The official Shiba Inu X account now follows WOOF, a new Ethereum meme coin that trades mainly against SHIB. WOOF’s price on that SHIB pair rose 971% in 24 hours, according to DEX Screener.

The WOOF account joined X this month and has fewer than 700 followers. A single follow from Shiba Inu pushed the little-known token into the spotlight.

Shiba Inu Follow Draws Attention to a Brand-New Token

Notably, the WOOF account follows only one profile itself. Its bio describes the token as paired with SHIB, and its pinned post shares the contract address. DEX Screener data confirms that pairing on-chain.

On-chain data shows WOOF is an ERC-20 token with a fixed supply of 1 billion. Its main pool on Uniswap v4 opened on September 28. The pool pairs the token with SHIB rather than ETH or a stablecoin. As a result, buyers need SHIB to reach the deepest WOOF market.

Thin Liquidity Leaves WOOF Open to Sharp Swings

The SHIB pair holds about $180,000 in liquidity. It recorded roughly $1.5 million in trading volume over the past day. Buy orders outnumbered sells, 2,653 to 1,875. The token’s market capitalization sits near $1.1 million, and Etherscan lists 882 holders.

Such a shallow pool can amplify price moves in both directions. The contract code includes buy and hold caps, along with a guard mechanism for the launch phase.

For SHIB, the timing adds context. Shiba Inu’s layer-2 network saw Shibarium usage collapse earlier this year. Meanwhile, the team recently credited community posting for a SHIB rally that still trailed the market. Against that backdrop, a buzzy new SHIB pair gives holders one more place to use their tokens.

A follow is not an endorsement, though. So far, the Shiba Inu team has not publicly explained why it follows WOOF. The key question for traders is whether demand for the token holds once the attention fades. A cooling hype cycle would hit a pool this shallow hardest.

Source: BeInCrypto