Shiba Inu Coin Grows Bigger Than Polkadot And USD Coin As Its Value Soars Up By 76%

The market cap saw a growth of over 200% in the last 24 hours!


The value of Shiba Inu cryptocurrency, a new Ethereum-based Dogecoin ripoff, has increased by 76%, scorching from 0.00004887 USD last night to 0.00008100 USD at the time of writing this. The digital currency has witnessed a whopping 115% growth in its lifetime market cap ($44,545,833,123), and it grew by 200% in the last 24 hours and is even projected to be up to 400%.

It’s now one of the top 10 cryptocurrencies globally, taking 8th place after Polkadot and USD Coins, whose values are capped at 40.0 and 32.4 billion USD, respectively.

The currency’s price steadily increased before Elon Musk replied to a Tweet where he said he doesn’t hold any Shiba Inu. After that, the price of the same declined. For starters, Elon was one of the pioneers who helped DogeCoin reach where it is today.

While the price of Shiba Inu was increasing, other cryptos like Bitcoin, Ethereum, XRP, and Polkadot witnessed a significant decline of around 40% combined.

An article from FXStreet mentions that “SHIB could retrace and consolidate until a massive surge in buying pressure occurs.”

What are your thoughts about the Shiba Inu coin? Have you invested in it? Let us know in the comments section below.

Abubakar Mohammed

Abubakar Mohammed

Abubakar is a Linux and Tech Writer. Hailing from a Computer Science background, the start of his love for Tech dates back to 2011, when he was gifted a Dell Inspiron 5100. When he's not covering Tech, you'll find him binge-watching anime and Tech content on YouTube or hunting heads in competitive FPS games. You can also find his work on Android Police and How-To Geek.
More From Fossbytes

Latest On Fossbytes

Find your dream job