The price of the meme token Shiba Inu (SHIB), launched in 2020, rose by more than 30% over the past 24 hours, according to CoinGecko. The asset climbed to 12th place in market capitalization, overtaking Uniswap (UNI), Avalanche (AVAX) and Litecoin (LTC).
Over the past week SHIB surged nearly 350%; its market capitalization reached $15.52 billion. At the time of writing, the token was trading near $0.000031.
On Monday, October 4, Elon Musk posted a new photo of his dog named Floki on Twitter. The meme tokens reacted only modestly, but against the backdrop of Bitcoin’s recovery their prices began to rise. For example, over the last seven days, Dogecoin (DOGE) rose 24%, Floki Inu (FLOKI) surged 280%.
Soon before the publication by the Tesla founder, an unknown investor purchased 6.19 trillion SHIB for $44 million. At current prices these tokens are valued at $191.9 million.
🐳🐳 An SHIB whale just bought 6,178,758,122,373 $SHIB ($43,838,916 USD)
Transaction: https://t.co/X7mlV2fmKj#SHIB #ShibArmy #Shiba #SHIBARMY
— WhaleStats.eth — top 1K ETH wallets (@WhaleStats) September 30, 2021
In July, SHIB developers launched the decentralized exchange (DEX) Shibaswap. Within a week of launch it attracted assets worth $1.54 billion.
The governance token of the DEX — Bone ShibaSwap (BONE) — rose 163% over the past seven days, to $2.06, according to CoinGecko. According to DeFi Llama, TVL of the platform over this period rose 40%, surpassing $327 million.
In May 2021, a user earned an unrealized gain of $2.4 billion by investing 37.65 ETH in SHIB.
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