Shiba Inu Increased 38% In One Week Becoming 12th Biggest Crypto

Shiba Inu increased 38% in one week and became the 12^th biggest cryptocurrency, continuing its meteoric rise as we are reading more in our latest altcoin news today.

There seems to be almost nothing in the way of the cryptocurrency and its advance as the DOGE alternative jumped by another 50% over the past 24 hours. Hitting the local high of $0.0003473 SHIB made a stunning increase of 385% in the past week with the price action taking the coin to the 12^th spot in the crypto rankings as per CoinGEcko. With a market cap of $17 billion, Shiba inu increased 38% and flew past coins like Litecoin, Avalanche, Chainlink, and Uniswap. Described as an “experiment in decentralized community building, Shiba Inu was created by a developer under the alias of Ryoshi and was launched in 2020.

And, in yet another milestone, @etherscan reports that we have crossed the mark of 700,000 $SHIB holders!

We are not stopping growing anytime soon! Welcome new holders, to the #ShibArmy!

❤️ Like & ReTweet ♻️ share ur happiness👏👏$BONE $LEASH $TREES 💎🔥 pic.twitter.com/swnZEk94pD

— Shiba Inu (@ShibainuCoin) October 7, 2021

The token was on a tear since the start of the year and one of the reasons behind it could be the tweets from Tesla’s CEO Elon Musk. He posted an image last week of his new Shiba Inu pup named Floki and immediately send waves of enthusiasm across SHIB fans and prompted the #SHIB to trend on Twitter. In another milestone, the data from Etherscan shows that the army of SHIBU holders surpassed the $700,000 mark. The increase for the coin came amidst the wider surge across the entire crypto market with BTC increasing 30% over the past week as the world’s leading crypto revisited the $55,000 mark on Wednesday. ETH also increased by 25% in one week and traded at $3,500 at the time of writing.

Floki Frunkpuppy pic.twitter.com/xAr8T0Jfdf

— Elon Musk (@elonmusk) October 4, 2021

Just a month ago, The listings on the biggest US-based crypto exchange result in immediate price surges and this has once again transpired with Shiba Inu. The SHIB token exploded 44% in one day, to a new monthly high in September. Coinbase announced the latest token to be listed for trading on the main platform Coinbase Pro and two apps for both iOS and Android. The exchange enabled the customers to trade, send and receive the SHIB token in almost every Coinbase-supported region. Shiba Inu became popular as the DOGE mania turned wild. It also advertised itself as the DOGE-killer but unlike most meme coins that were launched as a joke in 2013, SHIBA Inu promised to release a new exchange that is decentralized which it did earlier this year and it was dubbed Shibaswap.