Saudi Shiba Inu Surged 170% After Launching Its First 5555 Exclusive NFTs

Saudi Shiba Inu (SAUDISHIB) that was spawned from the Shiba Inu, surpassed its rivals on Aug 29, rising by more than 170% in one day, as a result of which, the token reached a exchange rate of $2.32.

The uptrend subsided half an hour after falling to $2,043 e-9 and continued the regression through the European session. Meanwhile, the main reason behind the spike was the increase in trading volume, which leaped from $33,000 on Aug. 28 to more than $6 million on Aug. 29.

So, why the spike in trading volume?

Saudi Shiba Inu 5,555 Exclusive NFT Collection

Saudi Shiba Inu tweeted on Aug 27 about the new NFT collection going live on OpenSea. “The minting is live,” said the tweet, and as of August 29, the collection includes 46 NFTs. Thus, according to the OpenSea announcement, the total number of potential Saudi Shiba NFTs will be 5,555.

“5555 Saudi Shibas would like to find a master and a home! They will thank you with many great rewards, from which you as the owner will benefit greatly!”

The minting options include a variety of apparel choices, such as eyes, glasses, fur color, headdresses, and more.

What Makes the Token Special?

The canine-inspired altcoin is a token that launched in late July and ranked #2735 on CoinMarketCap. “The Saudis will buy a lot of Shiba Inu and Bitcoins, and hence we decided to make the official Saudi version of Shiba Inu hence the name Saudi Shiba Inu,” the site reads.

At the same time, the whitepaper warns potential investors that the information in the document is subject to change. In addition, the lack of any legal checks may raise red flags for some users.

“The whitepaper has not been examined or approved by any regulatory authority or legal firm. All information in this whitepaper is not subject to any law, and cannot be taken under any regulatory or legal authority or any rules of jurisdiction,” reads the document.

What the project claims is that it endeavors to avoid confusing price fluctuations, unlike other projects that focus on farming and liquidity pool acquisitions. However, the fact does not conform to the claims, as prices have been volatile over the past month.

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