We have been seeing significant increases in many altcoins lately. On the other hand, meme coins continue to shake the crypto money markets. We have a process that started with DOGE first. Later, this situation spread to other coins. According to CoinGecko, Shiba Inu (SHIB), a meme coin minted in a similar approach to DOGE, has grown by over 700% in the past seven days and nearly 1,000% in the past 14 days.
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SHIB is a Dogecoin clone that appears to have benefited from the latest DOGE hype powered by Doge supporter and Tesla CEO Elon Musk’s popular sketch show Saturday Night Live. According to Shiba Inu’s website, the crypto asset is “an experiment in decentralized spontaneous community building.” It plans to outpace Dogecoin while allowing owners to accumulate billions and even trillions of Shiba Inu tokens. Elon Musk may have pointed to SHIB in the past and probably tweeted referring to the asset in March.
I’m getting a Shiba Inu #resistanceisfutile
— Elon Musk (@elonmusk) March 14, 2021
However, the tweet could be a reference to Dogecoin, whose emblem also carries the face of the Shiba Inu dog breed. Dogecoin forks, inspired by several other coins and Musk, took advantage of DOGE’s recent rally. The meme coin Dogelon (ELON) came out in April and increased by 40,000% in one day. Other DOGE forks that attract investor attention are Dogemusk (MUSK) and ShibaElon (SELON).