News Hub Global
  • Home
  • World news
  • Business news
  • Carrier Development
  • Auto Repairs
  • Shop
  • More
    • Blog
    • Finance
    • Culture
    • Education
    • Fashion
    • Games
    • Human rights
    • Travel
    • Trading
    • Technology
    • Marketing
    • Health
    • Videos
    • About Us
    • Contact Us
    • Terms and Conditions
    • Privacy Policy
Subscribe
News Hub Global
  • Home
  • World news
  • Business news
  • Carrier Development
  • Auto Repairs
  • Shop
  • More
    • Blog
    • Finance
    • Culture
    • Education
    • Fashion
    • Games
    • Human rights
    • Travel
    • Trading
    • Technology
    • Marketing
    • Health
    • Videos
    • About Us
    • Contact Us
    • Terms and Conditions
    • Privacy Policy
No Result
View All Result
News Hub Global
No Result
View All Result
Home Business news

Why is Shiba Inu coin price up 25%? Crypto game, Ethereum merge fuel $SHIB

by NewsHubGlobal
August 15, 2022
in Business news
0
7
SHARES
225
VIEWS
Share on FacebookShare on Twitter



The cold, crypto winter may finally be over for at least one dog-themed coin.

The price of Shiba Inu coin, which trades as $SHIB, is up 25% in the last 24 hours, helping it overtake Avalanche to become the world’s 12th most valuable coin with a $9 billion market cap. The Shiba Inu coin was also the top gainer on CoinMarketCap on Monday as of 2:00 p.m. in Hong Kong.

Shiba Inu’s sudden surge contrasts its months-long slump that mirrored the crypto market’s wider downturn. Even with the recent rise, the Shiba Inu coin is currently trading at $0.00001630 per coin, down 81% from its all-time high last October, and down 50% from this year’s peak in March.

Buzz about a new Shiba Inu-focused game is one reason for the coin’s rise. In recent days, the Shibarmy, self-described Shiba Inu devotees, has released early details about a new online game they are developing called Shiba Eternity. Shytoshi Kusama, the Shibarmy’s lead influencer, announced the new game earlier this month, and over the weekend, users in Vietnam posted videos of themselves playing the game after developers released it in Vietnam for testing. The game appears to be an online card-based battle game, similar to blockchain games like Axie Infinity, but the game will be released on mobile before it is eventually on the blockchain, according to Kusama.

Some analysts argue that Shiba’s rise may be more related to crypto giant Ethereum, which provides the underlying blockchain for Shiba Inu and related coins like Bone and Leash. Ethereum developers recently announced that a long-awaited upgrade to its blockchain may come as soon as mid-September after passing a major technical test. Ethereum’s price was up 1.6% on Monday, while Dogecoin, another dog-related meme coin on Ethereum’s blockchain, surged 2.5% on Monday.

“Dogecoin and Shiba Inu have both broken out over the weekend, clear evidence that the retail investor is back,” Hayden Hughes, CEO of social-trading platform Alpha Impact, wrote in a note on Monday.

No matter the cause, the Shibarmy is pleased about the recent bull run.

At the same time, it’s important to not read too much into Shiba Inu’s rise. The Shiba Inu coin is a highly volatile, ‘meme coin’ with little underlying value despite its large and enthusiastic group of followers. Some traders cashed out their savings at or near the top of the market and made millions. But others lost their life savings on Shiba and other meme coins after the crypto market began tanking earlier this year.

At least some people in the Shibarmy Reddit community warned traders that the coin remains a risky bet despite its current bull run.

“I don’t know what’s happening [right now,] but it seems to be a pump and dump,” wrote one user on Reddit, saying that SHIB’s value could drop as quickly as it rose. “A day like today presents amazing selling opportunities for lots of people.”

Sign up for the Fortune Features email list so you don’t miss our biggest features, exclusive interviews, and investigations.



Source link

Tags: CoincryptoEthereumFuelGameInumergePriceSHIBShiba

Queen's doctors are concerned for her health, palace says

January 29, 2023

Nifty Project Management Review – The Good and Bad for 2023

January 29, 2023

AmazonSmile closes: Charities say they will suffer

January 29, 2023

Future Outlook: Technical Trends for the Week of January 30 – February 3, 2023

January 29, 2023

Italy – Beyond the Big Three

January 29, 2023

Trump Speech Reveals Candidate Unsure of What His Base Wants

January 29, 2023

Here is the maintenance checklist for your BMW: What services does BMW need?

January 28, 2023

What ChatGPT’s success says about bad Silicon Valley advice: Elad Gill

January 28, 2023

French city of Angoulême celebrates half a century of comics and cartoons

January 28, 2023

How the Substitute Teacher Shortage Is Impacting Teacher Professional Development

January 28, 2023

Recent News

Queen's doctors are concerned for her health, palace says

January 29, 2023

Nifty Project Management Review – The Good and Bad for 2023

January 29, 2023

Categories

  • Auto Repairs
  • Business news
  • Carrier Development
  • Culture
  • Education
  • Fashion
  • Finance
  • Games
  • Health
  • Human rights
  • Marketing
  • Shop
  • Technology
  • Trading
  • Travel
  • Videos
  • World news

© 2021 <ALL Rights reserved by newshubglobal.com

No Result
View All Result
  • Home
  • World news
  • Business news
  • Carrier Development
  • Auto Repairs
  • Shop
  • More
    • Blog
    • Finance
    • Culture
    • Education
    • Fashion
    • Games
    • Human rights
    • Travel
    • Trading
    • Technology
    • Marketing
    • Health
    • Videos
    • About Us
    • Contact Us
    • Terms and Conditions
    • Privacy Policy

© 2021 <ALL Rights reserved by newshubglobal.com