Dogecoin-killer Shiba Inu bulls go wild as SHIB posts double-digit gains overnight

Shiba Inu has recovered from its consolidation, and the memecoin has offered 13% gains overnight.
SHIB and Ethereum whales continued accumulating the token through the dip, expecting a comeback above $0.000051.
The total number of unique addresses holding SHIB is close to 1 million as the memecoin makes a comeback.
Shiba Inu announces ShibaSwap 2.0, a new addition to the SHIB ecosystem that supports third-party community products.

After hitting a new all-time high in October 2021, SHIB price dropped below $0.000070. The memecoin’s utility and daily transaction volume recently hit a peak, as AMC Theatres started accepting SHIB as a payment method.

SHIB posts double-digit gains, starts second leg of bull run

Unique wallet addresses holding SHIB tokens are closing in on 1 million, based on data from Etherscan. With a rise in on-chain activity, SHIB price has recovered from the drop in the first week of November.

The 24-hour trade volume of SHIB has flipped Ethereum and Cardano momentarily a few times over the past week. The memecoin is close to flipping Dogecoin in market capitalization as SHIB price is up 13% overnight.

The memecoin’s 24-hour trade volume has crossed $4.2 billion as SHIB price rallies. SHIB and ETH whales have accumulated Shiba Inu through the dip. SHIB is now the largest ERC-20 holding for the top 1000 Ethereum whale wallets.

Shiba Inu announced the launch of its new product ShibaSwap 2.0, for third-party community projects. SHIB’s expansion to “Dog Park” will legitimize third-party products, boosting the utility of the native token.

Shytoshi Kusama, head of SHIB ecosystem products, recently addressed Dog Park. Kusama states that the token will be a part of the larger ecosystem but not part of the core SHIB, BONE, LEASH trifecta.

SHIB price rally was fueled by a spike in the number of Google searches. SHIB hit 2.8 million searches on average in November, against 6.3 million for Ethereum.

FXStreet analysts have evaluated the SHIB price trend and predicted an expansive uptrend as Shiba Inu shakes weak hands.

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.