What Happened to the SHIB Coin Pump, and Who Is the SHIBArmy?
In the final week of October, the meme token SHIB was the “talk of the town,” with specific hashtags like #ShibArmy trending on Twitter. This is because the meme coin SHIB soared to $0.00008 on October 27th and 28th, exceeding its previous ATH of $0.00005. It even surpassed a $40 billion market valuation, which is noteworthy for a parody currency built on another meme coin.
SHIB’s price, in instance, increased about 200 percent in the final week of October. At its height, it outperformed the meme coin that inspired it (DOGE) and had a greater market cap than Deutsche Bank. In many ways, 2021 may be considered the year of the meme coin. This is due to meme coins such as SHIB and DOGE seeing distinct market surges, with each seeing their market capitalisation exceed the top ten of all cryptocurrencies.
Why did SHIB rise in this manner?
It has a humorous backstory, as do all meme currencies. SHIB began to surge in early October, rising from less than $0.00001 to about $0.00003 by mid-October, a 200 percent gain. This, of course, sparked a lot of interest, prompting the official Shib token Twitter account to tweet to Elon Musk on October 24th, asking how many SHIB he has. He answered with “none” as a buzzkill and in classic Elon way. The coin then began to plummet shortly after that. However, this did not last long, and the correction was quickly reversed. The SHIB army increased the token to $0.00005 on October 26/27, a 67 percent rise, then to $0.00008 by October 28th, a 69 percent increase. One wallet, please.
The hoopla around SHIB followed the all-too-familiar script of prior crypto and stock market price increases. For example, consider DOGE, where Elon Musk ignited a social media frenzy that culminated in mass-community group buying of DOGE, sending its price skyrocketing to an all-time high of $0.73. Then, with the help of the Reddit forum’s WallStreetBets, the anti-hedge fund coordination pushed institutional shorts against GameStop and other equities. This resulted in a 1,500% increase in the $GME stock by January 27th.
What Is The SHIBArmy All About?
The SHIBArmy, a community of Shiba Inu currency lovers, developers, and investors, gave rise to one of the largest meme coin price spikes in history, similar to how the WallStreetBets Reddit discussion sparked a retail investor-led push against institutional shorts on companies like GameStop.
The SHIBArmy’s main purpose, however, was not to inflate the price of SHIB, but rather to expand the number of collaborations with Shiba Inu, as well as to convince investment sites like as Robinhood to offer SHIB on their platforms.
In terms of the frequency of meme coin price pumps in 2021, the crypto market has been crazy. During the last two weeks of October, SHIB beat every asset on the planet. Most notably, this was not inspired or driven by a single person, such as Elon Musk, but rather by a community of Shiba Inu aficionados, or the SHIBarmy.