Why Is Dogecoin Rival Shiba Inu Skyrocketing Today?

SHIBA INU SHIB/USD skyrocketed 56.61% to $0.00001324 over 24 hours early Tuesday morning.

What’s Moving? The so-called Dogecoin DOGE/USD killer has shot up 88.96% over a seven-day trailing period.

SHIB soared 52.67% and 56.77% against coins with larger market caps like Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH).

SHIB is trading 65.75% lower from the all-time high levels of $0.0000388 it touched in May.

In the last 30 days, SHIB has gained 78.65% and in the last 90 days, the coin has shot up 49.28%.

See Also: How To Buy Shiba Inu (SHIB)

Why Is It Moving? SHIB moved up in tandem with other major coins, including DOGE, on Tuesday morning as the global cryptocurrency market cap rose 1.94% to $2.16 trillion.

SHIB was the second most mentioned coin on Twitter, as per Cointrendz data. It was mentioned in 7,144 tweets. The coin was trending on Stocktwits and CoinGecko at press time. On Google, the coin trended earlier on Monday with the top search term “will SHIB reach 1 cent.”

On Twitter, the hashtag “#SHIB” began to trend after Tesla Inc TSLA CEO Elon Musk posted a photo of his dog Floki in a car’s front trunk, reported Markets Insider.

The coin has been on a tear after it was reported that an unidentified crypto whale purchased six trillion SHIB on Friday and then went on to buy 276 billion SHIB on Saturday.

The purchases came at a time of increased speculation that Robinhood Markets Inc HOOD could list the token after releasing long-awaited crypto wallets. Coinbase Global Inc COIN listed SHIB last month.

The auto burn function, the presence of which was confirmed on Discord by Shytoshi Kusama, a SHIB developer, could help propel further upward momentum in the coin. 

“We don’t need more listings; we need usefulness and, according to many, a significant burn,” said Kusama.

Read Next: What's Driving Adoption Of Bitcoin, Dogecoin And Ethereum In India And Vietnam?

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