Dogecoin's cousin, Shiba Inu (SHIB), has increased its value by 385% in a single week posting one of the biggest jumps for any cryptocurrency over the past seven days.
Based on information provided by CoinGecko, the digital asset is now ranking 12th in terms of market capitalization, which means that SHIB has attained $17bn at the time of writing.
The SHIB ‘meme coin’ was created as an alternative to Dogecoin (DOGE) which has attracted Elon Musk's interest, even though it took a while.
As a result, the SpaceX and Tesla boss has been tweeting cryptic jokes, including the image of a Shibu Inu pup.
According to estimates provided by Etherscan, SHIB owners have now surpassed 700,000 addresses. This comes in the context of Bitcoin's own value soaring, marking a strong recovery in the wake of China's blanket ban on cryptocurrencies.
SHIB is still too new to know for sure if it makes a good investor choice. DOGE, however, cost under $0.01 in January 2021. It is currently priced at $0.24 and holds tenth position in terms of capitalization.