Owing to the latest flash crash, the crypto market was almost entirely trading in red on Friday. At press time, 90 out of the top 100 assets had registered losses in the 24-hour time frame. After noting a 3.62% dip over the past day, the global crypto market cap was back on the brink of the $1 trillion threshold on March 3.
Even with widespread corrections, one particular asset managed to stand out by registering lofty double-digit gains. SHIKOKU, a crypto similar to Shiba Inu, managed to rise by approximately 60%.
Evidently, SHIK couldn’t sustain its daily high for long. As a result, a retracement materialized, and the crypto was trading at $0.0000000138 at press time. Even so, it was trading above its MA [ $0.00000001] and around its three-week high.
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SHIKOKU’s market cap surpasses $14 million
With a market cap of $14.1 million, the asset was ranked 2752 on CoinMarketCap and was a part of around 30k watchlists.
According to the official website, SHIKOKU was launched on Ethereum on Nov. 7, 2022. The project is deemed to be a “decentralized memecoin” founded by “Shikoshi,” to “create an ecosystem of utility, and create long-term value for holders.”
A few from the community were excited to see the crypto defy the odds and rally at a time when the entire market was sinking. A few optimistic risk-takers also did not see the harm in investing a few dollars to test SHIK’s waters. That said, members also raised red flags and did not hesitate in branding the project a “rug pull.”
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According to the project’s Twitter handle, around $300,000 worth of SHIK has already been removed from the supply via burns. Consequently, SHIK was compared to Dogecoin and Shiba Inu. The top OG meme coins were down by 6% each on Friday and were seen trading at $0.075 and $0.00001135, respectively, at press time.
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