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According to the statistics cited by the latest study, Shiba Inu increased by 45 percent in the recent trend, reaching a peak of $0.00006220. It has increased by about 710 percent in the last month. With this increase in market capitalization, it is now the 11th largest cryptocurrency. Shiba Inu is an Ethereum-based Dogecoin alternative. It also refers to itself as a Dogecoin killer, featuring itself as a mascot. There have been several reasons why Shiba Inu has been rallying.
The Shiba Inu Price Rally
There has been a significant price increase, resulting in more than 300,000 signatures on a petition to list Shiba Inu coins on Robinhood. Wait till you hear how much Shiba Inu costs if you think Dogecoin is cheap. The price of the coin is $0.00006289. Consequently, 1 million Shiba Inu coins would set you back $62.89. Consequently, Shiba Inu has the most accurate approach for judging a cryptocurrency's attractiveness. Shiba Inu has created a set of non-fungible tokens known as "shiboshis" that are developed on the Ethereum blockchain. Some of them feature Shiba Inu with laser eyes or hats on their heads.
The Shiba Inu Rally's Popularity
In recent years, the currency grabbed news when a crypto-based COVID-19 relief fund in India received 50 trillion dollars. Shiba Inu's popularity had skyrocketed in the last year. In the last 24 hours, the meme coin has experienced a significant increase of over 75 percent in the market. Also, it had climbed to become the seventh-largest cryptocurrency in the market, displacing Dogecoin as the most valuable meme coin on the planet.
The Shiba Inu Price Rally Is Not Stopping
According to CoinMarketCap, the value of Shiba Inu was $41.9 billion on November 3, 2021. This follows a precipitous drop from its peak of over $50 billion. However, a spike in value happened within the last several days. In the current trend, the price of Shiba Inu has increased by almost 325 percent, putting it ahead of Algorand, Bitcoin Cash, and Stellar among the top 15 tokens. It presently has a fully diluted market valuation of $32.07 billion.
The Shiba Inu Adoption in India
Even in India, there is a sizable Shiba Inu favored population. It has been listed on several significant platforms, including Coinbase, which has stringent listing requirements. Shiba Inu has advanced in several ways. ShibaSwap, a decentralized exchange (DEX) built by its developers, enables investors to trade and stake Shiba and other crypto pairs. On the DEX, you may trade non-fungible tokens (NFTs) and two more native assets called Bone (CRYPTO: BONE) and Dogecoin Killer (CRYPTO: LEASH)
The Shiba Inu Rally Is Speculative
According to CoinMarketCap.com, Shiba Inu has a market cap of $31 billion, making it the world's twentieth biggest cryptocurrency. It's cashing in on the fervor around Dogecoin, which has risen more than 5,000 percent year to date to a market capitalization of $33 billion.
In light of the foregoing, it is reasonable to conclude that Shiba Inu rallying has been increasing in a favorable direction, and the reasoning is convincing.