Another dog-related crypto asset is surging and printing massive gains on the tail of the Dogecoin (DOGE) mania.
Shiba Inu (SHIB), a meme coin minted in a similar spirit as DOGE, is up over 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 benefitted from the recent DOGE hype fueled by Doge-supporter and Tesla CEO Elon Musk’s appearance on the popular sketch show Saturday Night Live.
According to Shiba Inu’s website, the crypto asset “is an experiment in decentralized spontaneous community building.” It plans to outpace Dogecoin while allowing holders to accumulate billions or even trillions of Shiba Inu tokens.
Elon Musk may have devoted attention to SHIB in the past, possibly tweeting in reference to the asset back in March.
I’m getting a Shiba Inu #resistanceisfutile
— Elon Musk (@elonmusk) March 14, 2021
The tweet, however, may have only been a reference to Dogecoin, whose insignia also bears the face of the Shiba Inu dog breed.
Several other dog and Musk-inspired Dogecoin forks have reaped the benefits of DOGE’s rally of late. Meme coin Dogelon (ELON), popped up on the scene in April, surging 40,000% in one day. Other DOGE iterations that captured investor attention are Dogemusk (MUSK) and ShibaElon (SELON).
At time of writing, Shiba Inu is trading at $0.000013, down nearly 30% in the last 24 hours.