popular cryptocoin continues to push resistance, bouncing back and forth between the two prices as the day goes on, reaching the high at least 3 times in a 10 hour span.
Why is the $SHIB price going up?
The reason for the pump in price is not clear. $SHIB Army users joke it’s because Australia’s first crypto diner launched, Shiba Wings. However, the truth is always in the numbers.
SHIB has reached a US$993.8-million dollar trading volume in the last 24 hours. The staggering amount is going up daily.
In layman’s terms, investors are going in heavy on the Shiba Inu coin, possibly to ‘pump’ the value for value or it could be in anticipation of what’s to happen when Shibarium Network launches.
The cryptocurrency brand has been promising all year that the beta version of the layer-2 technology which will fuel that SHIB ecosystem, will launch ‘very soon.’ And feverish rumors have been claiming the anticipated crypto-tech will allow $SHIB coins to be able to be used at an industry leading rate of 1-million transactions per second.
At 1 Million TPS and top level security for transaction, SHIB coin could easily become a leading prospect for all sorts of commercial use including the wavering bank industry.
Why Investors much watch prices — risks
Regardless, Shib Army investors should also prepare themselves for the tricks of ‘smart money’ or institutional investors potentially pumping the market in this ‘1st phase.’ After their influence, masses of ‘dumb money’ or ‘trend riders’ place investments on a ‘2nd phase,’ continuing to raise token prices.
After prices go up, the ‘smart money’ who started the trend, pulls their money and rake the profits. These massive investments being pulled cause the token prices to fall below the ‘2nd phase’ where ‘dumb money’ entered the trend, causing a loss for those simply following trends.
At this point however, it’s expected $SHIB value will rise past all current levels. “Phase 2” investors or dumb money should keep hodling tokens in case of being caught during a pump.
Twitter To Use $DOGE & $SHIB?
One of the most interesting facts of the current Shiba Inu bull run is it has de-pegged itself from Bitcoin. Usually the crypto market follows the Bitcoin trend but ‘dogecoin killer’ has exceeded past $BTC, only being rivaled by $DOGE ironically.
Perhaps the tweets of Elon Musk are affecting the markets. His tweets of the ‘content contracts for Twitter’ excites crypto consumers in general. But more so specifically it could excite those speculating on $SHIB token as the Tesla car brand’s owner recently had its price charts added to twitter.
Either way, the decoupling from Bitcoin price is a very healthy sign for the digital currency. It’s able to stand alone and go higher than the #1 crypto, through crypto winter, in a bull cycle — an impressive feat. It certifies the brand is valuable.
And as the 3-month high continues to be pushed, today could mark the first time Shiba Inu passes US$0.000013 since November 2022.
Last week, Bitcoin had a growth of 20.49% while SHIB is over 30%.