Recent rally by Shiba Inu and meme coins is quite an item to watch
Crypto Analyst and Economist alex kruger believes that the recent Doge Coin rally led by Shiba Inu has some unusual features. According to the analyst, “The bounce in the doggy coins marked the end of two bull runs of 2021.” This time around, the market remains bearish.
Since the beginning of 2022, unfavorable market circumstances have been roiling cryptocurrencies, heralding the onset of a “bear market” or “cryptowinter.” Due to a break from the norm, the recent rally by Shiba Inu and the other cancine coins is something to watch.
The Shiba Inu was a major gainer in the market on August 14, gaining an impressive 35% from its low of $0.0000126. SHIB reached a high of $0.0000179 before retreating on August 15th. At the time of publication, the Shiba Inu was trading up 1.05% at $0.0000157.
According to Kruger, “the dog run might just be getting started and is news driven.” On Aug. 2, the Shiba Inu team unveiled the name of the SHIB CCG game, Shiba Eternity. In the past week, the developers behind Shiba Inu announced that Shiba Eternity was available for early testing in Vietnam, which sparked positive expectations.
Shiba Eternity is an instant hit
As U.Today reports, the Sheba Eternity game has become a hit in Vietnam. sports legends William VolkowThe Shiba Inu who also doubles as game consultant, reported along these lines: “Wow, we had to increase the gameplay server capacity fifty times to deal with players coming from the Vietnam test launch!”
The launch of ShibaSwap in July 2021 sparked interest in the Shiba Inu community and is another example of how positive event news can influence token prices in the short to mid term. The platform’s total value locked ticked over $1 billion within a day of its inception, and Shiba Inu’s price only slightly increased by 14%.
This event acted as a catalyst for the Shiba Inu’s price increase in the following months, with the token rising by hundreds of percent to reach an all-time high of $0.000088 four months later.
Shiba Inu teases upcoming implementations such as Shibarium, SHI and SHIBFE (Shiba Inu financial ecosystem).
