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Author Topic: Shiba Inu Took 14 Months To Hit A Market Value Of $12 Billion

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Shiba Inu Took 14 Months To Hit A Market Value Of $12 Billion - It Took Dogecoin 6 Times Longer To Reach That Milestone

It's taken just 14 months for meme-coin Shiba Inu to enter the ranks of the world's top 20 cryptos.

Shiba Inu's market value hit $12 billion on Thursday - it took dogecoin six times longer to that same mark.

Elon Musk tweeted a picture of his dog Floki on Monday that triggered a massive rally in the dogecoin rival this week.

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Move over dogecoin. Spin-off Shiba Inu is on a tear, having gained around 350% in a month - roughly what bitcoin has gained in a year.

The price of the dogecoin-inspired cryptocurrency has risen by over 300% in a week, pushing it into the top 20 biggest coins by market capitalization, with a value of $12 billion, according to Coinmarketcap.

And it's done this in the space of the 14 months since its inception in August 2020. It took dogecoin 88 months from its launch to reach that same size - six times as long as Shiba Inu.

The most recent catalyst for Shiba Inu-fever was Tesla CEO and crypto enthusiast Elon Musk tweeting about his puppy, Floki.

On Monday, Musk tweeted a cute picture of his real-life Shiba Inu, with the caption "Floki Frunkpuppy".

Since then, the coin, created by someone who goes by the pseudonym Ryoshi, has soared from $0.00001348 to around $0.00003068 on Thursday, up another 41% over the 24 hours to 6:32 am ET.

This week has seen crypto bulls pile in again after a few weeks of volatility and pullbacks. Number one crypto coin bitcoin has regained a market cap of $1 trillion for the first time since May this year. Shiba Inu now ranks above the likes of polygon, stellar and gaming token axie infinity, which, this week, had almost doubled in value in the space of a month.

But not all market-watchers believe the surge in Shiba Inu was solely down to Elon Musk's tweet.

"There's no evidence that the tweet explicitly showed support of the SHIB token the same way he did in the past by posting memes for dogecoin," Eliézer Ndinga, research lead at 21Shares said.

Read the original article on Business Insider

Source: Yahoo News.
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