The meme coin Shiba Inu has gained about 350% in a month – about as much as Bitcoin gains in a year.
The coin, created by someone using the pseudonym Ryoshi, rose from $0.00001348 to about $0.00003068 on Thursday and has risen 41% in 24 hours. This week, after several weeks of volatility and pullbacks, we saw crypto bulls take action again.
According to Coinmarketcap, the price of the Dogecoin-inspired cryptocurrency has gained over 300% in one week, making it one of the top 20 coins by market cap. Moreover, it has done so in the 14 months since its inception in August 2020. With a market cap of around $13 billion, SHIB has outstripped coins like Chainlink (LINK), Litecoin (LTC).
It took 88 months for Dogecoin to reach the same size – six times that of the Shiba Inu. We can say that there is a great Shiba Inu-Dogecoin comparison on the market right now. Some market experts expect a similar move from Doge.
If I know these cat-dogs a little, they’re all going to collect profits from the shib and get into the Doge this time. Aha write it down!
— Stevedabitcoin (@stevedabitcoin) October 7, 2021
The latest catalyst for the Shiba Inu rise was Tesla CEO and crypto enthusiast Elon Musk tweeting about his dog Floki.
In another milestone, data from Etherscan reveals that SHIBU holders have now crossed the 700,000 mark.
“We are not stopping growing anytime soon! New owners welcome to the SHIB army!”
And, in yet another milestone, @etherscan reports that we have crossed the mark of 700,000 $SHIB holders!
We are not stopping growing anytime soon! Welcome new holders to the #ShibArmy!
❤️ Like & ReTweet ♻️ share ur happiness👏👏$BONUS $LEASH $TREES 💎🔥 pic.twitter.com/swnZEk94pD
— Shiba Inu (@ShibainuCoin) October 7, 2021
The Shiba Inu’s rise comes amid a broader bullish run across the entire crypto market, with Bitcoin up 30% last week. The world’s leading cryptocurrency revisited the $55,000 level on Wednesday, but is trading around $54,000 at the time of writing. Ethereum, on the other hand, is up 25% over the past week and is trading at $3,5700 at the time of writing.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.