Shiba Inu rocks! In today’s LATOKEN review, we want to talk about meme tokens that seem to become very popular these days. The price of the “meme” crypto has renewed its maximum since May 2021. Over the past day, it has grown by 41% and by 355% over the week.
The SHIB token surpassed Litecoin, Chainlink, and Bitcoin Cash in terms of capitalization. SHIB rose to 12th place in the list of the largest cryptocurrencies with an indicator of $15 billion. Over the past day, the altcoin has grown in price by 41%.
Elon Musk effect
Speaking about Shiba Inu, its meteoric rise over the past week is caused by the so-called “Elon Musk effect.” SHIB price began to rise after Tesla and SpaceX CEO Elon Musk posted a photo of his Shiba Inu puppy on his Twitter account. Other Dogecoin (DOGE) clones have risen in price as well. For example, the Dogelon Mars price has increased by 84% over the past day. Musk’s tweets like this have repeatedly provoked surges in traders’ interest in certain cryptos.
The Shiba Inu token is called the “Dogecoin killer.” The project’s website says that one of its main tasks is to surpass Elon Musk’s favorite crypto in terms of capitalization. The Shiba Inu devs claim to have been inspired by the example of the Reddit community WallStreetBets that artificially inflated the value of the shares of GameStop, AMC, and other firms that are not profitable.
Increased interest in Shiba Inu & meme cryptocurrencies
Speaking of meme cryptocurrencies, interest in them may arise during periods of stagnation in the sector of serious cryptos such as Bitcoin. It might be because crypto market participants need more active trading and more opportunities for quick profitability.
Meme cryptocurrencies provide an opportunity to enjoy risky trading, the pleasure of such trading is much like gambling or roller coasters, and such entertainment is not to everyone’s taste.
At some point, for various reasons (due to the actions of some players or media persons), there is hype about one of these cryptocurrencies. However, this hype can quickly subside, and it is really very difficult to predict the movement of these altcoins.
We can agree that crypto-memes are a great demonstration that an asset can be valuable because it has value in the eyes of market participants.
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