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Self-proclaimed “Dogecoin Killer,” Shiba Inu has had a few impressive days on the market. The coin that had struggled for the past two months received a much needed boost after Dogefather Elon Musk posted another photo of his pet Shiba Inu. Musk’s pet dog Floki once rocked the market when the billionaire posted a photo after adopting him.
Even before the pet Shiba Inu was adopted, the CEO of Tesla and SpaceX had announced plans to adopt the dog, causing dog-themed pieces to rise. True to form, a recent post from Musk’s pet has once again thrown the coin community into a frenzy. The majority of the hype focused on Dogecoin rival Shiba Inu which skyrocketed the token’s value within hours.
Shiba Inu becomes the 12th cryptocurrency
A formidable running of the bulls followed the display of the billionaire’s dog. Shiba Inu rallied 30% after the Tweeter of the image has been uploaded. This continued the next day, pushing the altcoin up by a whopping 400%. With a circulating volume of 394 trillion coins, the new price of SHIB brings its market capitalization to 10 billion dollars. Which makes it the 12th largest cryptocurrency by market cap.
Related reading | Billionaire Mark Cuban Explains Why Dogecoin Is A Preferable Payment Method Over Bitcoin
This new development brings Shiba Inu closer to Dogecoin in terms of market value. The price cuts have seen Dogecoin lose its high position in the top 10 crypto projects. Currently at the 10th position, the coin itself is on the verge of being excluded from the top 10.
Shiba Inu has continued to show its viability in the market. The project has no real-world use case other than a hype-based coin. Still, the coin that many had speculated would die out in its first few months of launch continued to impress. This recent rally is just one proof of how a crypto project can be a viable investment option as long as there are investors ready to invest and hold the coin.
SHIB starts downward trend following rally | Source: SHIBUSD on TradingView.com
Will Dogecoin follow SHIB?
Shiba Inu wasn’t the only dog-themed piece to benefit from the hype generated by Musk’s dog. Floki, a coin named after the pet, also rallied alongside SHIB. Dogecoin itself took advantage of the hype. But not to the extent that other pieces even have been.
Doge’s price had broken $ 0.27 following Musk’s tweet, a one-month high for the coin itself. Still, he hasn’t followed SHIB’s growth pattern over the past few days. Dogecoin is currently trading in the green with an average of 14.27% over 7 days. Compared to Shiba Inu 7-day trading average of 243%.
Related reading | AMC Theaters rolls out the first phase of Dogecoin payments on its platform
With the recent adoption of Dogecoin in space, Doge is expected to see a significant movement in its price. But the coin itself has so far fallen short of expectations. It is currently trading at a low of $ 0.248, down 2.57% in the past 24 hours. While Shiba Inu is trading at $ 0.00002531, down 24.95% in the past 24 hours.
Featured image from Fast Company, chart from TradingView.com
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