SHIB: The New Top Dog

For the first time in five months, SHIB was able to break its all-time high. On Wednesday SHIB more than doubled its previous ATH hitting $0.00008616. The coin was created back in September 2020 and has had remarkable growth since its launch, with its own ecosystem and a loyal following called the SHIB Army.

The supposed “DOGE Killer” finally flipped DOGE in the coin market cap for the first time ever. This is a big deal for the coin and its community because the coin was designed to improve on by focusing on the community. The momentous flip this week has ironically caused people to refer to DOGE as a “Boomer coin” and truly shows who is the top dog.

The interesting thing about this growth from SHIB this week is that Elon Musk and other influencers had very little to do with the growth of SHIB. Usually, a big rally of meme coins like SHIB and DOGE is fueled by a tweet or interview of Elon or some other personality, but this was not the case. In fact, earlier this week, Elon caused a 15% drop off of SHIB when he responded to SHIB’s Twitter that he did not own any.

Since no one individual shilled SHIB, making sense of SHIB’s rally is difficult. Here are some factors we think might have caused the coin to break its ATH:

More Listing On Exchanges

Since SHIB’s last ATH in May, SHIB has been added to many exchanges. One of the largest exchanges is CoinBase which started to accept trades of SHIB back in September. SHIB has also gained popularity from its petition to be listed on RobinHood.

NFTs

Like all things crypto, the NFT market has had an effect on SHIB. A collection of 10,000 generated Shiba Inu pups called Shiboshis was recently launched. The NFTs were able to be bought through the SHIB protocol’s secondary token, LEASH. This NFT brought more attention and excitement from the community and made people swap their SHIB for LEASH in order to purchase the new NFTs. 

A Campaign To Flip Doge

At the beginning of SHIB’s rally earlier this week, it became apparent to some SHIB hodlers that SHIB could flip DOGe in market cap. This created a campaign within the community to push SHIB to flip DOGE.

SHIB has literally created billionaires in the span of 1 year. It has been discovered that one wallet made several transactions buying SHIB when it first launched, and now it has $4.6 billion USD worth of SHIB (at the time of writing). That wallet roughly controls 12% of SHIB’s market cap. Granted, although the wallet does have a humongous amount in SHIB, it has been inactive since April of this year. Also, the money cannot be fully extracted without tanking the market, effectively making the wallet worth millions rather than billions.

On the other side of this is those who missed out on large gains because they sold too early. TikToker Damien Slash posted a video explaining how he bought $2,000 worth of SHIB back in January. But instead of hodling it, he decided to sell it two weeks later after losing $300. If he had held on to his SHIB, it would have been worth about $1 billion. 

As a personal note, I feel the pain of Damien. Back in early February, I bought 0.5 ETH worth of SHIB. A day later, SHIB went up, and I sold my SHIB for around 2.5 ETH in two different transactions. If I had held my SHIB, I would have been a millionaire.

It hurts to look back on those transactions, but it’s hard to gauge the potential of a meme coin is. SHIB has risen by 116405735% since its all-time low, and there’s no telling he limit is.