Outstripping the explosive growth of Dogecoin in the past week, copycat memecoin SHIB was up over 300% over the past four days this morning, briefly reaching a five-month high of US$0.00003436, according to CoinGecko.
- Trading at US$0.00003079 at press time, this marks the second massive jump in the Shiba Inu coin’s price since its explosive gains in May saw the price jump 3,400% to an all-time high of US$0.00003791. Since that time, SHIB has been lying quite low, trading around the US$0.000008 mark until the start of this week when the tear began.
- While still below its own all-time high, Dogecoin has been let off its leash the past seven days as well, gaining almost 35% up until yesterday evening Asia time, though it has been steadily decreasing today, and was trading at US$0.2492 at press time.
- With the help of Tesla boss Elon Musk, Dogecoin — the world’s eighth-largest cryptocurrency — has spawned a series of copycat coins since it burst onto the scene in April, cementing the role of the “memecoin” in the industry. For a while after Dogecoin’s initial rise, SHIB would receive a price boost following a referential tweet from Musk, which in turn spawned their own copycat tokens, such as Floki Coin — named after Musk’s pet Shiba Inu — or Baby Doge.