Popular meme coin, Shiba Inu, known to be a spin-off to Dogecoin, reached an all-time high of $0.00003995, just a few hours ago, following a price surge of over 41% in just 48 hours. The current surge in price makes Shiba Inu the 13th most valuable token according to coinmarketcap, with a market capitalization of $15.2 billion. It is also now worth more than Africa’s richest man, Aliko Dangote, who is worth, according to Forbes, $13.6 billion.
Shiba Inu’s latest price jump is attributed to an ongoing bullish trend that started almost two weeks ago, which helped the cryptocurrency’s value rally by more than 26%. Since then, Shiba Inu maintained week-long support at roughly $0.00002796 before resuming a bull run to its all-time high.
Shiba Inu’s current ranking makes it three spots away from flipping Dogecoin. However, it will take some time for Shiba Inu to flip Dogecoin as it has a market capitalization of $32.6 billion, more than double Shiba Inu’s current market capitalization. Currently, Shiba Inu holds the biggest circulating supply of nearly 395 trillion. As previously reported by Nairametrics, Shiba Inu jumped 40% after Elon Musk, CEO of Tesla, tweeted about the arrival of a new Shiba Inu puppy called Floki.
Shiba Inu was founded by an anonymous person going by the name Ryoshi last year and the coin’s website explains that the coin is “a decentralized meme token that evolved into a vibrant ecosystem.” It appears to have been made as a joke just like the famous Dogecoin, a cryptocurrency that was created as a joke in 2013, also with a Shiba Inu meme.
Although made as a joke, these meme coins have been able to attract the attention of Elon Musk, who has stated that he would put a physical Dogecoin on the moon and has also mentioned that Dogecoin will trade as high as $1. The popularity does not end there as the popular meme coin is now used for payments by some sports teams, AMC theatres and others.
The growth of Dogecoin and Shiba Inu is primarily attributed to support from Tesla CEO and the richest man in the world, Elon Musk. In a recent conference hosted in California, Musk said, “It is not possible to, I think, destroy crypto, but it is possible for governments to slow down its advancement.” He added that he believes that the United States government should “do nothing” about regulating cryptocurrencies.
It would seem that meme coins are taking charge in what is known as altseason. Asides from this, Shiba Inu’s market capitalization makes it more valuable than other well-known cryptocurrencies like Avalanche, Litecoin, Chainlink and Bitcoin Cash.
Although there is a rally in the mem coin industry, investors are advised to invest with extreme caution as these coins are very volatile and could result in the total loss of an investor’s portfolio.