With new coins being launched on a frequent basis, the meme market space has evidently expanded over the past few months. Of late, however, impersonator coins have been stealing the thunder. Shiba Fantom [SHIBA], for instance, was in the news recently when it was observed that it was treading on the same path as Shiba Inu [SHIB] and Fantom [FTM].
Now, a Shiba Inu x Avalanche variant, SHIBAVAX [SHIBX] is in the limelight, thanks to its recent appreciation. As per the token’s description on CMC, SHIBAVAX is the first meme token in reference to Shiba on the Avalanche network. Per the creators, the token was created to “highlight” the Avalanche network and offer a new DeFi product to investors.
HODLers keep earning rewards when transactions take place on the network. In fact, a part of the fee charged is also burned to make the token deflationary in nature.
Best of both worlds?
Over the past day, Shiba Inu’s price appreciated by 3% while Avalanche was up by 11%. SHIBAVAX, on the other hand, climbed up the ladder by close to 30%. Its press time value revolved around $0.0001314.
In fact, even on the weekly window, the token’s appreciation figure reflected a green value of 24%.
SHIBAVAX’s price didn’t just balloon up out of the blue. Market participants instigated the rise. Per CMC’s data, the token’s 24-hour volume reflected a value of $2546 after noting a mammoth 185% jump.
The token community interest was further supported by the watchlist numbers. On CMC alone, over 5,455 people had this $1.28 million market-capped coin on their radar. On CoinGecko, approximately 4,721 people had star-marked SHIBAVAX.
Looking beyond the daily chart
Even though the daily chart looks pretty glossy, it becomes essential to zoom out and have a look at the bigger picture. As can be seen from the snapshot affixed below, SHIBAVAX is currently trading around its all-time lows. The token peaked at $0.002689 towards the end of October, struggled to maintain that level throughout November, and commenced its downtrend in December.
Since the beginning of this year, the price curve has sort of flattened and even the latest 30% incline didn’t create much of a difference. Thus, investors need to remain wary and do their research before deciding to divert capital towards such tokens that look enticing in the short run.