Image credit:from cryptologos.com
Shiba Inu coin, the ethereum based coin viewed as the Doge coin killer in recent weeks have done significantly well. The coin referred to as speculative coin has been leading in the world of meme coins with major developments and collaborations.
First, there has been increased buying and holding of this coin for the long term by investors in recent weeks as reported by crypto analysts. This is due to the speculation that it will reach $1 and also hype surrounding it. Investors continue to remain unfazed and have been buying to hold. This is quite amazing despite the coin not having any real utility to any world problem.
The popularity of the coin thanks to the marketing team, is making shib capable to beat Doge in the amount of followers on social media. A coin with a good marketing team or strategy will always do well in crypto space even though it doesn't have any utility.
In addition, Shiba Inu has one of the strongest communities I have seen in crypto space . Everything is being run and decided by the community.
The announcement by Robinhood on 12th April, 2022, that it has added SHIB among other 4 popular cryptocurrency to its crypto focused trading platform saw a 7% surge in price of Shib at that moment.
Currently, shib is the second largest meme -based asset in terms of market capitalization as it hovers beneath Doge coin.
Another important development is the shiba Inu Burn rate that increased by 26,592% as1.4 billion SHIB has been destroyed. This is quite significant because it will create a deflationary event that will lead to increase in the value of the remaining tokens.
I believe that shib has a tendency of increasing in price if the team continues with the development, innovations and collaborations, not just the hype about it.