Shiba Inu Price Rise Sees Crypto Fans Swearing To ‘Hodl’

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The Shiba Inu cryptocurrency token jumped on Monday to its highest value in months.

The dog-themed token has risen by around 50% in the past 24 hours at 7:00 a.m. EDT on Tuesday, valued at $ 0.000013 with a market cap of around $ 5.1 billion according to the data. by CoinMarketCap.

It is not known why the price of Shiba Inu has increased so sharply. Cryptocurrencies are notoriously volatile and can rise and fall quickly. Experts have already warned Newsweek of the dangers and risks associated with their trading.

Shiba Inu’s price hike sent waves through the token’s feverish fan base, with many taking to Twitter to urge each other to hold onto their tokens rather than selling them for a profit. Of course, some have used the cryptocurrency term “hodl”.

“Don’t sell your Shiba,” insisted one. “Hodl on it so we can continue to see the price [rocket emoji] even higher. “

The active cryptocurrency Reddit community has also rallied around the news, posting memes encouraging each other not to sell and discouraging “paper hands” – a term used to describe someone who sells. an asset soon after making a profit in order to avoid the risk of it losing value again. With crypto trading, this risk is very real.

This is not the first time that Shiba Inu has increased in value. The token did so in May of this year, when its value multiplied over the span of a few days from a fraction of a dollar, around $ 0.0000015, to its all-time high of 0.000038. $ May 10.

However, as it tends to happen with strong crypto rises, the top was short-lived. The token price fell for the remainder of the month and has since stood at around $ 0.000006 before this week’s jump.

Shiba Inu is one of several dog-themed cryptocurrency tokens to have been launched recently following the popularity of Dogecoin, the cryptocurrency that was created as a joke in 2013, but ended up winning. in value and fans over the years to become one of the best in the world. tokens – and Elon Musk’s involvement in the cryptocurrency sphere.

The cryptocurrency market had a particularly volatile year in 2021. It hit an all-time high in May with a total value of around $ 2.5 trillion. A crypto bloodbath followed, with coins losing value sharply until mid-July. By that time, the market had roughly halved in value, according to data from CoinMarketCap.

The market saw a strong rally in late July and September, and is currently valued at just under $ 2.2 trillion.

An archive photo shows a Shiba Inu dog posing. The dog is a mascot for various cryptocurrencies inspired by memes. taa22 / Getty

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