Since the beginning of the week, the token has risen in price by more than 4 times, entering the top twenty of the rating by capitalization.
At the highs of the day, SHIB was in 12th place, pushing back Avalanche, Uniswap, Binance USD and Litecoin.
The altcoin rally began on Monday, October 4, after Tesla CEO Elon Musk tweeted a photo of his Shiba Inu puppy named Floki.
At the beginning of the week, Shiba Inu became the most popular token on the Coinbase crypto exchange. The number of readers of the official account of the Shiba Inu project has reached 1 million, overtaking Solana and Litecoin in popularity. The number of digital addresses with balance in SHIB tokens has exceeded 700 thousand units.
The token echoes the theme of Dogecoin, a comic cryptocurrency whose sudden popularity has spawned a slew of imitators. For example, the Flokinomics token (FLOKIN), launched just 3 days ago, has risen in price by 2400% in the last 24 hours. Other Dogecoin clones, such as Dogelon Mars, also gained in value.
At the end of September, an unknown investor acquired 6.2 trillion SHIB for $ 44 million, which was the starting point of the current rally, writes ttrcoin.
Shiba Inu was launched in August 2020 and is being marketed as a "decentralized meme token that has evolved into a vibrant ecosystem." The creators call SHIB the "Dogecoin killer". The project's website says that its main task is to surpass Elon Musk's favorite cryptocurrency in terms of capitalization.
The Shiba Inu developers claim they were inspired by the example of the Reddit community WallStreetBets, which artificially inflated the value of the shares of GameStop, AMC and other unprofitable companies.