Since its listing on Coinbase in mid-September, Shiba Inu (SHIB) has experienced a remarkable surge in both demand and price. In October alone, SHIB’s price increased by over 1126%, and its market capitalization has now surpassed that of the original meme cryptocurrency, Dogecoin (DOGE), making it the 9th largest cryptocurrency by market cap.
The Rise of a New Meme Leader
According to market data, SHIB is currently trading around $0.00008595 with a daily increase of 74.1%. Its market cap recently exceeded $40 billion, officially surpassing Dogecoin. What began as an aspirational “Dogecoin killer” has now achieved that very goal.
Trading volume data reveals that the SHIB/USDT pair on Binance constitutes about 31% of all SHIB spot market trading, followed by SHIB/USD on Coinbase at 12%, and SHIB/BUSD on Binance at 7%. Combined, these three pairs account for over $21 billion in 24-hour trading volume. Notably, SHIB/USDT is now the most traded pair on Binance, accounting for 8% of the exchange’s total volume—even surpassing BTC/USDT.
Cultural and Search Trend Momentum
Google Trends data shows that throughout October, search interest for "Shiba Inu coin" in the United States consistently exceeded that of "Dogecoin," and even briefly surpassed "Bitcoin" on two occasions. As Bitcoin corrected from its all-time highs, SHIB’s popularity continued to climb, driving an independent bullish trend.
Online petitions have also contributed to the buzz. Several popular appeals on Change.org urge companies like PayPal and Amazon to accept SHIB payments, and others request trading platform Robinhood to support the token.
Key Developments Behind SHIB’s Growth
Although attributing reasons after a major price surge can seem like fitting the narrative to the outcome, several fundamental and ecosystem developments have supported SHIB’s rise in recent months.
Expansion of ShibaSwap
ShibaSwap, the official decentralized exchange of the Shiba ecosystem launched in May, has continued to evolve. The platform supports a trio of native tokens—SHIB, LEASH, and BONE—and offers staking (through a feature called Bury) and an emerging NFT community.
Data from OpenSea shows that the official Shiba Inu NFT collection, THE SHIBOSHIS, has generated nearly 6,000 ETH (around $24 million) in trading volume since its release in early October. The floor price for these NFTs currently stands at 1.85 ETH (approximately $7,400).
Increased Exchange Listings
Initially, SHIB was only available on decentralized exchanges like Uniswap. However, throughout the year, it gained listings on major centralized exchanges including Binance, FTX, and OKEx. The mid-September listing on Coinbase acted as a significant catalyst, making it easier for retail investors to buy SHIB, thereby increasing trading volume and reinforcing upward price momentum.
It is worth noting that while many cryptocurrencies have strong fundamentals and ecosystems, very few have delivered returns comparable to SHIB. When market behavior defies conventional analysis, it brings to mind the words of famed investor Benjamin Graham:
“In the short run, the market is a voting machine, but in the long run, it is a weighing machine.”
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Frequently Asked Questions
What is Shiba Inu (SHIB)?
SHIB is an Ethereum-based meme cryptocurrency that started as a fun alternative to Dogecoin. It has since grown into a full ecosystem including a decentralized exchange (ShibaSwap), NFT projects, and multiple tokens.
Why did SHIB price increase so much?
The price surge was influenced by major exchange listings, growing retail interest, social media buzz, and the expansion of its ecosystem utilities such as staking and NFTs.
Can I buy SHIB on popular trading apps?
Yes, SHIB is now available on several major exchanges including Binance, Coinbase, FTX, and others. Always check your local platform for availability.
Is Shiba Inu a good investment?
Like all cryptocurrencies, especially meme-inspired tokens, SHIB is highly volatile and speculative. Investors should conduct thorough research and only invest what they can afford to lose.
What are the main tokens in the Shiba ecosystem?
The core tokens are SHIB, LEASH, and BONE. Each serves a different purpose within ShibaSwap and the broader Shiba Inu environment.
Are Shiba Inu NFTs available to the public?
Yes, THE SHIBOSHIS NFT collection is available on OpenSea. However, prices and availability fluctuate based on market demand.
Risk Warning
Investing in cryptocurrencies carries substantial risk. Prices are extremely volatile, and you may lose all of your invested capital. Always perform due diligence and consider your risk tolerance carefully before investing.