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A dog-themed competitor to Dogecoin (DOGE) is on the rise as the global cryptocurrency market rebounds from a recent recession.
One of the top performers lately is memecoin and DOGE competitor Shiba Inu (SHIB), which was able to trigger an 87% rally in a single day.
The crypto asset ranked 22nd by market cap traded at $ 0.000000008 on January 1. Thanks in part to tweets from Tesla CEO Elon Musk, the SHIB climbed 47,387,400% to a record high of $ 0,0003791 on May 10, before partially falling back to earth in recent months.
This week, Musk tweeted a photo of his puppy Shiba Inu.
Floki Frunk Puppy pic.twitter.com/xAr8T0Jfdf
– Elon Musk (@elonmusk) October 4, 2021
Following Musk’s tweet, SHIB then set off a rally that was at one point 112% above previous prices, before giving up a large chunk of its gains.
SHIB, a meme token that aims to be an Ethereum-based alternative to DOGE, has grown over 8,600,000% this year and was recently added to Coinbase.
The latest price spike took SHIB from $ 0.00000692 a week ago to $ 0.000001796 at the time of writing, according to CoinGecko.
Shibu Inu’s website notes that SHIB is a “decentralized meme token that has evolved into a vibrant ecosystem.”
In July, the decentralized platform (DeFi) ShibaSwap was launched to provide users with the ability to wager, trade, provide liquidity, and earn passive income.
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Featured Image: Shutterstock / Lichtflut
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