The volatility in Bitcoin – and by proxy, cryptocurrency stocks – this year has rekindled excitement in retail investors in a way it hasn't since the digital coin last peaked in 2017.
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The digital coin was inspired by the Japanese dog breed Shiba Inu, which became a viral meme in 2013, and dubbed itself the 'dogecoin killer'.
World's largest cryptocurrency Bitcoin was trading on a flat note today. The price of Bitcoin fell 0.36% to $62,247 on Coinmarketcap. Market cap of the cryptocurrency reached $1,175.54 billion.
Shiba Inu coin's price had dropped more than 20 percent as of 10am ET on Thursday, according to CoinBase. However, it is now up more than 28 percent as of 5:00pm ET on Friday.
Related: Bitcoin whale indicator detects multi-month accumulation trend as BTC eyes $67K-retest
SpaceX CEO Elon Musk tweeted a photo of the newest member in his family, a pet, Floki, the Shiba Inu puppy, sitting on a Tesla. In September, he had shared a post welcoming a new member to his family.
"The Meta-theme rally sparked off after Facebook’s Metaverse’ rebranding, with momentum showing no signs of unabating going into the new week," it added.
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Cryptocurrencies and decentralised finance tokens are highly volatile. Picture: Karen Bleier / AFP
OKEx CEO Jay Hao says, “The Shiba Inu community has been gaining strong momentum from the weekend deposits, and we look forward to witnessing its robust development. We are happy to be the first major exchange to offer SHIB to open the crypto gateway to these enthusiasts.”
SafeMoon price has made some astounding progress in October, rallying over 145% from the lowest open in its history on the first day of October to its present new two-month high. After hitting the required $0.0000024 level above the Cloud, SafeMoon spiked on Monday for a gain of over 22%. And it is likely to continue a move higher before facing any resistance.
The coin has also won a handful of celebrity backers, from former boy band stars to pro athletes.
As transactions increase, the service charge will be gradually decreased up to by 10%, thus bridging the gap between early and late investors. 4JNET’s early investors need to pay high service charges even if they buy at an earlier time, which are automatically put into the liquidity pool to promote steady price increase and alleviate price instability that results from the selling pressure.
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Furthermore, With Bitrise, users can trade thousands of tokens with ease and at a minimal cost. They will no longer need to use Pancakeswap or Uniswap to buy/sell them because this new wallet has all that you would ever want.