The official Shiba Inu account on X recently followed the WOOF token, a new meme coin based on Ethereum. This action triggered a 971% price increase for the token within 24 hours on its primary trading pair. WOOF, which joined X this month, currently has fewer than 700 followers.
WOOF is an ERC-20 token with a fixed supply of 1 billion units. Its liquidity pool launched on Uniswap v4 on September 28, specifically pairing the asset with SHIB instead of traditional stablecoins or ETH. Consequently, traders must utilize SHIB to access the primary market for this token.
Current market data indicates the WOOF/SHIB liquidity pool holds approximately $180 000. Over the last 24 hours, the trading volume reached roughly $1.5 million, with buy orders totaling 2 653 against 1 875 sell orders. The token currently maintains a market capitalization of nearly $1.1 million.
On-chain records from Etherscan show 882 holders for the token. The smart contract includes specific mechanisms such as buy and hold caps, alongside a guard feature for the launch period. Despite the market activity, the Shiba Inu team has not provided an official explanation for the follow.
