New Delhi: Meme token Shiba Inu was in the spotlight on Wednesday as the token zoomed over 31 per cent in the last 24 hours.
The popular meme coin listed on the trading platform Robinhood apart from Solana, Polygon and Compound. With this, investors can now access 11 cryptos on its platform, including Bitcoin, Ethereum and Dogecoin.
Among the newly listed tokens, Shiba Inu was the most abuzz as it rallied 31 per cent to $0.00002977 from $0.00002272 within 24 hours. However, the token is still 65 per cent below its all-time peak of $0.00008 hit in October 2021.
Volumes of Shiba Inu also witnessed a spectacular jump of 475 per cent as SHIB tokens worth more than $4.36 billion exchanged hands in the last 24 hours.
Ishan Arora, Partner, Tykhe Block Ventures said the Shiba Inu will attract ample eyeballs as it has listed on Robinhood, the largest retail stock trading app.
The users can quickly buy Shiba Inu with just a click without worrying about exchanges or wallets.
The 15th largest crypto token was commanding a market cap close to $16 billion with a total of 549,063.28 billion SHIB tokens in supply, the data from Coinmarketcap suggested.
Anndy Lian, Chairman, BigONE exchange said buzz among retail investors for Shiba Inu is more compared with other coins that got listed on Robinhood at the same time.
Analysts at BigONE still see an upswing of 20-80 per cent gain from the current position. The analysis was released a few days before the Robinhood announcement.
“This spike in price could also help other promising meme coins such as Floki Inu, Kishu Inu, Babydoge or the newer ones on Cronos chain such as Croki gain more traction,” he added.
The spike in Shiba Inu also extended to other tokens. Baby Shiba Inu, Dogey Inu, Banano, SafeMoon Inu, BitShiba, Shiba Girlfriend and Flok Inu rose up to 22 per cent.
However, meme tokens are highly volatile in nature and lack sound fundamental value. Experts suggest that investors should not blindly punt on such joke coins, which are prone to become junk coins.
Arora suggests that investors need to be extra cautious with their investment in the meme tokens, especially in the current volatile market conditions.
Shiba Inu investors are hopeful about SHIB token price reaching 1 cent in 2022. However, SHIB will have to increase 403 times to reach that level this year. In the year 2021, Shiba Inu had risen 60 times in a span of six months.
There has been news of Ethereum whales purchasing Shiba Inu tokens in bulk. If the ETH whales are shifting to Shiba Inu, it is evidence of increasing trust for the Shiba Inu ecosystem. However, the buying from whales could not be verified.
Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030”.
Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.
An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.