Why Shiba Inu Shot Higher This Week, and Brought Dogecoin With It

Meme cryptocurrency coin Shiba Inu (CRYPTO: SHIB) had a pretty nice week for investors, with a gain of over 150% as of Friday morning after hitting a new all-time high on Wednesday. That may sound pretty outrageous to see more than a double in a week, but it pales in comparison to how that token has done over the past year. In fact, there is no comparison. Based on a year-ago price of $0.000000000079 per coin, Shiba Inu is up more than 80,000,000% over the past year. This week's run has also pulled Dogecoin (CRYPTO: DOGE) along for the ride, with a weekly gain of almost 15%. For good measure, Bitcoin mining and energy technology company CleanSpark (NASDAQ: CLSK) is also up about 20% so far for the week.

Shiba Inu's market cap is now about $38 billion, according to CoinMarketCap, moving it into the top 10 most valuable cryptocurrency tokens globally, and ahead of Dogecoin. It has become an Ethereum (CRYPTO: ETH)-based alternative to Dogecoin, a new favorite among the retail traders on social media, and effectively the new meme coin of choice.

Image source: Getty Images.

Source Fool.com