The guide shares details about the Shiba Inu coin and helps readers know Why Is Shiba Going Up.
Because of the increasing popularity of Cryptocurrency marketplaces, many new tokens and coins are popping up daily to offer a highly profitable platform for worldwide investors. Shiba Inu is the latest Crypto Coin developed after the successful response of Dogecoin.
Now Shiba Inu is available for trading on Coinbase with the ticker symbol SHIB. It is observed that the coin price has increased by 25% within a few hours of listing.
Investors in the United States are now attracted to the coin and want to know Why Is Shiba Going Up.
What is Shiba Inu Coin?
Developed by Ryoshi, Shiba Inu is the new crypto coin that turned into an internet sensation after being listed on the Coinbase exchange. The token has registered many success stories after it hit the Crypto market and managed to reach the all-time high of $0.00003791 on 10th May 2021.
Recently, the coin has been making news amongst the investors in the United States after the coin price reached a 25% high. After the price hike, the market capitalization of the coin has increased to $1.2 billion.
The token capitalized on the success of Dogecoin.
Why Is Shiba Going Up – Let’s Know!
There are many good reasons why the coin price is increasing. However, the significant hike in the price has been registered after it was listed on the Coinbase market. The coin value has increased by 25% within a few hours of listing, and its market value has risen to $0.00000841.
Shiba Inu token was only available for trading on the company’s exchange since 9th September, and the market price registered the same boost within few hours of listing. So, investors looking for the answer to Why Is Shiba Going Up must know that it is because of its listing on the open crypto exchange.
However, the hike is not very appreciable compared to its earliest price. Today, the coin is amongst the fifty most significant Crypto coins, with a market cap of $1.2 billion.
Will The Price Surpass Dogecoin?
Dogecoin is supported and backed by the Tesla and SpaceX founder, Elon Musk, and Shiba Inu lacks the support from the founder. So, there is very little chance that it will surpass the market price and value of Dogecoin. So, people looking for the answer to Why Is Shiba Going Up must know that the price is high due to its listing on a major exchange, Coinbase.
Musk’s opinion about the Crypto coins and tokens holds excellent value, and the support for Dogecoin helped it enjoy a higher market capitalization. Since Shiba Inu coin doesn’t have the same level of support from Elon Musk, it is less likely to surpass the market value of Dogecoin. You may read more information here.
Conclusion
Despite the volatile nature of the Crypto market, the newly launched Crypto coin Shiba Inu has registered a price hike of 25%, especially after it was listed on the Coinbase exchange.
After the price hike, investors are now eager to know Why Is Shiba Going Up. It is because of the listing on the primary exchange as it was only listed on the company’s professional exchange earlier.
Do you have anything to add about the price hike of Shiba Inu? Then, please share it in the comment section.
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