In these last 3 days, a relatively lesser-known token called the Doge Killer managed to make headlines after rallying at a phenomenal rate.
The altcoin which was trading at $845 on February 6 began climbing on February 7 and continued the rally over the next 48 hours to close the green candle at $1,737.
This marked a 105% incline in 2 days, adding to the 117.2% growth over the week.
For those wondering what Doge Killer is, it’s basically an ERC-20 token that was launched as a rebase token pegged to the price of Dogecoin.
Instead, after it began its crazy rally last year where it crossed the $4000 milestone, it was removed as a rebase and given its own identity.
Despite coming into existence less than a year ago in April 2021, one of the biggest reasons for its success is its rarity.
Same as it goes with other cryptocurrencies and NFTs, Doge Killer is available in a limited quantity, a very limited one on top of that. While 21 million Bitcoin exists in the world, only 100k LEASH tokens circulate in the market.
Plus being a namesake of Dogecoin naturally makes it a must-have for the meme coin loyal community. Thus, its price.
Why the Rally Though?
The sudden bullishness observed in the price action did not come from the coin itself but instead was the result of Shiba Inu. The memecoin announced its plans of joining the Metaverse by developing one of its own codenamed Shiberse.
Furthermore, they launched Shiba Lands which are basically lands found inside the Metaverse that will be available for auction and sale soon.
Here’s how LEASH becomes a part of this. Shiba Inu is designing a queue system for the sale of these Shiba Lands and the queue is exclusively accessible by only those who happen to be holders of the LEASH token. This is why the coin rallied as much as it did.
Put simply, Shiba Inu truly managed to knock two birds with one stone with its Shiberse announcement with SHIB itself rising by over 60% over the last 5 days.
This article was originally posted on FX Empire