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.
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!!!
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.
Yerevan-based Editor and writer focusing on topics about cryptocurrencies, NFTs, politics, and international relations. Having completed his Bachelor's and Master's degrees from Delhi's Jawaharlal Nehru University, he currently works as a reporter at CoinChapter.
Contact: [email protected]
On July 10, meme coins Dogecoin (DOGE) and Shiba Inu (SHIB) traded at $0.07 and $0.0000123, respectively, after two...
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