Shiba Inu (SHIB), Dogecoin’s main competitor, finally reached a new all-time high price. At the time of writing, the price of each SHIB token is about $ 0.00004116. In the chart below you can see that the SHIB price has risen from about $ 0.000027 last week to about $ 0.000041.
The previous SHIB price peaked in May 2021, trading at $0.00003791. This price increase has made the possibility of a 1 cent SHIB token stronger than before. What is the reason for this price increase and what is the impact on the future of SHIB? Let’s continue to examine the reasons for this price increase.
Amazing! $SHIB reaches A NEW ALL TIME HIGH (ATH) !!!! pic.twitter.com/8vJkTDsNze
— Shib (@Shibtoken) October 24, 2021
Given the usual scenario and the recent rise in the price of bitcoin, it was expected that altcoins would follow suit, and SHIB was not unaffected by the effects of this price increase. But the internal factors of the management team of the SHIB team have also played a significant role in increasing its price.
One of these strategies is a concerted supply burn, which reduces circulation coins and makes the remaining SHIB coins more valuable. Also, this coin may soon debut on Robinhood and can definitely be used as a leap for the SHIB coin.
Elon Musk & SHIB coin
Elon Musk, who has made a huge impact in the cryptocurrency market with his words and tweets, has stated that he has no SHIB tokens and does not officially support the token.
— Elon Musk (@elonmusk) October 24, 2021
Some proponents of the Shib token are of the opinion that the coin has better utility than DOGE and that people love it. Nevertheless, the interest of the community on higher price for shib has inspired the call for more of the token to be burned.
It is interesting to note that Shiba coin trading volume has been quite an interest to market watchers over the past few days.
When SHIBA is leading the chart with 2wice as much volume than BTC. Winning!!! What’s next? pic.twitter.com/RQAlNm4ljm
— Kam Hasan (@OzActions4u) October 25, 2021