Admittedly, Use of Blockchain in FinTech is on the rise, and a big reason the use of Blockchain in the industry is popular are meme coins. What started as a joke has now become one of the top cryptocurrencies, backed by the likes of Elon Musk- yes, we are talking about Dogecoin (DOGE). From Crypto Hardware Wallets to its use in BaaS – Blockchain-as-a-Service, DOGE has amassed a lot of traction. What followed the instant success of this currency was the rise of a range of meme Altcoins like Shiba Inu.
Today, as currencies like Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Cardano (ADA), Binance Coin (BNB), Polkadot (DOT), Stellar (XLM), and ERC20 Tokens gain traction, meme coins are too. This is visible in the way SHIB’s value has skyrocketed by 914% in the last few weeks. These three reasons have caused this positive crypto market analysis:
1. Increased access to SHIB
Perhaps the primary factor helping SHIB’s climbing price is its availability on exchange listings. With increased crypto mining and availability, people can buy up to 20,000 SHIB for just $1. Therefore, the traction has only increased after Decentralized finance (DeFi) exchanges like BitKan exchange, StealthEx, AOFEX, and CoinFlex picked up the currency.
2. SHIB NFT – Non-Fungible Tokens
As per the latest Blockchain Technology news, SHIB has a new range of NFTs named Shiboshi, increasing the currency’s appeal in the market. This is not a new phenomenon, as many Stablecoins and Altcoins like Rarible conduct Crypto Airdrops through NFTs, leading to soaring value.
3. Open interest on derivatives exchange
Yet another factor contributing to the price hike in SHIB is the increased open interest (OI) on multiple exchanges. While Cryptocurrency Regulation News in different countries and the increased use of Blockchain Applications and Blockchain Mobile Apps has created a bull market, the OI decides a lot. With SHIB, you will observe there are more market makers than there are short-sellers- longs are gaining more.
Despite the bullish tendencies that SHIB is enjoying, Big Data and Blockchain experts beware investors of the volatile nature of meme coins. However, for the time being, it’s better to hold onto the canine-inspired coins.