Shiba Inu now 12th-biggest crypto after 367% rise in just a week

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Shiba Inu now 12th-biggest crypto after 367% rise in just a week

Oct 09, 2021

[BLOOMBERG] Shiba Inu, a cryptocurrency started just last year, continues to soar after Elon Musk tweeted about his puppy.

The SHIB token has risen more than 70 per cent in the past 24 hours as of 10.55 am Hong Kong time, breezing past the likes of Litecoin and Avalanche's AVAX to become the 12th-biggest cryptocurrency by market value, according to CoinGecko pricing.

The move comes days after Musk tweeted a picture of his puppy, Floki. SHIB, which uses a meme of the Shiba Inu breed of Japanese hunting dogs, is up about 367 per cent in the past seven days amid enthusiasm from that post.

The jump comes at the same time the wider crypto market is surging as well; Bitcoin is up about 30 per cent in the past seven days and trading in the mid-US$50,000s, and second-ranked Ether has been gaining as well.

Shiba Inu was founded by an anonymous person going by the name Ryoshi last year, and the coin's website refers to it as "a decentralised meme token that evolved into a vibrant ecosystem".

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400% Rally Makes Shiba Inu 12th Top Crypto, Will Dogecoin Mirror This Move?

Oct 9, 2021

Self-proclaimed “Dogecoin Killer” Shiba Inu has had an impressive couple of days in the market. The meme coin which had been struggling the past couple of months got some much-needed boost after Dogefather Elon Musk posted another picture of his pet Shiba Inu. Floki, Musk’s pet dog, has rocked the market before when the billionaire had posted a picture after he had adopted him.

Even before the pet Shiba Inu was adopted, the CEO of Tesla and SpaceX had posted of his intention to adopt the dog, which had caused the dog-themed coins to go up. True to form, a recent posting of Musk’s pet has once again sent the meme coin community into a frenzy. The majority of the hype focused on Dogecoin’s rival Shiba Inu, which caused the value of the token to soar in a matter of hours.

Shiba Inu Becomes Top 12th Cryptocurrency

A tremendous bull run followed the posting of the billionaire’s dog. Shiba Inu rallied 30% after the tweet of the picture went live. This continued on for the following day, pushing the altcoin up an enormous 400%. With a circulating volume of 394 trillion coins, SHIB’s new price point put its market cap at $10 billion. Making it the 12th largest cryptocurrency by market cap.

This new development puts Shiba Inu closer to Dogecoin in terms of market value. Dips in the price have seen Dogecoin lose its high position on the crypto top 10 projects. Currently sitting at 10th position, the meme coin is on the verge of getting kicked off the top 10.

Shiba Inu has continued to show its viability in the market. The project has no real-world use cases other than being a hype-based coin. Yet the meme coin which many had speculated would die out within its first few months of launch has continued to impress. This recent rally is only evidence of how a crypto project may be a viable investment option as long as there are investors willing to invest and hold the coin.

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Will Dogecoin Follow SHIB?

Shiba Inu has not been the only dog-themed coin to benefit from the hype generated by Musk’s dog. Floki, a meme coin named after the pet, also rallied along with SHIB. Dogecoin itself has benefitted from the hype. But not to the extent to which other meme coins have been.

Doge’s price had broken $0.27 following Musk’s tweet, a one-month high for the meme coin. Yet, it has not followed SHIB’s growth pattern over the past few days. Dogecoin is currently trading in the green with a 14.27% 7-day trading average. Compared to Shiba Inu’s 7-day trading average of 243%.

With recent Dogecoin adoption in the space, Doge was expected to see some significant movement in its price. But the meme coin has so far not lived up to expectations. It is currently trading at a low of $0.248, down 2.57% in the last 24 hours. While Shiba Inu is trading at $0.00002531, down 24.95% in the past 24 hours.