What happened
Today's bullish move in various cryptocurrencies has picked up steam nearly across the board. For top meme token Shiba Inu (SHIB 1.83%), the fact that this momentum hasn't slowed has led to some rather incredible price action today.
After The Motley Fool reported on Shiba Inu's impressive 14% move over the past 24 hours as of around noon ET today, the token has picked up steam. As of 2:45 p.m. ET, Shiba Inu had surged 18% over the past 24 hours, blowing away most other tokens. Currently, this represents the largest move of all top-40 tokens by market capitalization.
CRYPTO: SHIB
Key Data Points
As reported earlier, much of the rise seen today in Shiba Inu appears to be related to skyrocketing short liquidations. However, news this afternoon that Canadian exchange Netcoins has listed Shiba Inu has provided yet another catalyst for investors to jump on today.
Image source: Getty Images.
So what
Overall, Shiba Inu appears to remain a rather speculative trading vehicle. There's a strong retail base of hodlers willing to wait out near-term volatility. However, the day-to-day price action with this token simply precludes many investors from holding Shiba Inu for any extended period of time.
That said, retail demand for Shiba Inu continues to be one of the metrics investors watch with respect to where this token could be headed. The addition of yet another exchange to buy and sell Shiba Inu raises the prospect that retail buying activity could spur additional surges in the days to come. Accordingly, speculators are doing what they do best, and diving into SHIB in a big way today.
Now what
The big question many investors have is just how long this rally can be sustained. Meme mania appears to be picking up steam once again, seen in the stock market as well, with the likes of GameStop and other meme stocks taking off. GameStop's 10-day winning streak has been impressive, and appears to be emboldening the ShibArmy today.
For now, the outlook among those adding Shiba Inu is bright. This will certainly be a fun token to watch in the days and weeks to come.
