Shiba Inu touches new ATH

The Shiba Inu meme coin is capturing the interest of many retail investors and some large private investors, even if I personally continue to be absolutely wary of buying this coin, as well as DOGE. Those who follow the crypto market a bit on Twitter will have observed how influential people like Elon Musk have the opportunity to decide the direction of the market with a few simple words.

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I think it is really bad feedback as it explains well the meaning of market manipulation. The value of a project must not depend on someone's words, although we are talking about Elon Musk, one of the richest and most powerful men in the world. But now I want to try to actually analyze the reason for this new surge that marked a new ATH for the Shiba Inu coin.

Shibaswap, a decentralized Uniswap-like exchange for the SHIB community. It has NFT, liquidity mining, everything. Shiba Inu therefore has a product that somehow justifies the investment by users, although there are so many now around in the crypto sector for which I believe it is objectively necessary to provide some further input. On the other hand, the community of Shiba Inu supporters is really very large: the official Twitter account has about 1.5 million followers, a very popular following for a crypto project and behind every successful project there is always a such a strong and numerous community.

At the moment the cryptocurrency has reached rank number 10 in the rankings by capitalization. Of course the supply is abnormal but the daily exchange exceeds 40 billion dollars, very high figures for a scam project, as defined by many. What is undeniable is that in a bullish market everyone moves fast and out of control. In the end what will remain standing will be solid projects and it will be curious to observe how memecoins like Shiba Inu or Degecoin will actually be able to survive in the jungle of currently existing crypto projects.

Thanks for having my post

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