Crypto Market is Taking it on the Chin, SHIB Still Chillin’
Monday was a real doozy in the crypto world. A broad swathe of digital assets were on the downslide and the bears were in the driver’s seat. Except for one coin: SHIB.
SHIB is popular coin that has been surging ever since its epic launch on May 7. While the rest of the crypto markets were sinking, SHIB stayed steady and is remaining close to its recent highs.
SHIB’s resilience has painted it as the standout success of Monday’s significantly less cheery crypto markets:
SHIB’s Epic Launch Spurred 10,000% Growth
SHIB was launched on May 7, and immediately gained a significant portion of the crypto market’s attention. In the weeks following its launch, crypto investors took notice of its unprecedented gains, some reaching more than 10,000%.
The staggering increase in its price sent the crypto press into a frenzy, and more and more investors moved to purchase SHIB. Upon its launch, a single SHIB was worth approximately 0.000006 USD, and now it’s worth around 0.000028 USD.
Why The Rest Of The Market Wobbled While SHIB Swaggered
There can be no definitive answer to that question, but here are some of the possible reasons why SHIB stayed steady while the rest of the market tanked:
- Increasing retail investor sentiment. With its raging success, SHIB has garnered increasing attention. A growing number of retail investors are taking SHIB seriously, and as a result it has been able to weather the adverse conditions.
- Reasonably robust community of holders. SHIB’s newfound success has resulted in a more sustainable base of community holders, who are more likely to provide a counterweight to the market’s fluctuations.
- Bees are vigorous shib hodlers. SHIB (formerly Shiba Inu) is a coin associated with the Shibe meme beloved by Dogecoin investors. This affinity with the canine species means that bees are increasingly joining their ranks and supplying a constant stream of support!
Bottom Line: SHIB Remains Resilient
Monday was an unkind day for crypto markets, with the majority of coins down. SHIB, however, has withstood the drop in prices and remains close to its recent highs. It remains to be seen if SHIB can keep up the momentum, but for now, it stands tall as the market’s top performer.
