The shiba inu cryptocurrency, considered a parallel version of dogecoin, soared in market value and momentarily surpassed even its main inspiration.
According to the coinmarketcap, the asset had an appreciation of 184.82% in the last week and grew 42.80% only in the last 24 hours. The most curious thing is that this happens while other cryptocurrencies, such as the popular Bitcoin and Ethereum, showed devaluation.
The chart with shiba inu’s recent performance.Source: CoinMarketCap
At the time of publication of this article, the shiba inu is worth US$ 0.00008035 a unit. The asset ranks eighth among the cryptocurrencies with the highest market value, having surpassed traditional names such as Litecoin and the Bitcoin Cash fork.
What is shiba inu?
The shiba inu is based on the Ethereum blockchain and was born as a kind of “rival” to the dogecoin — so much so that they both have the same mascot, the dog whose breed gives its name to the high cryptocurrency.
Symbols representing shiba inu (left) and dogecoin (right).Source: TecMundo
It was born in 2020, but has only now been adopted by relevant industry figures and started to skyrocket in valuation: the creator of Ethereum made a large donation in shiba inu to help fight the covid-19 pandemic.
Elon Musk reveals which cryptocurrencies he is currently investing in
Entrepreneur Elon Musk, who says he doesn’t invest in cryptocurrency, has already generated appreciation of the token just by mentioning his name in a Twitter post. Even a new coin inspired by the executive’s dog has begun to gain traction in the market and is trying to surf on the Tesla commander’s popularity.