SHIB was originally considered a “soon-to-be” meme coin on the market, but has now risen to # 13 on the market cap rankings. SHIB is up 49% in 24 hours while the rest of the crypto market is mostly flat.
SHIB 4-Hour Price Chart | Source: Tradingview
When the asset overtook DeFi leader UNI in terms of capitalization last night, the market seemed surprised.
Every day is dog day
SHIB’s market cap is currently at $ 15.4 billion, after peaking last night at $ 16.5 billion. When that coin usurped UNI, predictions were made that it would also beat DOGE in terms of market cap. While the expectation that SHIB will surpass DOGE or even the 13th
In terms of trading volume, SHIB / USDT was the most traded pair on Binance in the past 24 hours, with a volume exceeding $ 2 billion. This meme coin has grown 50,649.250% since the start of the year. In fact, the asset continued to rise, strangely, along with moments when the crowd turned negative and comments were fraught with doubt.
SHIB price (green) and positive / negative sentiment (pink) | The source: Sanbase
Like other meme tokens, SHIB has been largely derided by the community, but with the price setting a new ATH yesterday, could it become a utility coin?
Convert into utility coin
The price of SHIB has increased since the whales bought it in late September. In addition, data from Google Trends shows that global interest hit a multi-month high in early October. .
The project is also reaping the benefits of the NFT craze through its plan to release a digital collection of “10,000 Adorable Creatures,” which has skyrocketed its price and popularity.
In addition, the demand for SHIB increased significantly as the number of active addresses rose by almost 770% within a week from October 3rd to 9th. At the time of writing, the number of active addresses remains neat at 19k, while social volume also increases with price escalation.
SHIB price (green), number of active addresses (pink), social volume (blue) | The source: Sanbase
The reason for all of these positive signs could be that Shiba Inu is trying to expand the ecosystem and provide new use cases.
Develop multiple use cases
Only last week did the researcher and reviewer Max Maher praise the development of the Shiba Inu.
“It is magical to see a meme coin turn into a utility coin.”
The platform’s decentralized exchange Shibaswap, which enables token staking, is an example of how Shiba Inu tries to stay ahead of itself and other meme coins. In addition, the Shibarium blockchain and Shiboshi game are also underway.
Shiba Inu’s upcoming stablecoin SHI is also well received by SHIB. In addition, ShibaNet should enable smart contracts for automatic license fees.
In short, it looks like now is the time for SHIB to shine, but in reality the dog racing continues. Since SHIB is only three places behind DOGE, the chances that it will actually become a “DOGE killer” are very high. Will there be other meme coins with an unbelievable jump in the near future that shake the market or will SHIB suffer the same boring fate as its “big brother” DOGE? Time will show. However, dog racing is still an interesting race.
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At home at home
According to AMBCrypto