Dogecoin is no longer the only “dog” cryptocurrency that has risen on the world market. After many months of doing nothing, his “twin” known as shiba inu experienced rapid growth. Only after last year’s launch, the young cryptocurrency became the 12th largest cryptocurrency in recent days, he informed Bloomberg.
Another “dog” cryptocurrency grows at a rocket pace
Like bitcoin, shiba inu (SHIB) was created by an anonymous person / persons under the nickname “Ryoshi”. It gained a lot of attention in the spring of this year, when it was suddenly on the market doubled its price. Recently, however, she surprised again and a single tweet from Elon Musk was enough, who in the past was able to influence, for example, the prices of dogecoin or bitcoin with his contributions.
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Like dogecoin prices after Musk’s tweets, the price of shiba inu shot up after his recent post, and in the last week it managed to create an increase of 267%. However, the price of one of these coins is minimal compared to dogecoin and at the time of writing SHIB was sold for only € 0.00002437. In recent months, however, it is one of the fastest growing cryptocurrencies on the market, although like its “twin”, this cryptocurrency was a joke.
Nevertheless, shiba inu has seen growth of more than 28 million percent over the past year. The market capitalization of this cryptocurrency is currently over $ 9.6 billion. The rapid growth of value began about 5 days ago, at the time of Musk’s post with a cute dog on Twitter.
However, it is important to remember that this growth is definitely due to the positive sentiment in the market, which, among other things, caused the growth of the largest cryptocurrency, bitcoin. Despite the controversial beginnings and the huge price shot, shiba inu with dogecoin evokes in investors the belief in its value.
The cryptocurrency shiba inu was “made famous” by the founder of the Ethereum platform, Vitalik Buterin. Its creators donated half of the tokens when creating the cryptocurrency, but Buterin decided to burn a large part of it in mid-May, donating 10% of its tokens worth more than $ 1 billion to a fund to support India in the fight against the devastating wave. COVID-19.