Why Is Shiba Inu Rising Over The Holidays?

Shiba Inu traded 2.3% higher over 24 hours at $0.00003825 Monday morning. 

What’s Moving?

The Dogecoin DOGE-X-rival has shot up 26.15% over a seven-day trailing period.

Over 24 hours, SHIB moved 0.8% higher against the apex cryptocurrency Bitcoin BITCOMP and fell 0.7% against Ethereum ETH-X. SHIB-X trading volumes rose 28.4% in the period.

Over a 30-day time frame, SHIB has declined 7.3%, while over the last 90 days it has soared 419.1%.

Why Is It Moving? 

SHIB traded higher in tandem with DOGE and other major coins as the global cryptocurrency market cap rose 1.95% to $2.4 trillion over 24 hours at press time.

SHIB was among the most mentioned coins on Twitter. It attracted 567 tweets at press time, according to Cointrendz data.

The two most mentioned coins, BTC and ETH, attracted 2,350 and 864 tweets respectively. SHIB was also seen trending on the price aggregation website CoinMarketCap.

CoinMarketCap tweeted recently that SHIB recorded 188 million views in 2021 making it the most viewed cryptocurrency of the year. BTC and DOGE were the second and third-most viewed coins. 

Over the Christmas weekend, Winklevoss twins’ Gemini Exchange held a poll on Twitter. The exchange asked its Twitter followers if SHIB will go to the moon or if Dogelon Mars is bound for the red planet. SHIB was the winner of the poll by a narrow margin.

Bigger Entertainment, the company associated with a Spotify Technology S.A. SPOT 1.08%+ playlist that burns SHIB tokens with every song that is streamed, tweeted that it had burned hundreds of millions of tokens on Sunday.

On Friday, Big Entertainment had said it was on track for burning 176 million SHIB at its Christmas party.

SHIB’s team along with Gokhshtein Media CEO David Gokhshtein are coming together on Dec. 29 at 6 p.m. PT to hold the first-ever SHIB Ask Me Anything (AMA) on Twitter Spaces. 

In May this year, Gokhshtein tweeted he was no longer going to “diss” SHIB. Later in the year, he noted SHIB’s popularity on Twitter and said it was good for the cryptocurrency space.

“As long as we can keep bringing more people here it’s all good,” said Gokhshtein.

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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Bitcoin Maverick 2 years ago Member's comment

$SHIB-X is simply not in the league of the real players like #Bitcoin. For me, #SHIB = trash.