• The trade volume of Shiba Inu tokens in the wrapped Ethereum market explodes, crossing $230 million overnight. 
  • The return rate of the SHIB-ETH pool exceeded 120% to hit a new high on October 24. 
  • With SHIB’s Doggy DAO launches, BONE holders will make proposals and vote for the ecosystem. 
  • Analysts are bullish on SHIB price after it hit a new all-time high of $0.000044 – setting a target of 1 cent. 

Shiba Inu token emerged as the third most traded cryptocurrency in the past 24 hours after hitting a new all-time high. Experts have predicted that the memecoin will soon rank in the top 10 cryptocurrencies by market capitalization. 

SHIB prepares to rank in top 10 cryptocurrencies; analysts set price target of 1 cent

According to crypto data aggregator Coinmarketcap.com, the 24-hour trade volume of SHIB has exceeded that of ETH by nearly $400 million. SHIB price hit an all-time high of $0.000044 a few hours ago, and the memecoin’s on-chain activity has exploded. 

The trade volume of SHIB-WETH (Shiba Inu token and Wrapped Ethereum) has crossed $230 million overnight, as returns on the SHIB-ETH pool exceeded 120%. The returns on the pool hit a new all-time high ahead of the massive rally in SHIB price. 

SHIB-WETH trade volume as of October 25, 2021

SHIB-WETH trade volume as of October 25, 2021. 

Currently, the eleventh largest cryptocurrency by market capitalization (based on data from CoinGecko) SHIB has passed what traders call the “Musk Stress Test.” 

The tech billionaire revealed that he does not hold SHIB tokens, and experts anticipated a bearish shift in trader sentiment. In contrast, SHIB price is close to $0.00004, posting nearly 43% gains over the past week. 

The Shiba Inu ecosystem’s next major update is the launch of Doggy DAO. BONE token holders will be able to make proposals and vote following the update. 

The top drivers for exploding on-chain activity and spike in SHIB price are the rising returns in SHIB-WETH pools, upcoming updates (Shibarium, Doggy DAO and Shiboshi game) and the cryptocurrency’s fast growing market capitalization. 

The creation of a truly decentralized governance through Doggy DAO is expected to push the number of SHIB wallet addresses higher, boosting the SHIB trading activity of holders and traders. 

Analysts have a bullish outlook on Shiba Inu and predict a breakout in SHIB price. December DeMarco, a cryptocurrency analyst and YouTuber, has predicted that SHIB is on the road to $0.01. 

FXStreet analysts have evaluated the SHIB price trend and predicted a 90% surge. 

 

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

Bitcoin Weekly Forecast: This support level can define BTC’s fate

Bitcoin Weekly Forecast: This support level can define BTC’s fate

Bitcoin price has finished the first half of 2022 and things are not looking good. With record negative returns, BTC is likely to continue heading lower, especially if one particular support level is breached. 

More Bitcoin News

Key price levels to watch out as Ethereum enters Q3 in a negative posture

Key price levels to watch out as Ethereum enters Q3 in a negative posture

Ethereum (ETH) price has been clawing back losses at the start of the trading day, but attempts have been cut short quite quickly after Europe opened, and saw equities dragged to the downside. 

More Ethereum News

XRP price primed for a big move as Ripple expands to New Zealand

XRP price primed for a big move as Ripple expands to New Zealand

Airwallex, a leading financial services platform, expanded its payment services to New Zealand. The fintech firm joined RippleNet in 2017 and offers services to businesses as a substitute for conventional banks. 

More Ripple News

DeFi traders must consider these resistance levels before trading Compound’s COMP price

DeFi traders must consider these resistance levels before trading Compound’s COMP price

COMP price is consolidating in a tight range, trying to establish a directional bias after a quick recovery rally. Depending on which camp wins, COMP is likely to head in that direction. However, judging by the market structure, a pullback seems likely. 

More Compound News

Bitcoin: This support level can define BTC’s fate

Bitcoin: This support level can define BTC’s fate

Bitcoin price ended Q2 with a -56% return, which is the first in its 11-year history. On-chain metrics hint at bottom formation but technicals reveal more room to the downside. Bitcoin price has finished the first half of 2022 and things are not looking good. With record negative returns, BTC is likely to continue heading lower, especially if one particular support level is breached. 

Read full analysis

BTC

ETH

XRP