The frenzy has propelled SHIB to the top 20 cryptocurrencies by market cap — with the memecoin managing to overtake the likes of Litecoin, Chainlink and Bitcoin Cash in the rankings.
It started like it always does — with a tweet from Elon Musk.
Tesla’s CEO shared a picture of Floki, his shiba inu puppy, casually chilling in one of the electric vehicles that made him a billionaire.
Inevitably, a frenzy in the altcoin markets soon followed. But this time, it wasn’t Bitcoin and Dogecoin that were the main beneficiaries of Musk’s cute content.
All this activity has propelled SHIB into the top 20 cryptocurrencies by market cap. At one point, its overall valuation meant it was bigger than the likes of Litecoin, Chainlink and Bitcoin Cash, too.
A Bittersweet Surge
By sending this crypto stash to supply, SHIB’s founders hoped that the tokens would remain untouched. But Buterin, who isn’t all that keen on projects sending random altcoins to his wallets, surprised many by subsequently donating this SHIB to a fund tackling the coronavirus crisis in India back in May.
There were two challenges: A lack of liquidity in SHIB markets, and making sure that these tokens could be sold without tanking the price. (This has become less of an issue since the altcoin was listed on Coinbase.)
But here’s the question… how has the latest rally affected the value of this donation.
Here’s hoping that India’s Crypto COVID Relief Fund still has some SHIB left on its books.