Shiba Inu (SHIB) hit new all-time highs as it leads the [dog] pack in altcoin gains this weekend.
Much of the excitement was thought to be centered around the highly anticipated Elon Musk, the CEO of Tesla and a Dogecoin advocate, appearing on SNL and releasing a Dogecoin skit, but much like the Twitter rallied "Doge Day", Doegcoin hasn't done much barking. Miley Cyrus was set to be the musical guest.
Shiba has rallied roughly 500%+ over the last 24 hours according to CoinMarketCap.com. It's also had a pretty stellar 30 day period as you can see from the image below.
So what is Shiba Inu (SHIB)?
A fairly new canine-themed "meme coin", Shiba has jumped onto the crypto scene arguably following Dogecoin's momentum, as the two coins use the Shiba dog mascot, a popular Japanese native breed. According to the Shiba website, their tokens allow users to hold trillions of them as well as have a semi-partnership with Amazon, per a Shiba Inu Rescue Association.
Shiba tokens are also listed and incentivized on ShibaSwap, its own decentralized exchange.
As per their Twitter page, the Shiba Army now has 200k followers and growing, which is certainly respectable. By comparison, Safemoon reported 1.2m HODLers as of April 24th.
So what's next for Shiba? Will it continue to ride the "meme finance" during this altcoin season or will it fickle and return back to its original baseline. Oh yes, there will be price swings :)
The value of Dogecoin surged thanks to celebrity backing and a bunch of Reddit threads calling for it to hit a value of $1. As of tonight, it tumbled after Elon's appearance on SNL, moving the coin as low as .45 (at the time of publishing).
There are no doubt major differences between coins like Bitcoin and Ethereum, which run on cutting-edge technology and have a limited supply, and unknown digital dog tokens like Shiba and Dogecoin.
Trade with care my friends!
