Shiba Inu, the self-proclaimed “Dogecoin Killer,” has had a successful few days in the market. The meme coin, which had been struggling in recent months, received a much-needed boost after Dogefather Elon Musk shared another photo of his pet Shiba Inu. Musk’s pet dog, Floki, has previously caused a stir in the market after the billionaire posted a photo of him shortly after adopting him.
Even before the pet Shiba Inu was adopted, Tesla and SpaceX CEO Elon Musk announced his intention to adopt the dog, causing the price of dog-themed coins to rise. True to form, a recent photo of Musk’s pet has enraged the meme coin community yet again. The majority of the attention was focused on Dogecoin’s rival Shiba Inu, which caused the token’s value to skyrocket in a matter of hours.
Shiba Inu Becomes the 12th Most Valuable Cryptocurrency
Following the posting of the billionaire’s dog, there was a massive bull run. Shiba Inu prices increased by 30% after the image was tweeted. This trend continued the next day, propelling the altcoin up 400 percent. SHIB’s new price point puts its market cap at $10 billion, with a circulating volume of 394 trillion coins. It is now the 12th most valuable cryptocurrency in terms of market capitalization.
In terms of market value, this new development brings Shiba Inu closer to Dogecoin. Price drops have caused Dogecoin to drop out of the top ten cryptocurrency projects. The meme coin, which is currently ranked tenth, is on the verge of being removed from the top ten.
Shiba Inu has proven its market viability time and again. Aside from being a hype-based coin, the project has no real-world use cases. Despite this, the meme coin, which many predicted would die out within the first few months of its launch, has continued to impress. This recent rally demonstrates how a cryptocurrency project can be a viable investment option as long as there are investors willing to invest and hold the coin.
Will SHIB be followed by Dogecoin?
Shiba Inu isn’t the only dog-themed coin to benefit from Musk’s dog’s publicity. Along with SHIB, Floki, a meme coin named after the pet, rallied. Dogecoin has benefited from the publicity. However, not to the extent that other meme coins have been.
Following Musk’s tweet, Doge’s price had broken $0.27, a one-month high for the meme coin. However, it has not followed SHIB’s growth pattern in recent days. Dogecoin is currently trading in the green, with a 7-day trading average of 14.27 percent. In comparison to the Shiba Inu’s 7-day trading average of 243 percent.
With recent Dogecoin adoption in the space, Doge was expected to see significant price movement. However, the meme coin has yet to live up to expectations. It is currently trading at a 24-hour low of $0.248, down 2.57 percent. Shiba Inu is currently trading at $0.00002531, down 24.95 percent in the last 24 hours.