The Shiba Inu cryptocurrency, Dogecoin’s main rival, has been experiencing large price fluctuations for over a month and even reached its highest historical value in October. This last Thursday (25), investors noticed a considerable increase, however, this time, it did not take long for the fall to arrive.
The growth came after Shiba Inu’s official Twitter profile published important news for the currency: the achievement of 1 million active investors. In just over 24 hours, the cryptocurrency rose 18%, reaching US$ 0.000044 at the peak of the day.
“Such a proud and incredible milestone for ShibArmy. SHIB reaches one million investors. Today we all cheer and celebrate this great moment in SHIB history,” was posted on the coin’s Twitter.
— Shib (@Shibtoken) November 25, 2021
But it’s like the saying goes, “whatever comes fast, goes fast”. This Friday morning (26th), investors woke up with a considerable drop: at 6 am, the value of the currency was US$ 0.000036, but shortly thereafter, the price stabilized at US$ 0.000038.
SHIB can be seen as a cryptocurrency-meme, that is, it is more influenced by investor speculation than by the project itself. However, since it was made available on the market, the cryptoactive has already achieved a valuation of 91,112,600%. As a result, some people became millionaires investing in high-risk assets.