Shiba Inu made a record jump of 77% in the past 24 hours. This rally amidst the plunging of alternate coins has provoked investors to reevaluate their investments. While the new favorite coin is witnessing an epic momentum, other coins, like WRX, Solana, etc. dropped.
The coin was started as a meme coin, just like Doge. The coin is based on the Ethereum blockchain. Today, the coin has a market capitalization of $ 40.4 Bn and is now the 7th cryptocurrency in the world acc. to finance.yahoo.
Shiba Inu is currently trading at $ .000068 and is showing no signs of slowing down. The token has already achieved milestones and is signaling that the dream run is just beginning. Let’s find out what is pushing this dream run.
What pushed Shiba Inu to rally?
According to the blockchain analysis data from Nansen, ‘smart money’ addresses have purchased $ 160 Mn of the token this week. Smart money addresses are crypto traders who earned more than $100,000 by providing and mining liquidity. Their recent purchases have added to the coin’s spectacular gains.
Another major factor pushing the token’s progress is the petition filed on change.org. This petition requests Robinhood to list Shiba Inu on their platform; the petition currently has 380,000 signatures.
Also, the token receiving widespread attention is adding to the growth trajectory. In comparison to its biggest rival – Dogecoin. Doge took 6 long years to reach a market cap of $ 12 Bn, while it took just 14 months for Shib.
What lies ahead for Shiba Inu?
Elon Musk’s tweet brought the token down earlier this week. He tweeted that he does not own any Shib but has Bitcoin, Doge, and Ethereum. This made the token take a deep dive, but did not stop the upcoming surge.
As the trading community is growing exponentially, and with the floating overnight millionaire stories around cryptocurrency. The investments are growing each day, and people even with no knowledge of trading are pooling huge chunks of money.
Shiba Inu is gearing up to become the next go-to coin for traders and investors. The coin has rallied 700% in the past month, and 60,00,000% from the past year. Analysts believe that the coin holds major potential and can touch the $.0001 mark by this year’s end.