Meme coins burst onto the scene in mid-2021 and aided launch the positively trending market after Dogecoin (DOGE) revitalized above $0.01 to new highs while being peddled by any semblance of Elon Musk and Mark Cuban.
In the blink of an eye a while later, Dogecoin clones and other canine-themed tokens sprung up to get the rush of bullish momentum.
Since Bitcoin (BTC) has hit another record-breaking high once more, apparently the meme tokens are prepared to proceed with their run and this time they're not trusting that the enormous name powerhouses will jump aboard.
TradingView shows that since trading at a low of $0.0000069 on Oct. 1, the price of SHIB has scorched 914% higher to a new record high at $0.0000699 on Oct. 27 as its 24-hour trading volume surged 137% to $24.67 billion.
Three reasons for the surging price and trading volume for Shiba Inu
1.Shiboshi NFTs
A Reason for the strength of Shiba Inu was the dispatch of its own line of NFTs known as Shiboshi's.
The Shiboshi drop included 10,000 individual NFTs and community individuals had 24 hours to buy them utilizing the convention's LEASH token.
All Shiboshi's have now been printed and recorded on the OpenSea NFT marketplace.
2. Surging open interest
A reason for the rising strength of SHIB has been the surge in futures open interest (OI) on multiple exchanges including OKEx, FTX and Huobi.
As seen in the chart above, the OI for SHIB has surged from $50 million on Oct. 3 to a record $200 million on Oct. 30 as the price of SHIB spiked to a new all-time high.
3. Exchange listings increase access to SHIB
- Perhaps the greatest factor assisting with lifting the cost of SHIB over the previous month has been the expansion in user access to the token, on account of its posting on numerous exchanges
A portion of the new postings for SHIB and the convention's LEASH token incorporates the BitKan, AOFEX, StealthEx and CoinFlex. Change Now additionally dispatched a "flip DOGE for SHIB crusade" to commend its posting of LEASH.
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