Shiba Inu (SHIB/USD), a Dogecoin (DOGE/USD) offshoot, is trending after gaining over 55% in 24 hours and 99.92% over the past 24 hours. This bullish performance has seen the canine-themed token surge from a low of $0.000008213 (£0.0000060) yesterday to $0.00001395 (£0.000010) at the time of writing. Despite these gains, SHIB is still a long way from revisiting its May 10 all-time high of $0.0000388 (£0.000028).
According to data from TradingView, SHIB’s technical indicate that the rally is set to continue. In the one-day chart, the oscillators point to a mild selling force while the moving averages indicate strong buying. The buying force is evident in the increasing volume, which currently stands at $6,907,957,880.00 (£5,069,646,668.76) after rising by a whopping 693.56% in 24 hours.
These gains have also seen SHIB’s market capitalization increase by 55.99% over the past 24 hours to hit $5,534,883,309.00 (£4,062,244,581.39). This capitalization makes SHIB the 34th-largest crypto after toppling coins like Bitcoin BEP2 (BTCB/USD), Elrond (EGLD/USD), and Monero (XMR/USD).
While SHIB draws inspiration from DOGE, the first Shiba Inu-themed meme, DOGE’s performance has not matched SHIB’s astronomical rise. DOGE, currently the ninth-largest crypto by capitalization, is changing hands at $0.2382 (£0.17) after gaining 12.58% in 24 hours and 19.70% over the last seven days.
Factors fueling SHIB’s growth
The primary reason behind SHIB’s 55% gain is Elon Musk, Tesla’s CEO, who tweeted another picture of Floki, his Shiba Inu pet. As a result, #SHIB trended on Twitter over the past day, attracting retail investors that are out to make quick profits. Before this, Musk tweeted that Floki had arrived on September 13, triggering massive gains in both SHIB and Floki Inu (FLOKI), another DOGE spinoff.
Floki Frunkpuppy pic.twitter.com/xAr8T0Jfdf
— Elon Musk (@elonmusk) October 4, 2021
Another factor backing SHIB’s surge is Coinbase, which added support for the coin on September 16. Following the listing, the coin gained 30%, setting it up for further growth. Additionally, SHIB developer Shytoshi Kusama disclosed that SHIB might undergo a massive burn to help push its price to $0.01 (£0.0073).
With the buzz surrounding SHIB, platforms like Robinhood, which has offered customers DOGE since 2018, might list the coin due to increasing retail demand. This possibility of the coin achieving such a feat is also fueling its growth.
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