Shiba Inu SHIB/USD has since risen 10% over the week and is trading at the $0.000018 level. It is trading near $67,000, gaining strength amid a broader market rally led by Bitcoin.
96% of Bitcoin holders have profited from the soaring price of Bitcoin, and sentiment across the crypto sector, including Shiba Inu, is rising.
Shiba Inu’s history of surging alongside meme coin equivalent Dogecoin DOGE/USD, which is up 15% in the past week, adds weight to the argument that speculative gains could continue in the near future. are.
More: As Bitcoin and Ethereum garner more interest from institutional investors and retailers, some of that attention naturally falls on smaller companies like the Shiba Inu, which can experience rapid price movements in response to market-wide excitement. It has also spread to altcoins.
Additionally, the recent surge in blockchain equity ETFs, which recently recorded their biggest weekly inflows this year, is contributing to a wave of positive sentiment across the crypto sector. This influx of institutional investors not only increases confidence in established cryptocurrencies, but also strengthens market momentum for speculative assets like Shiba Inu.
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Why this matters: Originally launched as a meme coin, Shiba Inu has transcended its playful origins to become a cryptocurrency, supported by a passionate community and a growing ecosystem that includes decentralized exchanges and NFT initiatives. It has evolved into a serious contender in the world of currencies.
Shiba Inu’s low cost per token and potential for explosive price movements make it particularly attractive to retail investors looking to diversify their crypto holdings during market bulls.
The Shiba Inu’s growing popularity is also related to its accessibility for small investors. The extremely low price per token allows for speculative play with low capital and provides exposure to potential profits driven by social media buzz and community-driven projects.
Related article: Cryptocurrency lobbyists are secretly influencing the 2024 election: This is their strategy
What’s Next: The impact of altcoins will be thoroughly explored at Benzinga’s Future of Digital Assets event on November 19th.
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