- Tokens themed around Shiba Inu have surged in value recently.
- These tokens may experience imminent selling, according to some traders.
Tokens inspired by the Shiba Inu dog breed have enjoyed a surge in value in recent days. However, some traders warn that this may not last long, as the rise in prices doesn’t indicate a broader trend.
Tokens such as shiba inu (SHIB), floki (FLOKI), kishu inu (KISHU), and baby dogecoin (BABYDOGE) have seen multifold jumps, with the sector rising 14% on average. While tokens such as zkDoge and zkShib on the zkSync blockchain registered gains of as much as 100%.
Shiba Inu Token: A Short-Lived Trend
Despite the recent surge, traders warn that such price surges may not hold long term. Guilhem Chaumont, CEO of crypto trading firm Flowdesk, believes that the rise indicates the end of the cycle, with no long-term bull run expected.
This view is shared by Bonnie Cheung, head of strategy at crypto developer Sending Labs, who thinks the growth in these tokens is not new and may fade off as usual in a few days.
Shiba Inu Token May Still Have Long-Term Growth
According to Cheung, if fundamental features of these tokens strengthen in the coming months, there could still be long-term growth. For instance, Shiba Inu is gaining additional traction through the launch of Shibarium, its layer-2 protocol built on the Ethereum blockchain.
Meanwhile, Floki is developing games and decentralized-finance tools to cut free from the “meme coin” tag. Twitter’s recent decision to add Dogecoin’s Shiba Inu mascot to its logo could also pave the way for mainstream crypto adoption.
In conclusion, while tokens themed around Shiba Inu have seen an impressive surge in value, some traders warn that it may not last long. However, these tokens could still experience long-term growth if their fundamental features strengthen in the coming months.