Shiba Inu (SHIB) price increased by 400% in a week, market capitalization eclipsed $12 billion

By Selena On Oct 7, 2021

Shiba Inu (SHIB) has at one time entered the top 15 largest cryptocurrencies by market capitalization. The meme coin price continued to set a new high today, extending the chain of increasing days to 10. At press time, SHIB is changing hands at $0.00003.

SHIB/USD 4-hour chart | Source: TradingView

Shiba Inu price at some points surpasses Litecoin, Chainlink by market capitalization

Meme coin SHIB has just set its highest price since May 2021 at $0.00003498, up 400% from 0.000007 a week ago. With this growth, SHIB has become the 15th largest cryptocurrency by market capitalization in the world.

However, SHIB still needs to increase another 42% to reach the peak of ATH $0.00005 set on May 10, 2021. The initial cause of the increase came from billionaire Elon Musk showing off his new Shiba Uni-like dog on Twitter on October 4, as AZCoin News reported, causing other meme coins to increase as well.

According to data provided by CoinMarketCap, the coin meme created by an anonymous developer named Ryoshi in late 2020, at some time outperformed Litecoin, Chainlink, and Bitcoin Cash.

Source: CoinMarketCap

The daily trading volume has reached $19.4 billion, and it is currently the most traded cryptocurrency on Binance, Coinbase, and Huobi. At the time of writing, SHIB has returned to 17th place on the chart.

Source: CoinMarketCap

Meanwhile, Dogecoin has rallied more than 300% in just one week, becoming the best-performing cryptocurrency amid particularly strong retail interest. The uptrend has escalated the stiff competition between Dogecoin and Shiba Inu fans.

Tesla CEO Elon Musk has yet to acknowledge SHIB, although many have suggested that a recent photo of his Shiba Inu puppy may have triggered the triple-digit rally.

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