Mind-boggling rally! Shiba Inu’s euro version jumps 25,000% in a day

Euro Shiba Inu (ESHIB) has hit a high of $0.000000000076 from $0.000000000003 on Thursday. However, the token gave up the majority of its gains by 1.20 pm IST.

Sharat Chandra, a Blockchain & Emerging Tech Evangelist, said Euro Shiba Inu was a non-governmental, non-profit project in the “work in progress” mode. “Euro Shiba Inu is doing phenomenally well thanks to its unique reward programme which allows $EShib owners to get 5 per cent for each transaction, 5 per cent for donations aimed at relief efforts during natural calamities, spreading awareness about ecology and environment,” he added.

The danger the world faces due to environmental damage was recently highlighted at the climate change conference, COP26, in Glasgow.

“It shouldn’t come as a surprise that many people would relate and advocate for the cause of spreading literacy and awareness about the green environment. It remains to be seen if Euro Shiba can sustain the recent price momentum,” Chandra added.

The market cap of Euro Shiba Inu was around $230,000,000 at its peak. The traded volume of this meme token jumped 1,570 per cent as tokens worth $1,828,574 exchanged hands, the data suggested.

The maximum supply of Euro Shiba Inu is 420,000,000,000,000,000 tokens. However, there is a supply of 410,000,000,000,000,000 tokens so far.

Shiba Inu is a meme token that had seen a historic rise in valuation in November.

Vinshu Gupta, founder and Director, Nonceblox Blockchain Studio, said Shiba followed the Doge principles of being compatible with the Ethereum Virtual Machine. There is a frenzy in the Shiba ecosystem such as Shibaswap, Shiba NFTs. This increases the popularity, he said.

“On top of that, as a lot of Shiba supply is still controlled by Shiba whales, it’s easier to manipulate the market by making massive surges in a day,” he added. “The community is strong for Shiba and you can keep holding it.”

Market experts are not surprised by such wild swings in lesser known digital currencies. Most of these have peculiar names. For example, Squid Game shares its name with a sensational web series on Netflix and Omicron shares its name with the latest variant of the coronavirus. Both had erratic movements before their value nosedived.

Experts have suggested that investors keep off such unknown names because details of their illiquidity were not clear.

Dheeraj Shah, a crypto educator, said, “Smaller tokens have less liquidity. There is no fair price discovery. Such movements are normal among coins falling in the lower deck of the market capitalisation.”