Memorial coins are an exceptional phenomenon unique to digital assets associated with the Shiba Inu dog image.
Cryptocurrencies with the popular image of a dog on the logo are able to grow without any fundamental factors, only thanks to the active dissemination of thematic memes on social networks.
The first such pump appeared in 2018, when Dogecoin took off against the background of a fall in the cryptocurrency market only because the Year of the Dog came according to the Eastern calendar.
Now the main driver of the growth of meme currencies is Elon Musk. It was his desire to buy a Shiba Inu puppy that he expressed last year that led to the rise of the SHIB token in the top 30 largest digital assets.
The recent spike in activity was driven by two factors – the purchase by an unknown whale of $ 6.19 trillion of Shiba Inu in late September and Musk’s publication of a photo of the puppy earlier this week.
These moves have attracted the attention of a huge mass of speculators. According to statistics, the volume of trading in SHIB futures in the first nine sessions of October increased 78 times compared to September. Shiba Inu derivatives traded daily turnover exceeded $ 5 billion.
Such figures, in turn, fuel the interest of exchanges in a digital asset. BitPanda is not the last platform to add the SHIB token to its list of trading instruments in the near future.
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