New dog replaces old dog, Shiba Inu coin SHIB is currently hotly discussed! What are the advantages in recent months?

Since mid-September this year, after Coinbase listed Shiba Inu token SHIB, demand and price for SHIB have been continuously rising in the market. In just the month of October, the price surged by 1126%, pushing its market value beyond the meme coin originator Dogecoin, placing it at the 9th position.

Shiba Inu Soars

According to data from CoinGecko, SHIB is currently priced at around $0.00008595, with a daily increase of as much as 74.1%. The recent price surge of SHIB has pushed its market cap above $40 billion, surpassing Dogecoin to become the ninth largest cryptocurrency. The legend that once vowed to be the "Doge killer" has now achieved its goal.

According to CoinMarketCap data, SHIB's trading volume across all spot markets is dominated by Binance's SHIB/USDT pair at 31%, followed by Coinbase's SHIB/USD at 12%, and Binance's SHIB/BUSD at 7%. The combined 24-hour trading volume of these three pairs amounts to a staggering $21 billion. SHIB/USDT is also the highest trading pair on Binance, accounting for 8% of the total volume on the exchange, surpassing BTC/USDT with a 2% share.

SHIB trading markets:

Binance trading markets:

Hot Topics

Looking at Google search trends, Shiba Inu has surpassed Dogecoin in search popularity in the U.S. throughout October, even surpassing Bitcoin twice. After Bitcoin's retracement from its all-time high, the popularity of Shiba Inu has continued to rise, and its price has moved independently.

Moreover, the well-known petition website Change.org has seen numerous petitions related to Shiba Inu, such as urging PayPal and Amazon to accept Shiba Inu for payments and requesting Robinhood to support Shiba Inu trading.

Development of Shiba Inu

Although it may feel a bit like shooting an arrow and drawing a target afterward to seek reasons for a coin's sudden surge, here are some positive developments surrounding Shiba Inu over the past few months.

ShibaSwap Enhancements

ShibaSwap has been continuously improving since its launch in May, with a thriving ecosystem of three tokens: SHIB, LEASH, and BONE. It has also introduced features like Stake, Bury, and NFT community.

According to data from OpenSea, the Shiba Inu NFT series THE SHIBOSHIS has seen a trading volume of nearly 6,000 ETH, approximately $24 million, since its launch in early October, with the lowest price at 1.85 ETH, around $7,400.

Listings on Major Centralized Exchanges

Initially only available on the decentralized exchange Uniswap, SHIB has gradually been listed on major centralized exchanges this year, such as Binance, FTX, and OKEx. Its listing on Coinbase in mid-September sparked a significant surge, as centralized exchanges provided easier access to SHIB, leading to a substantial increase in trading volume and price.

These positive developments are provided for reference. Many cryptocurrencies have robust ecosystem development, yet their price surges are not even a fraction of SHIB's. When wondering why a coin can surge so dramatically, it might be worth considering the words of renowned investor Benjamin Graham:

In a speculative market, imagination is more important than analysis.