The official Shiba Inu X account has followed WOOF, a new Ethereum meme coin that has experienced dramatic price volatility. According to reports from CryptoSlate, WOOF's price on the SHIB pair rose 971% in 24 hours, demonstrating the immediate impact of the official account's endorsement. The WOOF account joined X this month and currently has fewer than 700 followers, making it a relatively obscure token before the follow from Shiba Inu's official account. As reported by BeInCrypto, the WOOF account follows only one profile itself and its bio describes the token as paired with SHIB, with its pinned post sharing the contract address on-chain.
As reported by CryptoSlate, WOOF is an ERC-20 token with a fixed supply of 1 billion and its main pool on Uniswap v4 opened on September 28. The token pairs exclusively with SHIB rather than ETH or stablecoins, requiring SHIB tokens to access the deepest WOOF market. The SHIB pair currently holds approximately $180,000 in liquidity and recorded roughly $1.5 million in trading volume over the past day. Buy orders significantly outnumbered sells at 2,653 to 1,875, according to BeInCrypto data. The shallow liquidity pool can amplify price movements in both directions, making the token particularly volatile for traders.
According to CryptoSlate data, WOOF's market capitalization sits near $1.1 million with 882 holders listed on Etherscan. The token's contract code includes buy and hold caps, along with a guard mechanism for the launch phase. The shallow liquidity pool can amplify price moves in both directions, making the token particularly volatile for traders. As noted by BeInCrypto, such shallow pools can be hit hardest during cooling hype cycles, highlighting the token's vulnerability to market sentiment shifts.
As reported by CryptoSlate, the timing of this development adds context to Shiba Inu's recent challenges, including Shibarium usage collapse earlier this year and a recent SHIB rally that still trailed the market. The new SHIB pair provides holders with additional opportunities to utilize their tokens. However, the Shiba Inu team has not publicly explained why it follows WOOF, and the key question for traders remains whether demand for the token will sustain once attention from the follow fades. As noted by BeInCrypto, a follow is not an endorsement, and the team has not provided any public explanation for the decision to follow WOOF.
