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.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
