To drop a zero, the token must gain 163 percent over its current price point.
It is one the most popular meme tokens, and saw a huge surge in demand.
In 2021, meme tokens became extremely popular. Shiba inu (SHIB), was one of the leaders. SHIB’s value reached $0.00008 in October from $0.0000076 only in June 2020. This was an increase of over 1,040 percent.
Many early investors became millionaires from the project’s extraordinary returns. The most notable trade reported in October was that of an anonymous early investor in SHIB who turned $8,000 into $5.7 Billion in just 400 days. This made it the largest known trade.
What is causing this price rise?
SHIB is a meme token, and not Ethereum. The community’s interest drives the project and it does not have any real-world applications.
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