Shiba Inu spiked up %30, but is it for real?

Based on data from CoinMarketCap, Shiba Inu surged more than 30 percent a couple of days before with its price rising from $0.00001516 early in the morning to $0.00001774. However, the token is still 65 percent below its peak of $0.00008 reached in October 2021. However, with Shiba Inu trading volume accelerating in the past 24 hours, this is the highest peak for SHIB since May.

The recent hike has put Shiba Inu top in the list as the world’s 12th most valuable coin with a $9 billion market cap to stand above Avalanche on CoinMarketCap.

Analysts put this in relation with Ethereum, which provides the underlying blockchain for Shiba Inu and related coins like Bone and Leash. 

While everyone is waiting for Etereum’s new upgrade, the “Merge”, Ethereum developers recently announced that the formerly promised upgrade to its blockchain may come as soon as mid-September after successfully passing a major technical test. 

SHIB price is currently holding at $0.0000163 at the time of press and this represents a 9% drop from the high of $0.000017 yesterday. 

It is worth mentioning that the Shiba Inu coin remains highly volatile amid the recent price pumps and Shiba Inu traders are advised not to trade and buy SHIB since it remains a risky bet despite its current bull run.

“I don’t know what’s happening [right now], but it seems to be a pump and dump,” wrote several users on Reddit, saying that SHIB’s value could drop as easily as it plunged.