Another dog-related crypto commodity is the surge and pressure of massive profits on the tail of the Dogecoin (DOGE) mane.
Shiba Inu (SHIB), a meme coin minted in a similar spirit to DOGE, has risen nearly 700% in the past seven days and nearly 1,000% in the past 14 days, according to CoinGecko.
SHIB is a Dogecoin clone that appears to have benefited from the recent DOGE hype sparked by the appearance of Doge supporter and Tesla CEO Elon Musk on the popular Saturday Night Live sketch show.
According to the Shiba Inu website, the crypto-asset is “an experiment in the decentralized development of spontaneous communities”. It is planned to outperform Dogecoin and allow holders to raise billions or even trillions of Shiba Inu tokens.
Elon Musk may have paid close attention to SHIB in the past and may have tweeted as early as March regarding the asset.
I get a Shiba Inu #resistanceisfutile
– Elon Musk (@elonmusk) March 14, 2021
However, the tweet may have been just a reference to Dogecoin, whose insignia also features the face of the Shiba Inu dog breed.
Several other dog and musk-inspired Dogecoin forks have recently taken advantage of the DOGE rally. The Dogelon (ELON) meme coin appeared in April, increasing 40,000% in one day. Other DOGE iterations that have caught investor attention include Dogemusk (MUSK) and ShibaElon (SELON).
At the time of writing, Shiba Inu is trading at $ 0.000013, down nearly 30% over the past 24 hours.
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Featured image: Shutterstock / lunamarina / Andre Boukreev