Earlier this week, Shiba Inu (SHIB) was up by 36% after it listed on the major American crypto exchange, Kraken.
At its height, SHIB was worth £0.000036, up from 0.000029 on Monday, November 29.
Shiba Inu needed the boost after a month of sinking value, but it appears to have been short lived.
Still, the coin isn't going anywhere, as developers set their sights on gaming.
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In the last 24 hours, SHIB lost a chunk of the value it had gained in the last week.
At the time of writing it is worth £0.000034, almost half of its record high of £0.000064 in late October.
Why are investors interested in Shiba Inu coin?
The meme coin burst onto the scene this year, gaining a whopping 71,651,844% in 365 days, overtaking its rival Dogecoin to land itself in the top 10 cryptocurrencies.
Its popularity was bolstered by the fact that, unlike its fellow doggy memecoin, SHIB works with the blockchain platform Ethereum.
This sudden popularity has, of course, sparked the interest of investors.
The coin now has more than one million investors, a milestone that has its supporters - which the developers call 'FriendShibs' - scrambling to expand Shiba Inu beyond its memecoin status.
The developers behind the token have always been focused on building the Shiba Inu universe.
Now, they have teamed up with video game creator and former Activision VP for Tech, William David Volk, to develop a new NFT, metaverse game.
The 'Shiboshi' game will be mobile first, with 'decentralized' elements and a chance to earn Shiba Inu tokens. Project leader Shytoshi Kusama shared details in a Medium article , announcing that they are under an NDA so they can have a “competitive advantage over all the other gaming, 'metaverse', and NFT system clones that will pop up” once the news is out.
Why did Shiba Inu coin slump again?
Despite this jump, it hasn't won the endorsement of Elon Musk, who has stuck his support on Dogecoin, the original meme coin based off of the Shiba Inu breed.
And in this industry, hype can move markets, especially when it comes from one of the world's richest billionaires. Volatility is a usual part of these newer coins, but SHIB is particularly vulnerable to market change.
“Being a small derivative of Doge/Meme, Shiba Inu is vulnerable to WHALES - large single investors who move markets based on their trading - taking profit,” explains currency expert Patrick Reid.
“Similar price action was popular in small cap stocks and Wall Street Bets Forums.”
He continued: “Also, let's remember the smaller coins are seen as the laughing stock for serious BTC investors and prone to incredible froth and mania.
"It takes very little to move it and no-one really knows which pebble caused the avalanche.”
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