Shiba Inu Token (SHIB) Hits New All-Time-High (ATH)

Since October 1, 2021, the SHIB price has increased by 914%. In the last 24-hours, the trading volume has increased by 137% to US $24.67 billion. 

The price of Shiba Inu (SHIB), one of the leading Dogecoin clones and a meme coin, has skyrocketed in the last 2-weeks to hit its all-time high price of US $0.0000699 on October 27, 2021. Since October 1, 2021, the SHIB price has increased by 914%. In the last 24-hours, the trading volume has increased by 137% to US $24.67 billion. 

Experts believe that there are 4 possible reasons behind this phenomenal growth in the price and trading volume of Shiba Inu tokens:

  1. Listing on multiple cryptocurrency exchanges.
  1. Partnership with NOWPayments.
  1. Launch of Shiba Inu’s own Shiboshi NFTs (Non Fungible Tokens).
  1. Surging open interest in SHIB coins on derivative exchanges.

The listing of SHIB on multiple exchanges in the last month has increased user access to the token. The new exchanges where Shiba Inu has been listed recently are:

  • BitKan exchange
  • AOFEX
  • StealthEx 
  • CoinFlex

Shiba Inu ecosystem got a shot in the arm after it entered into a partnership with NOWPayments, a cryptocurrency payment provider. This has opened the door for both the SHIB and LEASH tokens to be accepted as a preferred payment option. Reports say that NOWPayments will incorporate an additional deflationary feature by burning 3% of the profit NOWPayments received from all SHIB transactions. 

Shiba Inu network has launched its own NFTs and they are called Shiboshi’s. The Shiboshi NFT drop has included 10,000 NFTs. During the events, the community members have been given 24 hours to buy these non fungible tokens by using the LEASH token of the protocol. All Shiboshi are now minted and listed on the OpenSea NFT marketplace.

The futures open interest in SHIB on many cryptocurrency exchanges (including Huobi, FTX, and OKEx) has increased significantly. The open interest on Shiba Inu token’s future contracts has increased from US $15.7 million on October 3, 2021, to a new all-time high of US $178.95 million on October 27, 2021. 

A market analyst has said:

"Longs are in huge profit, so it's easier for them to keep buying spot and pushing the price up. There seem to be no 'real' short-sellers, only market makers. Had there been huge liquidations, the open interest would have gone down."