Dogecoin copycat token SHIB jumped almost 60% in less than 24 hours on Sunday to reach a new all-time high of US$0.00004442, as DOGE also surged over the weekend. SHIB was trading at US$0.00003937 at press time, and is now the 13th largest token by market cap, according to data from CoinMarketCap.com.
Fast facts
- This new price level breaks the previous record that was set when it rose over 3,400% in just over a week in early May to reach US$0.00003503 before falling just as sharply a few days later. SHIB’s recent surge came off a plateau of around US$0.00002 after a rally earlier in the month saw its price jump more than 300% in under a week.
- Stock and crypto trading platform Robinhood — the platform at the center of the GameStop saga that led to the rise of memecoins — added SHIB as an option to a client survey recently, signaling it may be listing SHIB soon. Leading SHIB community Twitter account @ShibaInuNews shared a screenshot of the survey on Saturday, just before the price rally.
- But SHIB wasn’t the only dog-based token to be thrown a bone this weekend, as once again a tweet by Tesla CEO and longtime DOGE fan Elon Musk referencing the token was followed by an 8% price jump to US$0.2687 in a few hours, according to CoinMarketCap. Replying to a tweet from account @UberFacts that said the world’s richest man was predicted to become the world’s first ever trillionaire due his space technology company, SpaceX, Musk clarified —perhaps ironically — that this wealth would be in the form of Dogecoin.
- While DOGE’s price had retraced to almost the same position from before the jump by Monday morning Asia time, it was let off its leash today, gaining 12% to reach a high of US$.02819 this morning before receding again, signaling a possible price action correlation with SHIB. DOGE was trading at US$0.2754 at press time.
- Dogecoin was started in 2013 as a joke on Bitcoin, taking its name from a popular meme at the time, a small breed of dog known as a Shiba Inu. Following DOGE’s explosive rise earlier this year — helped along by the odd tweet by Elon Musk — numerous copycat tokens hoping to capitalize on the new form of cryptocurrency memecoins have launched, but SHIB has proven to be the most successful so far.