Shiba Inu continues its impressive performance with another massive surge of over 60% in a day. Moreover, SHIB is up by over 300% in the past week, becoming the top 20 coins by the market cap, which reached $12 billion.
Shiba Inu (SHIB) recently saw its price skyrocket and attracted the attention of many investors. The price of the Dogecoin-inspired cryptocurrency has risen by over 300% in a week, pushing it into the top 20 coins by market capitalization, with a value of $12 billion, according to CoinMarketCap.
It’s done this in the 14 months since its inception, in August 2020. It took Dogecoin six times as long – 88 months from its launch – to reach that size.
The most recent catalyst for Shiba Inu fever appeared to be the Tesla CEO and crypto enthusiast Elon Musk’s tweet on Monday with a photo of his real-life shiba inu puppy and the caption “Floki Frunkpuppy.”
But not all market watchers believe the surge in Shiba Inu was sole because of Musk’s tweet.
“There’s no evidence that the tweet explicitly showed support of the SHIB token the same way he did in the past by posting memes for Dogecoin,” said Eliézer Ndinga, a research lead at 21Shares.
(Source: https://www.dailyfx.com/forex/market_alert/2021/10/07/Bitcoin-BTC-Consolidates-Hefty-Gains-Shiba-Inu-SHIB-Soars-Ever-Higher.html )
Popular crypto influencer CryptosRUs said that it is not a new version of Dogecoin (DOGE) but a different project that he believes to be better.
While Dogecoin is a “pure memecoin” that can only carry out basic transactions, Shiba Inu already powers its own decentralized exchange (DEX); and its team plans to launch a dedicated Ethereum scalability network.
CryptosRUs also said that rumors about Robinhood listing Shiba Inu are major bullish arguments for the coin. He said he believes the rumor to be true since the exchange is looking for profits, as its users are clearly interested in memecoins, and Shiba Inu is the second top memecoin.
By his words, “Robinhood was the sole reason why Dogecoin pumped up to $0.74 … from mere pennies” with 10,000% gains.
However, Michael Burry, the investor of “The Big Short” fame, dismissed the Dogecoin-inspired cryptocurrency. He shared Coinbase’s description of the meme token in a now-deleted tweet describing the Shiba Inu coin as ‘pointless.’
According to CoinMarketCap data, Shiba Inu is trading at $0.00002678 at the time of writing.