Shiba Inu has risen 7,99,900% in just nine months after it was listed on Coinbase on January 30, 2021. During the time span under consideration, a $1,000 investment in the meme currency grew to Rs 80 lakh.
Delhi, India: Except for Shiba Inu, the newest entrant in the top 10 tokens, major cryptocurrencies regained their mojo on Friday. During the current correction, investors took advantage of low prices to purchase popular cryptocurrencies.
Eight out of the top ten cryptocurrencies were trading higher at 9.30 IST, with the exception of Shiba Inu and dollar-pegged Tether. Shiba Inu lost one-fourth of its value, whereas Dogecoin increased by 24%.
In comparison to the previous day, the worldwide crypto market cap increased by nearly 5%, yet fell below $2.62 trillion. The total cryptocurrency market volume, meanwhile, fell 7% to $174.98 billion.
Shiba Inu has surged 7,99,900 percent in just nine months after it was listed on Coinbase on January 30, 2021. During the time period under consideration, the meme coin transformed a $1,000 investment into Rs 80 lakh.
With a daily trading volume of $562 million, WazirX, India’s largest cryptocurrency exchange, set a new milestone. According to the business, the volume of meme coin Shiba Inu alone was around $338 million.
ZebPay Trade Desk’s Tech View
Shibu Inu (SHIB) is a cryptocurrency that seeks to be an Ethereum-based Dogecoin successor. SHIB is purposely produced in such a way that it is abundant in nature, whereas Bitcoin is supposed to be scarce. It has a total circulating supply of one quadrillion units. The Shiba Inu token system funds creative and artistic projects such as the NFT art incubator and the creation of the ShibaSwap, a decentralised exchange.