Shiba Inu (SHIB) Soars Nearly 30% on Thanksgiving Day

Shiba Inu (SHIB) Soars Nearly 30% on Thanksgiving Day

While Americans are busy celebrating Thanksgiving, the price of the Shiba Inu (SHIB) cryptocurrency has skyrocketed nearly 30% over the past 24 hours, according to data provided by crypto data website CoinMarketCap.

The meme coin is now close to surpassing Avalanche (AVAX), with the gap between the two narrowing to less than $2 billion.

It had spiked roughly 19% within two hours on the Binance exchange, reaching an intraday high of 0.00004792.

After plunging more than 60% from its all-time high, some pundits were quick to dismiss Shiba Inu as another fad.Earlier this week, market observer Alex Kruger noted that the cryptocurrency had liked topped based on waning search interest. The recent plunge also coincided with whales sending large SHIB transactions to centralized exchanges.

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