Shiba Inu (SHIB) has rocketed 226% in the last week off the back of a broader market rally that has added three-digit percentage gains to all but one of the six biggest meme coins by market capitalization.
SHIB’s gains have far outpaced Dogecoin’s over the week. DOGE rose a not-inconsiderable 68.5%, bringing more joy to holders than market leaders Bitcoin (BTC) and Ethereum (ETH), which only rose 12.1% and 13.6% respectively.
Still, it’s Bitcoin and Ethereum that continue to drive the industry narratives that are fuelling the altcoin speculation boom.
Bitcoin came a hair’s breadth away from setting a new all-time high yesterday. Graphs on CoinGecko indicate the world’s favourite cryptocurrency posted an intraday high of $68,912.84 at 15:05 (GMT). Had Bitcoin risen another 0.191445%, it would have set a new ATH.
All things considered, the market leader is only now about 4% from setting a new ATH. Hype over the recently launched spot Bitcoin ETF investment products is helping the rally. As is anticipation for Bitcoin’s upcoming halving, when the new supply gets cut in half. It’s almost a given that Bitcoin will be setting a new all-time high before the halving on April 19.
So if there’s lots of potential upside to Bitcoin, there’s lots of potential upside to Shiba Inu too.
Recent developments in SHIB’s ecosystem are also behind this feverish rally.
On Monday, Shiba Inu’s official X account announced the launch of the Shib Name Service (SNS), giving early access to Shib name tokens.
Like the Ethereum Name Service (ENS), SNS lets network participants swap out unwieldy wallet addresses for names and words, like internet domain names.
Attention #SHIBARMY
The 1.1 version of our SNS is coming tomorrow
In the next 2 hours, we’ll halt all transfers of current name tokens and after it we’ll take a snapshot that will be used to airdrop the replaced new *Shib names in collaboration with @D3inc
Stay…
— Shib (@Shibtoken) March 4, 2024
A look over at SHIB’s trading chart, it is evident just how rapidly its latest rally picked up steam after beginning Monday February 26.
Given the suddenness of the rally, it evidently has to lose momentum, although present indications reveal potentially a bit more upside left. Its Relative Strength Index (RSI) is stable and it’s currently trading ahead of its 30-day moving average.
Source: TradingView
Shiba Inu’s Sea Sponge Competitor
Meme coins are clearly leading the headlines with their blistering rallies. It’s a valid question whether there is investment of substance in the space. Crypto is already highly speculative and volatile so meme coins really have to offer more than just laughs, they have to offer a service or community. .
Buying tokens on a blockchain is similar to buying shares in a company. Each token symbolises a piece of the pie, so the pie has gotta be nutritious.
However, meme coins often offer little value outside their cultural capital, which increases or decreases together with the popularity of the underlying meme.
Shiba Inu (SHIB) has some chance at longevity because it’s an active and growing network. Dogecoin (DOGE) also has first-mover advantage and originality on its side.
But another token that offers more than laughs is SPONGE. In addition to being the hottest new meme coin, it’s also the native token for a promising new ecosystem.
Ride that $SPONGE wave! LFG #MemeCoin #AltGem #Crypto #100x pic.twitter.com/2PkqBon0tF
— $SPONGE (@spongeoneth) March 6, 2024
SPONGE is an ERC-2o standard token created on Ethereum. It recently upgraded (and migrated) to a V2 on Polygon, an Ethereum Layer 2 scaling solution.
The team also introduced a couple of key improvements with the upgrade, including a new staking model that offers a minimum yield of 40% APY.
This yield currently sits at around 592%, varying according to the number of stakers and tokens locked up.
SPONGE also powers an upcoming racing game where players compete against each other to earn SPONGE rewards.
Buy And Stake SPONGE On The Website
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