Explained: What’s driving Shiba Inu price rally?

cnbctv18.com:

Meme coins have become a lucrative option for retail investors wanting to dabble in cryptocurrencies. They often come at throwaway prices and there is always an unlimited supply of coins in circulation. Meme coins as the name suggests are crypto tokens that are mostly created as a joke or to mock other established cryptocurrencies.

One such coin Shiba Inu has been capitalising on the general crypto market revival over the last few days.Shiba Inu (SHIB) has gained close to 43 percent over the last week. Bitcoin and Ethereum have clocked gains of around 13 percent and 12 percent, respectively in the same period. SHIB’s market capitalisation was around $17.23 billion at the time of writing, making it the 13th most sought-after cryptocurrency.

The meme coin took a breather on Wednesday and was trading around 10 percent lower at $0.00003.Shiba Inu was anonymously created in August 2020 and has quickly gathered steam since. The sheer charm of the emblem dog and tweets from celebrities like Tesla CEO Elon Musk and Ethereum co-creator Vitalik Buterin has continuously driven the cryptocurrency’s prices to new highs. But what is fuelling the current rally in Shiba Inu prices?The price spike coincides with multiple tweets by Bigger Entertainment, a crypto entertainment company, which declared that a massive ‘coin burn’ would be held on Valentine’s Day.