In the ever-evolving world of cryptocurrency, few tokens have captured the attention of investors and meme enthusiasts quite like Shiba Inu (SHIB).
Born as an homage to the famous Dogecoin, Shiba Inu quickly gained popularity for its cute canine-themed branding and the promise of becoming “the Dogecoin killer.”
Since hitting a yearly low of $0.000006169 USD on June 10th, the price of Shiba Inu has been on an upward trajectory. And in the past week, the meme coin has climbed to heights not seen since April.
But will the rally continue? And what are the alternatives for investors looking for the next hot meme dog?
In this article, we’ll explore some of the factors behind Shiba Inu’s recent rally and analyze whether one newcomer token – Shibie – could repeat its older sibling’s success.
Why Has Shiba Inu Rallied and What Next for The Meme Coin?
Shiba Inu’s rally can be attributed to several factors. Firstly, a broader bull market in cryptocurrencies has had a buoyant effect on the price of many coins this year.
As always, Bitcoin (BTC) has led the charge in 2023. From less than $17,000 USD at the beginning of the year, in July, BTC briefly surpassed $31,000 for the first time in over a year.
When it comes to the price of meme coins like Shiba Inu, bullish trends in the crypto market tend to have an uplifting effect. And for both SHIB and its dog-inspired peer DOGE, general enthusiasm in the crypto market has helped meme coins rally from June onward. Shiba Inu is currently up 5% over the last seven days and 9% in a month.
Another key driver behind SHIB’s recent momentum has been rising hype surrounding “Shibarium” and its potential impact on the Shiba Inu ecosystem.
The Shibarium network has been developed on top of the Ethereum Mainnet and is what is known as a “Layer 2” solution.
Like other Ethereum-based tokens, transacting with SHIB requires users to pay gas fees on the underlying network. As a dedicated Layer 2 solution for the Shiba Inu ecosystem, Shibarium is designed to increase transaction speed and lower costs for SHIB-based transactions.
The Shiba Inu development team has been teasing an August launch date for the network with its “Summer of Shibarium” marketing drive. And among the community, many suspect it will go live during the Blockchain Futurist Conference, held in Toronto on the 15th and 16th of August.
During this event, which is being sponsored by Shiba Inu, the token’s developers will publish the Shiba Inu “Worldpaper”. The highly anticipated document will describe a new decentralized structure for the Shiba Inu ecosystem, centered around Shibarium
Analysts diverge on their price forecasts for Shiba Inu. Despite the recent rally, SHIB is still at the low end of its historical performance and now could be a good time to invest if the crypto remains bullish.
From the perspective of social sentiment, hype surrounding Shibarium could well keep the coin trading high for the rest of the summer. However, the market’s continued volatility makes it difficult to guarantee long term gains with SHIB, which has led to some traders seeking alternative meme coins.
Shibie: the “Summer of Shibarium” Meets the Season’s Barbie Blockbuster
Amid the Shiba Inu frenzy, new tokens are continuously emerging to capitalize on the hype. One such token that has recently caught the attention of investors is Shibie Coin.
Like Shiba Inu, Shibie embraces internet meme culture, utilizing cute dog-themed branding and positioning itself as a potential contender in the meme coin arena. But the token’s developers are also looking to capitalize on another of this summer’s biggest trends: Barbiemania.
With the Barbie movie already a box office smash hit, pop culture has embraced everything to do with the iconic doll brand. And now, Shibie is looking to ride the wave.
As the project’s website asks: “Ever wondered what happens when you cross a Shiba Inu with Barbie?” The answer is an all-pink, glammed-up celebration of meme coin culture and playful nostalgia.
The Shibie presale launched on August the 1st, and will see 60% of the tokens sold for $0.000167 each via Uniswap. Investors can purchase with either ETH or USDT.
A further 20% of the coins are reserved for liquidity purposes to ensure people can buy and sell once Shibie goes live on decentralized exchanges. An additional 10% is earmarked for future listings on centralized exchanges. Finally, 5% of the tokens are allocated for marketing activities and the project’s development team.
Could Shibie Be the Next Hot Meme Dog?
In the past, the most-hyped meme coins have seen their price surge by hundreds, or even thousands of times their presale value. Shibie’s presale attributes the token with a market capitalization of just $2.5 million. This gives the crypto plenty of room to pump if it gains traction with traders.
As interest in all things Barbie remains high, and Shiba Inu’s upcoming Shibarium launch continues to dominate meme coin news, Shibie could be well-positioned to soar. It is certainly one to watch in the coming days and weeks.