What is Driving SHIB’s New All-Time Highs?

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This year has truly been a big year for cryptocurrency, perhaps an even bigger year for meme coins. Initially we had witnessed the unprecedented spike of the original meme token Dogecoin (DOGE), as mainstream attention proclaimed admiration and love for the coin at the start of the year. Big names in entertainment, technology and business had reached their massive audiences through Twitter sharing the Dogecoin (DOGE) signal, namely Elon Musk and Snoop Dogg. In recent months, the price to buy Dogecoin (DOGE) has returned to a relatively tame price in comparison to the early 2021 rally. Making waves in the crypto community recently is the new meme coin dubbed the “Dogecoin Killer.”

Amply named, Shiba Inu (SHIB), is another meme cryptocurrency similarly inspired by the famous Japanese dog breed. Shiba Inu (SHIB) is undoubtedly a standout amongst the other likeminded ‘dog coins. Other similar copycats or dogs in this case are DogeCash, NanoDoge, Husky Token and a whole basket of other cases. Over recent weeks, SHIB has surprised many and displayed continuous success that has been reflected in its price which has caused confusion amongst crypto traders unfamiliar with meme tokens.

According to cryptocurrency appraisal platforms, Shiba Inu (SHIB) traded at $0.0000069 entering the month of October; by the end of the month, the price had risen astronomically to $0.0000699, representing an outstanding 914% increase. Leading many to rightfully question what is driving the spike in price? One of the common factors is that the token has increased in accessibility to retail investors. Many major crypto exchange platforms have listed Shiba Inu (SHIB) presenting the opportunity to a whole new wave of investors.

Another consideration is the unrelenting advertisement campaigns for the Shiba Inu coin. Posters and paid advertisements have been seen on bustling commute routes including underground system and bus advertisements. Change Now has also campaigned on the meme coins behalf pushing the motto “flip DOGE for SHIB.” To its audience.

One reason that may have had a significant impact on the recent Shiba Inu (SHIB) price boost is the latest launch of Shiboshi NFTs. The Shib network have released their own collection of crypto art with its latest release being called Shiboshi.  The Shiboshi collection launch included 10,000 unique NFTs, distributed a first come first serve process for the minting of the cryptoassets. The NFT’s were available for purchase using Shiba Inu’s protocol token Doge Killer (LEASH) for a 24-hour minting window.

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