The meme token SHIB was the “talk of the town” in the final week of October, with particular tags like #ShibArmy trending on Twitter. This is because the meme coin SHIB skyrocketed on October 27th and 28th to the price of $0.00008, surpassing its previous ATH of $0.00005. It even reached a market cap of $40 billion, which is impressive for a meme coin that is based on another meme coin.
In particular, SHIB’s price rose almost 200% over the final week of October. At its peak, it surpassed the meme coin it originated from (DOGE) and even had a larger market cap than Deutsche Bank. In many respects, 2021 could be called the year of the meme coin. This is because meme coins like SHIB and DOGE went through various market spurts, each seeing their market caps breach the top 10 of all cryptocurrencies.
Why Did SHIB Rise Like This?
|SHIB’s Price % Increase (10/28/2021)|
As with all things meme coins, it has a funny backstory. In early October SHIB started to rise, going from under $0.00001 to almost $0.00003 by middle October, a 200% increase. This of course caused lots of excitement, which prompted the official Shib token Twitter account on October 24th to tweet at Elon Musk asking how much SHIB he holds. As a buzzkill and in typical Elon fashion, he responded with “none.” Then, immediately after the coin started to drop. But this didn’t last long and the correction soon reversed. The SHIB army brought the token up to $0.00005 by October 26/27, an additional 67% increase, and finally to $0.00008 by October 28th, another 69% kick. One wallet, in particular, turned $8,000 into $4.8 billion.
The hype around SHIB followed the all-so-familiar playbook of similar crypto and stock market price pumps. For example, DOGE, where Elon Musk led a social media frenzy that resulted in mass-community group buying of DOGE, sending its price through the roof to an ATH of $0.73. Then, with Reddit forum’s WallStreetBets, the anti-hedge fund coordination that squeezed the institutional shorts against GameStop and other securities. This pushed the $GME stock up 1,500% by January 27th.
Who Is The SHIBArmy?
Similar to how the WallStreetBets Reddit forum ignited a retail investor-led movement against institutional shorts on stocks like GameStop, the SHIBArmy, which is a group of Shiba Inu coin fanatics, developers, and investors, gave rise to one of the biggest meme coin price spurts in history.
However, the SHIBArmy’s main goal was not to pump the price of SHIB, but rather to increase the number of partnerships with Shiba Inu, as well as to entice investing platforms like Robinhood to list SHIB on their platforms.
The crypto market in 2021 has been wild in terms of the frequency of meme coin price pumps. SHIB, in particular, during the last two weeks in October outperformed every asset on earth. Most importantly, this was not inspired or led by one man like Elon Musk, but rather a community of Shiba Inu fans, or in other words, the SHIBarmy.