Shiba Inu Coin Surges 500% Amid Shiboshi’s NFTs Launch and Exchange Listings

October 26, 2021, 9:45 AM AEST (updated November 01, 2021)

Shiba Inu (SHIB), the token that ate dogecoin, hit an all-time high on October 24 with a month-to-date gain of almost 500 percent. SHIB traded at US$0.0000455, topping its previous best of $0.0000388 on May 10, and at time of writing was trading at $0.0000394.

SHIB Also Subject to Listing Frenzy

Prices for the meme token had surged by nearly 50 percent in the previous 24 hours and its latest high-water mark comes amid rumours that online brokerage platform Robinhood may soon list the cryptocurrency. Brazilian exchange Novadax listed SHIB just a few days ago, and popular trading app Public followed suit soon after.

Prices bumped over 200 percent in early October on the back of increased buying by whales and other large investors. While SHIB has gone ballistic this month, DOGE has gained just 27 percent and still trades well below its August high of US$0.35. Like SHIB, DOGE had hit a peak of just over $0.73 in early May.

Shiboshi NFTs Sell Out in Just Over Half an Hour

Adding to this month’s SHIB fever, the Shiboshi NFTs released on October 14 sold out in just over 35 minutes, fetching between US$350 and US$1050 apiece. And SHIB holders perhaps owed Tesla CEO Elon Musk a vote of thanks for posting an image of his new Shiba Inu puppy, Floki, which was at least partly responsible for the meme coin’s price surge.

The irony is that Musk, originally a champion of Dogecoin, confirmed on Twitter that he does not own any SHIB:

While some in the SHIB community hit out at Musk for damaging the price of SHIB (it dropped 20 percent after Musk’s tweet), some noted that Shiba Inu could survive handsomely without the influence of celebrities and should instead focus on the community.

$1,000 Invested in Shiba Inu on January 1, 2021, Is Now Worth $500 Million

SHIB’s market capitalisation now exceeds US$15 billion, placing it well within the top 15 coins. SHIB/USDT is also the most traded pair on Binance over the past 24 hours, surpassing US$2 billion in traded volume.

SHIB traded at a mere $0.000000000077 on January 1, 2021. This means that the meme coin is up by a colossal 50,649,250 percent year-to-date. As such, a hypothetical investment of US$1,000 made on January 1 would be worth over US$500 million today.

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