On Tuesday (May 10), a day on which $BTC is down almost 4% and $LUNA is down over 43%, the price of highly popular meme-inspired cryptocurrency Shiba Inu ($SHIB) is surging by nearly 6%.
Here is what crypto payment processor said about the Shiba Inu project last December when it announced in a blog post that $SHIB fans would finally be able to “buy, store, swap and spend with this Ethereum ERC-20 token directly in the BitPay app“:
“Anonymously created in August 2020, the decentralized meme token is another token inspired by the Japanese dog breed Shiba Inu. The token has recorded the greatest increase in value and popularity in 2021 of all the cryptocurrencies thanks to its community of supporters, the SHIBArmy.
“Unlike other cryptocurrencies, SHIB was built with a total supply of one quadrillion, so investors of SHIB can hold up to trillions in their wallets. The token has evolved into the Shiba Inu ecosystem called ShibaSwap, a decentralized exchange on the Ethereum network. SHIB has two sibling tokens, Leash and Bone.“
According to data by TradingView, on crypto exchange FTX, $SHIB is currently (as of 12:30 p.m. UTC on May 10) trading around $0.00001761, up 6.21% in the past 24-hour period.
In contrast, here is how some other popular cryptoassets are performing today:
One of the main reasons for the excitement around $SHIB is that the recently-launched $SHIB burn portal will be offering rewards starting next Tuesday (May 17):
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.