Spooky Shiba is the newest meme token on the market. Since its release last October in 2021, it has grown some popularity among the crypto community.
Underdog crypto SpookyShiba (SPOOKYSHIBA) continues its meteoric rise, up 19.17% over the last 24 hours. Last time we checked in with this cryptocurrency, it had risen 13.27%. Is this cryptocurrency proving to be a resilient, worthwhile investment or prepping to flame out like so many others before it?
How Is SpookyShiba Performing?
This is one of the top trending cryptocurrencies right now, as it recently reached an all-time high (on the 15th) and yet has managed to hold onto a lot of its gains. It’s ranked #3034 on the cryptocurrency charts, but that’s not stopping it from putting in a strong performance.
Its fully diluted market cap is up 21.34%, bringing it to more than $14 million. Trade volume is almost flat today, up just 1.53%, but still raking in over $2 million in the last 24 hours.
SpookyShiba’s price has been up and down recently, not consistently coming back up after dropping. There have been plenty of opportunities for investors to buy low one day and then sell high the next day ever since this crypto fell from its all-time high.
SpookyShiba’s utility is in the gaming niche, with a horror theme that helps it stand out. It also offers investors a chance to win prizes if they hold at least $100 in SpookyShiba tokens at once. Rewards are limited to NFT marketplace items at this time.
Can SpookyShiba Keep It Up?
What a lot of investors are wondering at this point is how much longer SpookyShiba can continue to perform at this rate. It’s offered a wealth of buy-low, sell-high opportunities, but those could be running out if this crypto starts to fall and doesn’t come back up. That’s the concern with a cryptocurrency that is seeing such spectacular price increases from day to day. There’s a potential that interest will fade and investors will move on to a different crypto.
So far, this cryptocurrency has managed to keep the momentum going, but investing a lot in it at this point could be very risky. The bottom could fall out of this crypto at any time, leaving investors emptyhanded.
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