Today, the crypto world has been relatively tame, relative to the stock market. However, one token that is taking Twitter by storm right now is Shibnobi (CCC:SHINJA-USD). Currently, the SHINJA crypto is up more than 13% on heavy volume and investor interest.
Yet another Shiba Inu-inspired token, Shibnobi promises to be “the world’s most deadly Shiba.” Essentially a Shiba Inu dog in a ninja outfit, this token certainly gets top marks for marketing and creativity.
Twitter chatter has picked up over this token, which just turned two months old. After spiking initially after its launch, Shibnobi has given up a majority of its gains, as investors reassess the meme token space. Predecessors Shiba Inu (CCC:SHIB-USD) and Floki Inu (CCC:FLOKI-USD) have also dipped.
Will this latest Shiba Inu-inspired token have what it takes to go parabolic? Time will tell. However, let’s look at what makes this ninja-themed crypto interesting.
What’s Going on With Shibnobi and SHINJA Crypto Today?
Interestingly, price action for most meme tokens today has been relatively muted. The markets are volatile, with inflation expectations and fears over interest rate hikes heating up. For meme tokens, this has generally led to a risk-off environment that has not been conducive to massive run-ups in valuation.
However, Shibnobi has garnered some attention over this meme token’s specific fundamentals. Unlike other popular meme cryptos, Shibnobi promises to be deflationary. From a tokenomics perspective, this is a good thing. Additionally, Shibnobi has also endeavored to build its own blockchain, named Kusari. This will reportedly include a multi-chain swap (DojoSwap), which will work across Ethereum (CCC:ETH-USD), Binance (CCC:BNB-USD), Cronos (CCC:CROWN-USD) and Polygon (CCC:MATIC-USD).
Thus, it does appear there’s some intriguing potential fundamentals with this token. An early stage project, it’s unclear if these promises will come to fruition. However, speculators appear willing to put at least a small amount of risk capital to work today in this token. Accordingly, the SHINJA crypto may be an intriguing micro-capitalization token for traders to keep on their radar, at least for now.
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On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.