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Highlights
- Shiba Inu, which is compatible with the Ethereum Network, is dubbed as the 'Dogecoin Killer'.
- On September 17, Shiba Inu got listed on Coinbase.
- Over the past few months, Shiba Inu has received the support of a growing community.
Shiba Inu (SHIB) has surpassed Binance USD, Litecoin, Chainlink, Bitcoin Cash, and Algorand to enter the list of top 15 cryptocurrencies in the world in terms of market capitalization.
The crypto named after the breed of a Japanese hunting dog recorded a massive surge in market cap and volume in the last seven days, putting it among the 14 largest cryptocurrencies in the world.
At 8AM EST on Thursday, October 7, SHIB crypto's market cap was US$ 13.6 billion and one-day volume was up by 21 per cent to US$ 18.6 billion, according to CoinMarketCap.
The crypto was started in 2020 as a decentralized meme token by an anonymous developer by the name of Ryoshi, right after Dogecoin was born.
Dubbed as the 'Dogecoin Killer', SHIB token is presently compatible with the Ethereum Network.
Why is Shiba Inu (SHIB) soaring?
Over the past few months, Shiba Inu has received the support of a growing community. It even made headlines after people like Ethereum co-founder Vitalik Buterin and Tesla boss Elon Musk tweeted about the cryptocurrency.
On September 17, Shiba Inu got listed on top cryptocurrency exchange Coinbase, which also affected its performance.
Also Read: TROY crypto’s volume soars over 3,000%. What is its price prediction?
Another reason behind its rising popularity could be the decision of an anonymous buyer to invest in 6.3 trillion SHIB coins on October 1 for around US$ 43.8 million.
The buyer is said to have purchased SHIB coins three times: one order was for 116 billion coins, one for 159 billion coins and another for one billion coins.
According to CoinGecko, SHIB crypto has a total supply of 1 quadrillion SHIB coins and a circulating supply of 497.7 trillion coins. In the last seven days, SHIB coin recorded a surge of about 373 per cent in its price.
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SHIB token was trading at a value of US$ 0.00003402 at the time of writing.
At this point, the coin was up by 51.2 per cent in 24 hours and only 12 per cent away from reclaiming its all-time high (ATH) of US$ 0.00003791 (May 10, 2021).
If the present momentum continues, Shiba Inu crypto could break its ATH in the next 24 hours and reach US$ 0.00040000 apiece.
Bottom line
The cryptocurrency market, presently trading in green, seems to have recovered from China’s total crypto ban blow.
Its market cap has reached almost US$ 2.4 trillion, with Bitcoin crossing the US$ 50,000-mark. BTC was trading at US$ 53,921.63 at the time of writing.
Also Read: Gala crypto's volume soars over 18,000%. What is its price prediction?
However, it is important to note that the cryptocurrency market is highly volatile and gets impacted heavily by even small world events.
