Shiba Inu Follow Sends WOOF Price Soaring by 971%

The Shiba Inu X account, which has over 1 million followers, recently followed a relatively unknown Ethereum meme coin called WOOF. This move drew attention to WOOF, pushing its price up by 971% in just 24 hours on the SHIB pair.

WOOF is an ERC-20 token with a fixed supply of 1 billion and is primarily traded against SHIB rather than ETH or stablecoins. Its main pool on Uniswap v4 was established on September 28, and it has a market capitalization of around $1.1 million.

However, the shallow liquidity of WOOF's SHIB pair, which holds about $180,000 in liquidity, makes it vulnerable to sharp price swings. The contract code includes buy and hold caps as well as a guard mechanism for the launch phase.

The Shiba Inu team has not publicly explained why they followed WOOF, leaving traders wondering whether demand for the token will sustain once the attention fades.