An altcoin that’s hanging on… Dogecoin’s (DOGE) competitor, Shiba Inu (SHIB), has shown great form in recent days. What could this new breakthrough be due to?
SHIB’s price explodes again
In recent weeks, SHIB’s price didn’t seem to be able to get the crypto-community excited. But that has changed since the beginning of the month, with Shiba Inu rising +187% in just over two days, once again surpassing the $0.00002 threshold.
Over the week, the increase is even more notable: the SHIB price is up +214%, including +66% over the last 24 hours. For comparison, Bitcoin (BTC) and Ether (ETH) are up “only” +25% and +24% respectively over the last seven days.
The result is that SHIB has once again entered the top 30 most capitalized cryptocurrencies, and even the top 20 this morning :
It should be remembered, however, that the price of SHIB remains 41% lower than its all-time high of $0.000037, reached last May. Also note that Shiba Inu was purposefully built with a gargantuan supply: 497,730,966,630,395 tokens are currently in circulation.
Elon Musk and Robinhood behind this jump?
As is often the case with memes-based altcoins, it is difficult to determine with certainty what led to this significant jump in SHIB’s price. However, it is safe to assume that a certain tweet from Elon Musk helped the cause, since it corresponds to the beginning of the pump:
The other element is the rumors of a possible listing of the SHIB on the trading application Robinhood. As a reminder, the latter had contributed to the explosion of the DOGE a few months ago, so the arrival of Shiba Inu could have a significant effect.