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October 5, 2021

Dogecoin Competitor Explodes 87% in Just One Day As Bitcoin and Crypto Markets Turn Green

By Daily Hodl Staff

A dog-themed competitor to Dogecoin (DOGE) is surging as the overall cryptocurrency market bounces back from a recent slump.

One of the top performers as of late is memecoin and DOGE competitor Shiba Inu (SHIB), which was able to ignite an 87% rally in just a single day.

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The 22nd-ranked crypto asset by market cap was trading at $0.00000000008 on January 1st. In part thanks to the tweets of Tesla CEO Elon Musk, SHIB skyrocketed by 47,387,400% to an all-time high of $0.00003791 on May 10th, before crashing partially back down to earth for the last several months.

This week Musk tweeted a photograph of his Shiba Inu puppy.

Following Musk’s tweet, SHIB subsequently ignited a rally that was at one point 112% above prior prices, before giving up much of its gains.

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SHIB, a meme token that aims to be an Ethereum-based alternative to DOGE, has vaulted up over 8,600,000% this year and was recently added to Coinbase.

The latest price surge has taken SHIB from $0.00000692 a week ago to $0.00001796 at time of writing, according to CoinGecko.

The Shibu Inu website notes that SHIB is a “decentralized meme token that evolved into a vibrant ecosystem.”

In July, the decentralized platform (DeFi) ShibaSwap launched to provide users the ability to stake, swap, provide liquidity, and earn passive income rewards.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Lichtflut

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