Why Is Kishu Inu Coin Price Going Up Today?

Dogelon Mars ELON/USD might be hounding the headlines lately, but several other Dogecoin DOGE/USD descendants are on a tear Monday — one being Kishu Inu KISHU/USD. 

What Happened: Kishu Inu has grown exponentially over the past month. The token traded at $0.0000000075 early Monday, with trading volume at about $63.6 million.

The value of the coin jumped 33.8% over 24 hours leading to press time after the token announced that it would be launching 8,888 non fungible tokens (NFTs) in order to partly fund Kishu's development and exchange listing.

Time has come.#Kishuverse our first step in PHASE 5!!
⁃ Official 8,888 unique #Kishu #NFTs.
⁃ Direct minting, NO staking required.
⁃ Minted only using MetaMask
⁃ Part of the sales will be used for Kishu development/exchanges listing pic.twitter.com/eMgIc8Im7S

— Kishu Inu (@InuKishu) October 31, 2021

Further, cryptocurrency investor and entrepreneur David Gokhshtein put out a series of tweets in relation to the coin, saying "$KISHU - I see you" in one and "lol kishu kishu" with a ninja emoji in another.

lol kishu kishu

— David Gokhshtein (@davidgokhshtein) October 29, 2021

Kishu Inu came into existence in April and the token was in news last month when Ethereum ETH/USD co-founder Vitalik Buterin sold some of the coins that were gifted to him.

Benzinga's Take: Kishu Inu is seeing high interest alongside other meme coins as many investors look for opportunities to strike quick gains. Many missing out on the rally in Dogecoin led to a surge in Shiba Inu coin last month and the meme-coin rally has now moved to coins with much-smaller market capitalizations. 

It's worth noting that the rallies have died down in many minor meme coins, leading to major losses for buyers. Investors also have to exercise caution as many buyers report not being able to sell the investments in some of the meme coins after making purchases with the expectations of big gains.