But investors should understand that it is not possible because of the circulating supply of Shiba," said Malviya. “There is a large community behind the rally and, especially in the case of Shiba Inu, they believe that the price will hit $1. However, this is wrong thinking," said Ajeet Khurana, founder, Genezis Network, a think tank for crypto startup investments.Īccording to Hitesh Malviya, founder,, a blockchain and cryptocurrency publication, another factor that might be driving prices in these meme tokens are fear of missing out by retail investors. Also, I feel that since in the top 10 coins, these two tokens have the lowest price, some retail investors might be going for them thinking these are better bargain.
“The volumes are almost exclusively trading volumes, as there is no delivery-based trade.
However, despite the recent rally, the meme token is still 60% away from its all-time high of $0.73, which it had hit in May 2021.Īnother factor that experts feel might be driving the rally in meme tokens is their low prices. Similarly, Dogecoin in February had surged over 800% within a span of 24 hours after the cryptocurrency got attention from a lot of users on the Reddit message board. Unfortunately, Shina Inu is kind of impacting the whole crypto market volumes as well," said Sidharth Sogani, founder and chief executive officer, Crebaco Global, a research, rating, and intelligence company focused on blockchain and cryptocurrencies.Īs per industry estimates, Shina Inu’s trading volume was three times that of bitcoin’s on certain exchanges.Įarlier in the year, shares of GameStop also had seen a massive rally due to similar attention on social media and chat rooms, including Reddit. These are pump and dump coins, which don’t have any use cases. “There are no fundamentals driving the prices, as these are just community tokens. Experts are of the opinion that rather than fundamentals, communities who believe in these meme tokens are fueling the rally.
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