Dogecoin copycat token SHIB surged 60% in less than 24 hours to reach a brand-new all-time high of US $0.00004442. SHIB was trading at US $0.00003937 at press time. It currently sits at #13 biggest token by market cap.
This new price level breaks the previous record set when it rose over 3,400% in simply over a week in May to reach US $0.00003503 before falling just as much a few days later. SHIB’s current rise came off a lull of around US $0.00002 after a rally previously in the month saw its rate dive over 300% in under a week.
Robinhood recently included SHIB as a customer survey choice, signifying it might be listing SHIB very soon. Leading Twitter SHIB community account @ShibaInuNews posted a screenshot of the survey on Saturday, before the price increase.
According to CoinMarketCap, the other dog-based token, DOGE, saw an 8% rise in price to US $0.2687 in a few hours after a tweet by Tesla CEO Elon Musk referenced the token. Musk had replied to a tweet saying his predicted wealth increase to the trillions would be in Dogecoin.
Dogecoin launched in 2013 as a joke on Bitcoin, deriving its name from a prominent meme at the time, a small dog referred to as a Shiba Inu. After the explosive rise of DOGE earlier this year – abetted by Elon Musk’s strange tweet – many copycat meme tokens have tried taking advantage of the new form of crypto. However, SHIB has proven to be the most effective up until now.
Wilson is a successful crypto analyst and content writer with many years of writing experience in finance and blockchain fields. His interests are in crypto-asset research and technical analysis, Fintech, Blockchain, DeFi, NFTs, and Personal Finance.