Earlier this week, Shiba Inu (SHIB) was up 36% after being listed on the main U.S. crypto exchange, Kraken.
At its peak, SHIB was worth Â£ 0.000036, up from 0.000029 on Monday, November 29.
Shiba Inu needed a boost after a month of decline in value, but it appears to have been short-lived.
Still, the coin is not going anywhere, as the developers focus on games.
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Over the past 24 hours, SHIB has lost some of the value it gained last week.
At the time of writing, he is worth Â£ 0.000034, almost half of his record high of Â£ 0.000064 at the end of October.
Why are investors interested in the Shiba Inu coin?
The coin burst onto the scene this year, gaining a whopping 71,651,844% in 365 days, overtaking rival Dogecoin to make the top 10 cryptocurrency.
Its popularity has been bolstered by the fact that unlike its doggy memecoin colleague, SHIB works with the Ethereum blockchain platform.
This sudden popularity of course sparked investor interest.
The coin now has over a million investors, a milestone that has its supporters – whom the developers call “FriendShibs” – scrambling to expand Shiba Inu beyond its memecoin status.
The developers behind the token have always focused on building the Shiba Inu universe.
Now, they’ve teamed up with video game creator and former Activision vice president for technology William David Volk to develop a new metaverse NFT game.
The game âShiboshiâ will initially be mobile, with âdecentralizedâ elements and a chance to win Shiba Inu tokens. Project manager Shytoshi Kusama shared the details in a Average item , announcing that they are under an NDA so that they can have a “competitive advantage over all other game clones, ‘metaverse’ and NFT that will appear” once the news is released.
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Why did the Shiba Inu coin drop again?
Despite this leap, it did not win the approval of Elon Musk, who lent his support to Dogecoin, the original coin based on the Shiba Inu breed.
And in this industry, the hype can shake the markets, especially when it comes from one of the richest billionaires in the world. Volatility is a usual part of these new coins, but SHIB is particularly vulnerable to changes in the market.
âBeing a small derivative of Doge / Meme, Shiba Inu is vulnerable to WHALES – large single investors who move markets based on their trades – taking profits,â says currency expert Patrick Reid.
“Similar price action was popular in small cap stocks and the Wall Street betting forums.”
He continued, âAdditionally, let’s remember that smaller coins are considered the laughing stock of serious BTC investors and prone to incredible foam and mania.
“It takes very little to move it and no one really knows which rock caused the avalanche.”
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