Shiba Inu (SHIB) Price Doubles Over Past Week as it Gains on DOGE

Shiba Inu (SHIB) Price Doubles Over Past Week as it Gains on DOGE

Shiba Inu (SHIB) has more than doubled over the past week. Gaining on big brother Dogecoin (DOGE)

According to CoinGecko the price of SHIB increased 113.2% over the past seven days. This figure rises to 311.4% when considering a 14-day perspective. SHIB had previously directly trailed its antecedent DOGE, currently the top 10 cryptocurrency in market capitalization, but has since been eclipsed by LUNA for 11th place.

SHIB’s recent rally was sparked by a trademark cryptic Tweet from Elon Musk of his Shiba Inu “Floki Frunkpuppy,” on October 3. Within hours, SHIB had jumped 40%, essentially doubling in price by October 5. From there, it proceeded to peak on October 7, achieving just over double its value again. It fell markedly on October 8, but since it is trading at roughly double its value on October 5.

Musk’s tweet had also sparked rallies in other dog-related coins. The price of DOGE shot up 25% in the days following Musk’s tweet. Floki coin also got a boost, its price is up roughly 40% since Musk’s latest tweet and up over 300% since his first puppy tweet in September.

Persistent popularity

Aside from actual inflows, SHIB’s popularity has also been demonstrated in other forms. For instance, according to CoinTrendz, SHIB recently received more Twitter mentions within an hour than Bitcoin, Ethereum, or Dogecoin. SHIB outshone all other altcoins, including those in the top 10 market cap.

On October 11, SHIB got 419 mentions within an hour, while Bitcoin came in second place with 307. This was followed by Ethereum, with 188 mentions, Anyswap, with 176 mentions, and DOGE, with 134 mentions.

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