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.
Shiba Inu on the loose
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.