Why is the Shiba rising?

Inspired by Dogecoin (DOGE), Shiba Inu (SHIB) has risen 72% in the last 24 hours. Cryptocurrency has gained approximately 250% in value in the last week. Meme coin is 35% behind its ATH of $0.00003791 at the time of writing.

According to data from CoinGecko, SHIB has once again entered the list of the top 20 cryptocurrencies by market cap. The cryptocurrency has now surpassed Bitcoin Cash (BCH) to take 18th place. SHIB has risen almost 200 percent in the last three days alone, outperforming the rest of the cryptocurrency market.

As we reported earlier, Shiba Inu recently outpaced Bitcoin in terms of trading volume on Coinbase, the leading US exchange.

It’s unclear what caused the spike. Although some attribute this to Tesla CEO Elon Musk’s sharing of a photo of his Shiba dog, others think that this is not the reason.

There is a similar rise in Akita Coin, the brother of Shiba, which is in the Memecoin class. Akita, which is listed in a small number of stock exchanges, continues to load. Another reason for the rapid rise may be that Shib manufacturers’ wallet application, ShibSwap, has recently made its activities more active.