Shiba Inu is a cryptocurrency that has hit all-time high prices this week, defying critics who claim the market is in decline. The reason for Shiba’s sudden spike? Its use as an NFT on CryptoKitties. What are NFTs and how does their success contribute to the broader global trend of cryptofied collectibles?
The “shiba price” is the average price of Shiba Inu in U.S. dollars. The all-time high was recorded on January 1, 2018 when it reached $1,500 after a major bull run.
Token of a contentious meme Shiba Inu continues to defy critics by setting a new all-time high today. Furthermore, in the secondary market, the freshly issued Shiboshis NFTs have created a price floor of 1.2 ETH ($5,070).
Critics have opposed the project on many fronts, the most serious of which being the project’s one quadrillion token supply. Some say that because of the massive token dilution, Shiba Inu is a bad investment.
Nonetheless, much as investors rushed to acquire Dogecoin despite its terrible fundamentals earlier this year, Shiba Inu investors are ignoring their reservations and placing buy orders.
If the current trend continues, it won’t be long until Shiba Inu does the unimaginable and flips Dogecoin.
Shiba Inu is having a great time.
Tether ($88.2 billion), Bitcoin ($37.6 billion), Ethereum ($21.5 billion), and Shiba Inu ($17 billion) had the highest 24-hour crypto trading volumes.
Shiba Inu’s inclusion on the list is an unexpected change from six months ago. At the time, Vitalik Buterin had donated his $SHIB coin for philanthropic causes, and many predicted that the currency would never return.
It has, though. $SHIB has been climbing the market cap rankings since the beginning of October, and it is now in 11th position thanks to huge purchase pressure in the previous 24 hours. This was enough to push the price up to $0.00005806, a new all-time high.
SHIBUSDT on TradingView.com is the source.
$SHIB has entered clear sky territory after breaching its prior barrier of $0.00003550 on Sunday. However, for the time being, a larger market sell-off this morning (GMT) has stifled price discovery.
Shiboshi NFTs are flying off the shelves.
Shiba Inu debuted their Shiboshi NFTs on the ShibaSwap platform in mid-October.
“These incredible Shibs have a variety of characteristics that make each one distinct and collectable. For example, Laser Eyes or Party Hat, as shown on several of them in this fantastic first collection, will be included in our next game release.”
By making Shiboshi purchases accessible exclusively with $LEASH, the developers effectively forced purchasers to go further into the Shiba Inu ecosystem.
The initial price was based on a three-tiered scheme, with the first batch costing 0.1 ETH, the second batch costing 0.2 ETH, and the third batch costing 0.3 ETH.
Shiboshis had exchanged 5,100 ETH ($20,500,000) in volume and established a price floor of 1.2 ETH ($5,070) two weeks later, according to statistics from Opensea — a 1,100 percent rise over the original tier 1 pricing.
While detractors may debate their arguments, Shiba Inu remains committed to its goal of creating a thriving community-run ecology.
opensea.io is the source of this information.
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Posted in: Trading, Memecoins