Shiba Inu Follows Meme Coin WOOF, Price Skyrockets by 971%

The Shiba Inu X account has followed WOOF, a new Ethereum meme coin that trades mainly against SHIB. This sudden attention from the official Shiba Inu account pushed WOOF's price on the SHIB pair up by 971% in just 24 hours, according to DEX Screener.

WOOF is an ERC-20 token with a fixed supply of 1 billion and its main pool on Uniswap v4 opened on September 28. Its market capitalization sits near $1.1 million, and Etherscan lists 882 holders. However, the SHIB pair holds about $180,000 in liquidity, which is relatively thin.

As a result, WOOF's price can swing sharply due to its shallow pool. The contract code includes buy and hold caps, along with a guard mechanism for the launch phase. For now, it remains unclear why Shiba Inu followed WOOF, and whether demand for the token will hold once the attention fades.