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.