Shiba Inu Up 385% in a Week, Becomes 12th Largest Cryptocurrency

There seems to be little in the way of Shiba Inu’s (SHIB) latest advance, as the Dogecoin alternative jumped by another 50% in the last 24 hours.

Hitting a local high of $0.0003473 on Thursday, SHIB is also up an eye-watering 385% in the last seven days, with the latest price action taking the coin to the 12th spot in the crypto rankings, according to CoinGecko.

With a market cap of nearly $17 billion, SHIB has flashed past the likes of Chainlink (LINK), Litecoin (LTC), Avalanche (AVE), and Uniswap (UNI).

Described as “an experiment in decentralized spontaneous community building,” Shiba Inu was created by a pseudonymous developer under the alias of Ryoshi and launched in August 2020.

The token has been on a tear since the start of the week, with one of the most likely reasons behind the spike being yet another canine-themed tweet from Tesla and SpaceX CEO Elon Musk.

Floki Frunkpuppy pic.twitter.com/xAr8T0Jfdf

— Elon Musk (@elonmusk) October 4, 2021

Last Sunday, Musk posted an image of his new Shibu Inu pup, Floki, sending waves of enthusiasm across the legions of SHIB fans and even prompting the #SHIB hashtag to trend on Twitter.

In another milestone, data from Etherscan shows that the army of SHIBU holders has now surpassed the 700,000 mark.

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

Shiba Inu’s jump comes amidst a wider surge across the entire crypto market, with Bitcoin up 30% over the last week.

The world’s leading cryptocurrency revisited the $55,000 mark on Wednesday, however, at press time it’s changing hands around $54,000.

Ethereum is up 25% in the last week, trading at $3,5700 by the time of writing.