For the past 7 days, Shiba Inu (quotation SHIB in real time) added over 300 percent to its value. In the past 24 hours alone, the meme coin has added about 40% and is now trading for $ 0,00003084 according to our data. What's more, in the last year alone, the coin has risen by nearly 8.000 percent, a huge increase even by cryptocurrency standards. With a market capitalization of just over $ 12 billion, the token is now the XNUMXth largest cryptocurrency in the world.
There are now over 700.000 SHIB coin holders.
The figures mark a new all-time high for the token. This meteoric rise began about a week ago after Tesla CEO Elon Musk tweeted a photo of his pup, Floki, shortly after he was invited by the crypto community to share an update of the pup he received a few months ago.
Throughout the year, Elon Musk has fallen both in favor and out of favor with the crypto community. This was particularly accentuated after his rethinking with Bitcoin. After approving Bitcoin and introducing Bitcoin payments for his electric car company and adding the asset to the company's balance sheet, he would later stop and make overwhelming comments about Bitcoin's power consumption which led to a crash. at the market level.
For meme coin investors, it has apparently remained real. With Shiba Inu in particular, the billionaire began engaging with the community in June. He announced to his followers that he would introduce his Shiba Inu puppy by saying “my Shiba Inu will be called Floki. This was enough to see the SHIB token rocket. Although Musk never made specific reference to the token, the community has pegged the earnings to his comments.
Is Shiba Inu a Dogecoin killer?
Although the coin has so far been nicknamed “Dogecoin Killer”, SHIB is following the pattern followed at the beginning of the year by Dogecoin (DOGE) which at the time of printing is among the top ten coins. But one significant difference is that Elon Musk admitted that he likes and owns DOGE. In fact, it was thought for some time that Tesla would start accepting DOGE.
If SHIB continues to rise, it may also begin to see its ecosystem evolve and become complex, which was testified with Dogecoin. More recently, Dogecoin Billy Markus discussed introducing NFT to the ecosystem and bridging Dogecoin and Ethereum. Over time, Shiba Inu, now one of the best cryptocurrencies with a market capitalization higher than those of Tron (TRX), Stellar (XLM), Polygon (MATCI) whose projects are significantly more developed, is likely to start strengthening the its ecosystem and to promote adoption.
In the short term, a correction for SHIB looks likely, but after its performance over the past year, the meme coin is likely to continue to make headlines.
