The apex cryptocurrency,
Bitcoin (BTC), which traded 5.2% lower at $55,703.13 at press time.
SHIB is getting love from Chinese investors who are aware of the project’s lack of technological promise. The coin is likely to be referred to as “s**tcoin” by Chinese traders, CoinDesk reported.
“SHIB’s price performance over the weekend clearly shows that the crypto industry hasn’t had its fill of canine-themed memecoins just yet,” said Rick Delaney, a senior analyst at OKEx Insights, as per CoinDesk.
Why It Matters: The appreciation in SHIB is fueled by Chinese social media influencers on platforms such as Weibo and WeChat.