Shiba Inu (SHIB) frantically climbs to the new ATH, Coinbase crashes

The coin meme Shiba Inu really exploded in early 2021, helping to fuel the bull market after Dogecoin (DOGE) rose from $ 0.01 to a new all-time high (ATH) thanks to support from influential bitcoins like Elon Musk and Mark Cuban.

Soon after, dogecoin clones and some dog-themed tokens seemed to catch the bullish wave, and Shiba Inu (SHIB) is one of the projects that has achieved the greatest success and even surpassed the original.

After Bitcoin hits a new ATH, it looks like the coin memes are ready to go live, and this time around, they don’t have to wait for big influencers to join. For the past two weeks, SHIB has been constantly setting new ATHs, confusing traders as to what the real reason is.

Data from TradingView shows that SHIB price has increased 950% since trading at just $ 0.0000069 on October 1, to a new record high of $ 0.00008802 on October 27. The 24-hour trading volume rose 137 percent to $ 24.67 billion.

The three reasons SHIB’s price and trading volume have skyrocketed are its listing on multiple exchanges, the introduction of NFT, and the growing interest in derivatives exchanges.

Listing increases access to Shiba Inu

One of the biggest factors driving SHIB’s price up over the past month has been the surge in user access thanks to its listing on multiple exchanges.

Exchanges that support SHIB and LEASH include BitKan, AOFEX, StealthEx, and CoinFlex. Exchange Change Now has also launched a “DOGE to SHIB Flip Campaign” to celebrate LEASH’s listing.

The ecosystem is also one of the equally important factors when it became known that it had partnered with the crypto payment service provider NOWPayments so that SHIB and LEASH could be accepted as such, used for contributions and made available for output in cryptocurrency through the bulk payment function .

As an additional deflation function, 3% of NOWPayments profits are burned from all SHIB transactions.

Shiboshi NFT

The second reason Shiba Inu grew was the introduction of its own NFT line called Shiboshi.

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NFT remains one of the most popular areas of the crypto ecosystem and a trusted way for projects to increase community engagement and support.

The Shiboshi sale includes 10,000 individual NFTs, and community members have 24 hours to purchase them using the protocol’s LEASH token.

All Shiboshi are now minted and listed on the OpenSea NFT marketplace.

SHIB Open Interest Tips

A third reason that supports SHIB’s strength is the increase in Open Interest (OI) futures contracts on many exchanges, including OKEx, FTX, and Huobi.

Summary of SHIB futures on exchanges | Source: Bybt

As can be seen in the graph above, open interest for SHIB rose from $ 15.7 million on October 3rd to a record $ 178.95 million on October 27th when the SHIB price hit a new all-time high climbed.

According to market analyst Marcel Pechman, “OI seems to be following a price pump rather than real growth.”

It is interesting to note that while there is often liquidation during the bulls’ runs, this final race does not. don’t pay attention to the price.

“Long positions are very profitable, so it is easy for them to continue buying on the spot market and driving prices up. There doesn’t seem to be any real shorts, just market makers. When it comes to large liquidations, the open interest drops. ”

Coinbase crashes because of SHIB

Coinbase’s website has been offline for over 15 minutes. The status page of the exchange says that there are “connection problems”.

Some speculate that this serious incident was related to the unprecedented frenzy over Shiba Inu.

The trading volume of the meme coin has exceeded $ 5 billion on Coinbase alone, far surpassing that of Bitcoin and Ether.

After surpassing Dogecoin’s market cap on both CoinGecko and CoinMarketCap last night, SHIB climbed to a new all-time high of $ 0.00008519.

Robinhood also crashed in May after its cryptocurrency trading system failed to handle the Dogecoin rally.

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Mr. Teacher

According to Cointelegraph

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