Shiba Inu (SHIB) To $1? Why The Dog-Themed Coin is Buzzing Today

Shiba Inu SHIB/USD traded 3.9% higher at $0.00003 over 24 hours leading up to Wednesday evening. 

What’s Moving? SHIB has risen 2.3% over a seven-day trailing basis. The token’s 24-hour trading volume increased 67.2%, according to CoinMarketCap data.

Against Bitcoin BTC/USD and Ethereum ETH/USD, SHIB rose 6.95% and 7.45% respectively over 24 hours.

In the last 30-days, SHIB has declined 22%, while it has shot up 359% in a 90-day period.

See Also: How To Buy Shiba Inu (SHIB)

Why Is It Moving? Shiba Inu-themed assets SHIB and Dogecoin DOGE/USD moved higher at press time even though major coins declined as the global cryptocurrency market cap fell 0.88% to $2.3 trillion.

SHIB was the second-most mentioned coin on Twitter at press time, according to Cointrendz data. 

The token attracted 6,043 tweets, while the top mentioned coin BTC attracted 8,209 tweets. SHIB was also seen trending on the price aggregation website CoinMarketCap at press time.

On Wednesday, a post on r/SHIBArmy mentioned a BofA study that found that $100 million could move Bitcoin’s trillion-dollar market cap by 1% and therefore only $10 billion would be needed to double BTC’s market cap. 

The post made the case that SHIB would only need 15 such doublings to reach a market cap of $500 trillion and the liquidity required would be $10 trillion. SHIB requires a market cap of $558 trillion to touch $1. The token’s current market cap stands at $18.5 billion.

This week, an ETH whale purchased $139 million worth of SHIB. Notably, the whale’s wallet comprises 76 ERC-20 tokens but SHIB accounts for 27% or the majority of the portfolio.

The demand for SHIB may increase after the expected integration of the token by mining service NiceHash. Should the miners on the platform decide to receive payments in SHIB post addition it could add to buying pressure on the market.
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