Shiba Inu (CRYPTO:SHIB) has increased in value by around 50% in the past 24 hours. The price of SHIBA INU has risen by 182.64% in the past 7 days.
But it's just a meme, right? Well, remember what happened with DOGE? SHIB is like DOGE but it has fundamental value. According to Coinbase, "The Shiba Inu Token ecosystem supports projects such as an NFT art incubator and the development of a decentralized exchange called Shibaswap."
Long story short, Shiba Inu is an Ethereum-based alternative to Dogecoin (DOGE). It was created anonymously by a person or entity known as "Ryoshi" in August of 2020.
More great news! We have a new exchange for the #SHIBARMY.
While we certainly started as a meme token, but we are moving far beyond that!
Not like memes are bad anyway. Everyone loves them and with reason! Memes reach to people, connects with them, and put smiles in their faces https://t.co/Hv0Fk1R1Eu
— Shib (@Shibtoken) October 5, 2021
Unlike Bitcoin, which is scarce by design, SHIB is intentionally abundant with a market cap of $7.8-billion. Shiba Inu is now the 33rd largest cryptocurrency in the world.
The latest rally comes shortly after a tweet from Elon Musk.
Floki Frunkpuppy pic.twitter.com/xAr8T0Jfdf
— Elon Musk (@elonmusk) October 4, 2021
SHIB was already on a rally after it became available for trading on Coinbase in mid-September. In fact, The coin went up by 35% in value right after becoming available, according to Mint. Whether this growth is sustainable remains to be seen.