Meme Token Shiba Inu(SHIB) gains 250% in less than a week to enter the Top 20 list

Key Takeaways

• Meme token Shiba Inu (SHIB) shot up by 250% this week, with over 200% of that in the past 3 days alone
• The rally helped SHIB gain a spot in the top 20 coins by market cap, replacing Bitcoin Cash (BCH) at 17th spot
• Bitcoin (BTC) rallied to touch the $55K mart

YEREVAN (CoinChapter.com) — In what is turning out to be an outstanding month for meme cryptocurrency Shiba Inu (SHIB), its price rose by almost 250% since October 1.

The Dogecoin (DOGE) offshoot token currently trades at $0.000024. Thanks to the impressive run, it has found a place on the list of the top 20 biggest cryptocurrencies by market capitalization, data provided by coin tracking website CoinGecko shows. 

In contrast, original meme cryptocurrency Dogecoin (DOGE) could only manage to gain 43% in the past week. However, in the past 24 hours alone, DOGE is down more than 2% while SHIB continued its rally by 40%.

WHY THE FCK IS SHIB GOIN UP??
YA’ll TOLD ME TO STAY AWAY CAUSE IT WAS A SCAM SHIT PROJECT.

NOW… WHAT DO YA’LL HAVE TO SAY???

— Busta Rhymes (@BustaRhymes) October 6, 2021

Recommended: Elon Musk tweets both Dogecoin and Floki Inu into a spike; which one will last?

SHIB gains 200% in 3 days, stumps Bitcoin Cash 

While Dogecoin (DOGE) fell to the 9th spot in terms of market cap, SHIB entered the elite club with a bang, unseating Bitcoin Cash (BCH) to claim the 17th spot. BCH is the largest hard fork of Bitcoin (BTC) and was formed after Bitcoin (BTC) split (forked) in 2017.

With a 24-hour trading volume of $10,765,606,147, SHIB’s total market cap has not crossed 12 billion at the time of writing. 

Shiba Inu’s mega run comes at the backdrop of two favorable events.

An anonymous whale decided to back SHIB by buying 6.3 Trillion Shiba Inu tokens in two days. The move shot SHIB’s price up, making it one of the most traded coins by volume in the past few days. 

#shibainu Whale Buys 6.3 Trillion $SHIB Coins in Two Days!!!

What does this tell you? One word: MOON🚀🚀

❤️ Destroy the Like and Retweet ♻️, let that whales know you are thankful!👏..$BONE $LEASH $TREES 💎🔥 on whales radar, watch-out!https://t.co/gipl7c25dK

— Shiba Inu (@ShibainuCoin) October 6, 2021

The sudden spike has another person to thank as well. A recent tweet from the ‘Dogefather’ Elon Musk himself got the fans excited about SHIB.

The TESLA CEO took to Twitter on Sunday night to post a photo of his pet Shiba Inu pup named Floki. 

Floki Frunkpuppy pic.twitter.com/xAr8T0Jfdf

— Elon Musk (@elonmusk) October 4, 2021

While its namesake, the Floki Inu (FLOKI) crypto spiked 17%, other dog-themed cryptos also benefited. Dogecoin (DOGE) gained a humble 7% while Shiba Inu (SHIB) shot up over 70%. 

Musk’s pet is a Shiba Inu pup, which explains the excitement behind the tweet. 

In the meantime, the celebrated meme token crossed 1M followers on Twitter owing to the hype.  

Thank you, #ShibArmy, for helping us reach yet another milestone in our history. Today, we reached 1,000,000 Followers on Twitter.

Now is when we mint and showcase our #1MFRIENDSHIBS.

Woof! pic.twitter.com/rCYdFfyPgZ

— Shib (@Shibtoken) October 6, 2021

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Bitcoin (BTC) touches a new monthly high at $55K

After falling below $47,000 during the weekend, Bitcoin (BTC) managed to gather enough steam to break the $49,000 barrier on Sunday. 

As the bulls rallied behind it, the next psychological obstacle of $50,000 did not resist long. 

Today, the world’s most popular cryptocurrency crushed the market, reaching a new monthly high above the $55K mark.

Ok, stop it now #Bitcoin, I cant keep up.#BTC $55k pic.twitter.com/8gozjltNgj

— Trust – Crypto Wallet (@TrustWallet) October 6, 2021

While Bitcoin’s impressive run has contributed to the performance of Altcoins, including SHIB, not all could benefit. 

Despite entertainment and cinema giant AMC announcing it has started accepting Dogecoin payments, the meme token did not reap the benefits.

It continues to watch its knock-offs prosper, while it lies deserted and forgotten by its top patron Elon Musk.