The second biggest memecoin and alleged DOGECOIN KILLER, Shiba Inu (SHIB), surged more than 35% late Thursday night, after crypto exchange Coinbase said its customers can trade, send, receive, and store SHIB on its platform.
Typically being associated with some theme and often considered a joke rather than a serious product, at first glance SIB looks to be a Dogecoin clone that has benefitted from this year’s DOGE hype fueled by ‘Dogefather’ and Tesla CEO Elon Musk’s appearance on the popular sketch show Saturday Night Live.
However, Shiba Inu’s website does provide some information on its ambitions:
SHIB is an experiment in decentralized spontaneous community building.
— Coinbase (@coinbase) September 16, 2021
Following its Coinbase listing, SHIB skyrocketed to $0.000009107 coming from $0.000009107 according to CoinMarketCap. It is currently at a price of $0.000008872.
Created in August 2020 by an anonymous person known as Ryoshi, Shiba Inu coin’s price is negligible, which allows investors to hold billions and even trillions of this coin.
Earlier in the year, Shiba Inu’s price reacted in similar fashion after it got listed on the world’s largest crypto exchange, Binance.
Shiba Inu inspired memcoins closely follow Tesla’s Elon Musk’s movement. The CEO recently tweeted a picture of his new Shiba Inu puppy, Floki, which led to Floki-themed cryptocurrency called Floki Inu jump over 1,000% over a day.
Floki has arrived pic.twitter.com/2MiUKb91FT
— Elon Musk (@elonmusk) September 12, 2021
Reacting to the tweet, a Floki-themed cryptocurrency called Floki Inu spiked more than 1,000% within a few hours.
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