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Shiba Inu has resurfaced in the cryptocurrency market due to a new social media trend that has captured attention. The phrase “Shib is for everyone” is seen as a direct nod to Coinbase’s Layer 2 network slogan “Base is for everyone.” This parallel has intrigued not only social media users but also market participants. The trend’s emergence led to the rapid introduction of a new token, which quickly generated notable price movements.
Social Media Trends Ignite Market Activity
Coinbase’s slogans “Base is for everyone” and “Just coin it” appear to have been adopted by Shiba Inu. The Shiba Inu team’s message “Coined it” circulated rapidly on social media, creating significant activity among users. This approach from the team has been interpreted as a form of “trend following” in the cryptocurrency realm, igniting discussions on the impact of similar language on emerging projects and tokens.
Following the trend, an unverified new token was reported to be launched, quickly surpassing a market cap of 20 million dollars. However, the subsequent decline in value took investors by surprise. The token experienced a near 40% drop, fueling speculation and discussions across social media platforms.
Market Reactions and Price Volatility
The sudden surge and rapid decline of the new token have highlighted the short-term sensitivity of the cryptocurrency market. Investors have begun debating the potential risks associated with such social media-driven movements. This situation is seen as a pivotal development that could prompt both retail traders and institutional investors to reassess their strategies.
Meanwhile, there was a slight increase in the price of Shiba Inu tokens. Following the social media buzz, the SHIB token recorded about a 1% rise on hourly charts. This price recovery from the day’s lows indicates renewed investor interest. Additionally, a notable increase in daily trading volume demonstrates the direct impact of this trend on the market.
Crypto market experts emphasize that movements driven by social media are not just a form of communication but also a powerful tool influencing market behaviors. According to specialists, the price movements resulting from such trends increasingly shape investor psychology.
