A dog-themed competitor to Dogecoin (DOGE) is surging as the overall cryptocurrency market bounces back from a recent slump.
One of the top performers as of late is memecoin and DOGE competitor Shiba Inu (SHIB), which was able to ignite an 87% rally in just a single day.
The 22nd-ranked crypto asset by market cap was trading at $0.00000000008 on January 1st. In part thanks to the tweets of Tesla CEO Elon Musk, SHIB skyrocketed by 47,387,400% to an all-time high of $0.00003791 on May 10th, before crashing partially back down to earth for the last several months.
This week Musk tweeted a photograph of his Shiba Inu puppy.
Floki Frunkpuppy pic.twitter.com/xAr8T0Jfdf— Elon Musk (@elonmusk) October 4, 2021
Following Musk’s tweet, SHIB subsequently ignited a rally that was at one point 112% above prior prices, before giving up much of its gains.
SHIB, a meme token that aims to be an Ethereum-based alternative to DOGE, has vaulted up over 8,600,000% this year and was recently added to Coinbase.
The latest price surge has taken SHIB from $0.00000692 a week ago to $0.00001796 at time of writing, according to CoinGecko.
The Shibu Inu website notes that SHIB is a “decentralized meme token that evolved into a vibrant ecosystem.”
In July, the decentralized platform (DeFi) ShibaSwap launched to provide users the ability to stake, swap, provide liquidity, and earn passive income rewards.