While Americans are busy celebrating Thanksgiving, the price of the Shiba Inu (SHIB) cryptocurrency has risen by nearly 7% in the past 24 hours. The meme token is now close to surpassing Avalanche (AVAX) and the gap between the two is under $3 billion.
SHIB, on the Binance exchange, rose roughly 19% in two hours, reaching an intraday high of $0.00004792. Cryptocurrency later declined. According to CoinMarketCap data, it was trading at $0.00004169 at the time of writing.
After the coin fell more than 60% from its all-time high, some experts dismissed the Shiba Inu as just a fad. Earlier this week, market watcher Alex Kruger noted that the cryptocurrency has likely peaked due to declining search interest.
The latest drop coincided with whales sending large SHIB transactions to centralized exchanges, thus putting significant selling pressure on the token.
1 Million Unique Addresses
But retail traders’ interest in the dog-themed token remains strong. As previously reported, the number of unique addresses holding SHIB eventually eclipsed the much-desired 1 million milestone. Shiba Inu also continues to see more exchange listings. Earlier today, it began trading in South Korea for the first time with Korbit.
While the Dogecoin rival is still significantly below the record level reached at the end of October, hodlers definitely have something to say at the Thanksgiving dinner table. The Shiba Inu is up over 500% since early October after posting dazzling returns earlier this year.