- Doge-themed coins, including Samoyedcoin, Floki Inu, and Baby DogeCoin, have also rallied along with SHIB.
- Floki Inu, inspired by Elon Musk’s Shiba Inu puppy named Floki, has gained over 85% in the past 24 hours.
- The meteoric rise of SHIB has left some early investors with a fortune.
Shiba Inu, a so-called “Doge killer,” has been undergoing a parabolic rally over the last couple of weeks, gaining around 1,000% in the last month alone.
On October 28, SHIB recorded a new all-time high of around $0.00008845. With this gain, the coin officially flipped Dogecoin and became the 9th biggest cryptocurrency by market cap. It has since plunged by over 15%, but still, SHIB has been one of the best-performing coins this year, soaring more than 900,000,000% in the last 12 months.
However, SHIB’s recent rally has not deterred other dog-themed coins from pumping in price. Dogecoin has gained over 20% in the last 24 hours, hitting a two-month high of around $0.3388, as per data by CoinMarketCap.
Other Doge-themed coins, including Samoyedcoin (SAMO), Floki Inu (FLOKI), and Baby DogeCoin (BABYDOGE), have also witnessed massive rallies. Among them, SAMO has gained 78%, FLOKI has gained over 86%, and BABYDOGE has risen by 36% over the past 24 hours.
FLOKI, which is named after Elon Musk’s own Shiba Inu puppy named Floki, has pumped the most. The coin has recently started an ad campaign, flooding London’s public transport system with its slogan, “Missed Doge? Get Floki.”
“This year has definitely been the weirdest in crypto, we had jpeg rocks selling for millions, 2 dog coins in top 10… the next bear market is gonna be brutal, I can feel it,” one Reddit user said, asking “Is this a simulation?”
The recent SHIB craze coincides with rising expectations that the popular trading app Robinhood would add SHIB to its list of supported crypto-assets. The brokerage is a gateway for millions of people to enter the trading world, and has already listed DOGE along with some other crypto blue-chips like Bitcoin and Ethereum.
During an earnings call this week, Jason Warnick, chief financial officer at Robinhood, hinted at the possibility of adding SHIB. When asked about their plans for expansion, he said that they try to be “very mindful and diligent” with regard to digital assets. He added that “we’re going to be working, you know, as fast as we can with the right balance of safety and compliance to make sure that we don’t make missteps here.”
Early SHIB Investors Are Now “Billionaires”
The meteoric rise of SHIB has left some early investors with a fortune. Among them, an address that purchased $8,000 worth of SHIB in August last year has seen the value of its holding reach around $6 billion when SHIB was trading near the all-time highs yesterday.
Another address, which acquired $3,400 worth of SHIB last August, has seen the value of its holdings rocket to $1.55 billion. Hinting at this, Mati Greenspan, Founder & CEO of Quantum Economics, said:
Many millionaires have already been made, possibly even a few billionaires. Will Shiba Inu reach a value of USD 0.01 and a USD 30 trillion market cap? Probably not, but there’s clearly no shortage of people who think it’s worth a shot.
