Dogecoin (DOGE) may have been basking in the limelight but there is a cryptocurrency trying to steal the show.
What Happened: SHIBA INU (SHIB), a meme cryptocurrency that styles itself as a “DOGE killer,” has skyrocketed 1,986.60% on a seven-day trailing basis. At press time, SHIB was up 114.79% over 24 hours at $0.00003285.
On the other hand, DOGE — the fourth-largest cryptocurrency by market capitalization — was muted with 6.85% weekly gains and was trading 18.15% lower over 24 hours at $0.46.
See Also: How to Buy Dogecoin (DOGE)
It is important to note that SHIB has already snagged the no.16 spot in the list of cryptocurrencies by market cap ahead of Ethereum Classic (ETC), Solana (SOL), PancakeSwap (CAKE), and several other more well-known coins.
The apex cryptocurrency, Bitcoin (BTC), which traded 5.2% lower at $55,703.13 at press time.
SHIB is getting love from Chinese investors who are aware of the project’s lack of technological promise. The coin is likely to be referred to as “s**tcoin” by Chinese traders, CoinDesk reported.
“SHIB’s price performance over the weekend clearly shows that the crypto industry hasn’t had its fill of canine-themed memecoins just yet,” said Rick Delaney, a senior analyst at OKEx Insights, as per CoinDesk.
Why It Matters: The appreciation in SHIB is fueled by Chinese social media influencers on platforms such as Weibo and WeChat.
See Also: Why Is Shiba Inu Suddenly Skyrocketing?
Just like DOGE has a high-profile supporter in Tesla Inc TSLA CEO Elon Musk, SHIB has one in billionaire venture capitalist Charles Xue Biqun — also known as Xue Manzi.
Xue has reportedly mentioned SHIB on his social media accounts and tracked its price movement on Huobi, according to CoinDesk.
The Shiba Inu-themed cryptocurrency is available for trade on Robinhood, an online app often used by retail traders in the United States.
SHIB has meanwhile listed on three of the most popular exchanges with Chinese users — Binance, Huobi, and OKEx.
The price of SHIB doubled on Huobi, after Monday’s Binance listing.
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