• Shiba Inu ate a zero, and SHIB price climbed over 85% over the past week to hit a three-month high at $0.00001445.
  • Analysts state that Dogecoin is in the accumulation zone, and traders are focused on memecoins like the Shiba Inu token.
  • On-chain activity exploded after a mysterious SHIB whale bought over $43 million worth of SHIB tokens on September 30.

Shiba Inu emerges as one of the top traded tokens by volume on spot exchanges worldwide. Shiba Inu holders await the token’s listing on the commission-free exchange Robinhood. 

Shiba Inu on-chain activity is on the rise, community awaits Robinhood listing of SHIB

The Shiba Inu token, popular as a Dogecoin-killer, has made a comeback with a massive recovery, posting greater than 50% gains overnight. The decentralized Shiba-Inu-themed cryptocurrency is prepared to overtake Dogecoin with the updates in its ecosystem and its recent rally. 

Launched in August 2020, SHIB has a market capitalization of $6.4 billion against Dogecoin’s $31.2 billion. Analysts are comparing SHIB’s current rally to Dogecoin’s rise of April 2018. However, a cooling-off period followed, and DOGE price plunged by 75% from its peak of $0.63 since the end of that rally.

Analysts are of the opinion that DOGE is in the accumulation phase, while SHIB is leading the way in unrealized gains for holders. 

SHIB’s market dominance is considered a measure of the token’s popularity in the community. The metric tracks SHIB’s market cap as a percentage of the overall cryptocurrency market capitalization, and this number has increased over 40% over the past three days. The rise in dominance followed the token’s spike in price based on the following chart. 

SHIB market capitalization dominance

SHIB market capitalization dominance

The memecoin now has 682,031 holders, all awaiting the SHIB listing on the Robinhood exchange. The exchange is yet to announce the listing of the Dogecoin-killer, and rumors of the token’s listing on Robinhood do the rounds every few weeks, influencing SHIB price positively. 

A major event lined up in the SHIB ecosystem is the launch of 10,000 NFTs, Shiboshis on Shiba Swap. Earlier last week, Shytoshi Kusama, head of Shiba Inu ecosystem projects, announced the NFT sale. 

The date of the exclusive NFT sale is yet to be revealed. Since Shiboshis will be available for sale only to LEASH holders in the first 24 hours, there is intense competition for acquiring the NFTs. 

Shytoshi Kusama hinted at further utility of the NFTs, the blog post reads, 

Finally, at release, the Shiboshi roadmap will explain how we plan to expand on Shiboshis and use these unique NFTs to grow the Shib Token Trifecta. Hint: Gaming.

The Shiba Inu ecosystem is yet to see “play to earn” or NFT gaming metaverse applications. The arrival of Shiboshis is set to change that and boost the utility of SHIB tokens and the NFTs in the token’s ecosystem. 

SHIB holders expect the ongoing price rally to continue, with events such as the NFT launch lined up. Another key factor contributing to the rally is SHIB whale activity. 

A mysterious SHIB whale recently purchased over $43 million worth of SHIB tokens on September 30. The purchase is currently worth $77.2 million, a nearly 45% gain within five days. 

Shiba Inu whale purchase

Shiba Inu whale purchases $43 million (now $77.2 million) worth of SHIB on September 30,2021.

@FeraSY1, a full-time trader and analyst, has predicted $0.00001550 as the next target for SHIB after the memecoin hit his first two targets. 


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.

Cryptos feed Join Telegram

Recommended content

Recommended Content

Editors’ Picks

Three reasons why DOGE price will not be back above $0.17 anytime soon

Three reasons why DOGE price will not be back above $0.17 anytime soon

Dogecoin price is at the cusp of saying goodbye to $0.10 as the price is set to drop another leg lower in the coming week after DOGE price consolidated below that same $0.10. With such a move, losses would sum up to 55% of depreciation.

More Dogecoin news

Cardano price could go either way next week, but downtrend still rules

Cardano price could go either way next week, but downtrend still rules

Cardano price closes the week with another loss on the books. ADA price looks set to instead chose more downside as investors are turning away from cryptocurrencies. Expect another drop with at least a retest at $0.415.

More Cardano news

Why another 60% drop in SHIB price is inevitable

Why another 60% drop in SHIB price is inevitable

Shiba Inu price is too far gone from the significant pivotal level of $0.00001708 to make a strong comeback for now. Expect to see price action consolidate around current levels, slightly above $0.00001000, before another round of tail risks will come back to bite price action.

More Shiba Inu news

A weekly close below $0.50 spells another correction ahead for XRP price

A weekly close below $0.50 spells another correction ahead for XRP price

Ripple (XRP) price came close to a full recovery after the positive shift in sentiment on Friday, but as long as price action remains below $0.50, there is still no evidence of a fundamental turnaround in sentiment. Expect to see further downward pressure as several bearish pressures are not easing.

More Ripple news

Bitcoin: The last rebound before capitulation

Bitcoin: The last rebound before capitulation

Bitcoin is showing bullish signs in the lower time frames, which can be taken advantage of by traders in the next couple of days. But looking at BTC from the higher time frames suggests that the bottom is not in yet.

Read full analysis