Shiba Inu becomes 20th largest cryptocurrency after 360% hike
It seems like memecoins are here to stay, or at least as long as Elon Musk continues to endorse them, intentionally or unintentionally. Now, Shiba Inu, another memecoin like Dogecoin, has placed itself on the list of the world’s top 20 cryptocurrencies by market value.
The currency rose by 70% from the previous day and 360% from the previous week, taking its market capitalization to $10 billion.
The fueled demand came partly from Elon Musk’s Twitter post of his pet Shiba Inu pup named ‘Floki Frunkpuppy’ sitting on a Tesla and partly because of an anonymous whale purchasing almost 6.3 trillion SHIB tokens within two days.
However, this is not the first time Shibu Inu has placed itself on ‘Top 20’. It previously took the 15th spot in market capitalization in early May 2021 when altcoin season was at its peak.
Although the price dropped by nearly 70% after the May crash, it remained popular with the number of followers on its official Twitter account surpassing 1 million on the 7th of this week.
The first memecoin, Dogecoin, attracted attention as a speculative destination for individual investors following the GameStop Robinhood turmoil in January 2021 and its repeated mentions by Tesla’s CEO Elon Musk.
After that, many meme dog brands such as Shiba Inu (SHIB) and AKITA INU (AKITA) tokens emerged in the market.
The post Shiba Inu becomes 20th largest cryptocurrency after 360% hike appeared first on Our Bitcoin News.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @Gauri Bhatia, @Khareem Sudlow