Some cryptocurrencies have seen significant price gains, with the crypto market trading sideways this week. Metaverse coins and Meme coins continue to dominate the markets, with many seeing double or even triple-digit percent gains. This article looks at Shiba Toby, a meme coin gaining over 2000% in price today. Let’s look at the project and its token and see why the price might be rising so much.

What Is Shiba Toby (SHBT)?

Launched in January 2022, Shiba Toby is a Shiba Inu-themed Meme coin built on the Binance Smart Chain. It looks to become the next big decentralized meme coin on BSC, whose strength is transparency.

According to their whitepaper:

“Shiba Toby is the ultimate all-in-one token, providing the very best in cutting edge coding. We have created a token that rewards like never before.”

Shiba Toby is a reflection token rewarding 5% for each sell transaction. It’s a hyper-deflationary token with an automatic redistribution of rewards.

Shiba Toby also features their Meatverse game available for users to check out right now. The game features a simple 2D platformer similar to Mario, where users can collect coins.

At the time of writing, the game is in beta testing. This means players can test out the game, but the rewards aren’t yet implemented.

Some plans for their Shiba Toby game include PVP & PVE battles, Breeding NFTs, and much more.

Moreover, Shiba Toby will release a collection of NFTs featuring a cute Shiba Inu dog.

Should You Buy Shiba Toby?

Looking at the chart from CoinMarketCap, Shiba Toby took over a month before seeing significant price gains.

The coin is listed on PancakeSwap, which means all the volume came from that exchange.

At the time of writing, SHBT’s market cap is $299k with a 24-hour trading volume of $148k. In the past 24 hours, a lot of buy volume pushed the token to new heights.

The reason for the current bullish momentum is unclear, as Shiba Toby’s last activity on Twitter was in January. This seems like a stealth pump with no apparent reason.

Looking at the holders’ distribution, the top holder is the PinkSale Liquidity Lock address with over 30% supply, followed by the deployer that holds 15.3% of the supply.

The above holder distribution is relatively healthy. The deployer only holds 15% of the supply, which is reasonable. We’ve seen many tokens with shady holder distributions, with some deployers holding as much as 90% of the total supply.

Overall, Shiba Toby doesn’t show any red flags, and the relatively low market cap of $300k is quite undervalued for a Metaverse/Meme coin with a Minimum Viable Product (their game).

The only concerning part about the token is the period between January 15th and February 15th, where the token featured an abysmally low trading volume. However, the recent bullish momentum and over $148k in volume over the past 24 hours are great signs of the long-term potential of the token.

If the team continues developing Shiba Toby and if their NFT collection ends up coming to market, SHBT could easily see a valuation of at least $1 million.

It’s always risky investing in meme coins, but in our opinion, Shiba Toby has good sentiment. Traders could make a quick short-term gain by holding SHBT for 24-48 hours, but at the same time, if the current price is the token’s peak, then traders could also lose 50% of their portfolio in a matter of hours.

Disclosure: This is not trading or investments advice. Always do your research before buying any Metaverse crypto coin.

Follow us on Twitter @themerklehash to stay updated with the latest Metaverse news!

Image Source: Vintage Tone/Shutterstock.com