Ethereum (ETH), the second-largest cryptocurrency, reached all-time highs of $3,852 on May 8. Ethereum has rallied more than 30% over 7 days, causing its market capitalization to reach $442 billion (As of when writing) for the first time. The impressive rallies on Ethereum and selected Altcoins such as Dogecoin and SHIBA INU (SHIB) have caused the ”Altseason narrative” to start gaining traction.
Though the price of Dogecoin (DOGE) rebounded over the weekend to reach all-time highs of $0.759, this time another token based on Japanese Shiba Inu dog benefited from the hype around Elon Musk’s social media posts.
In a May 7 tweet, the Tesla CEO in response to Hiro Mizuno, UN special envoy on finance and also a Tesla board member, ”I’m looking for a Shiba pup!”
Hiro Mizuno had earlier tweeted:
‘Fine if investors want to trade Shiba coins for a short term. But don’t even think of doing the same with Shiba dogs. Once you adopt, you must keep them well through their lives. They are lovely creatures and friends of humans.’
Recall that the Shiba Inu dog was at the center of the popular meme from which Dogecoin took its name in 2013. Following Elon Musk’s response, SHIBA INU (SHIB) token picked up pace from lows of $0.0000014 on May 7 to trade at record highs of $0.0000177 today, gaining nearly 1164% within two days.
Following the massive rally, SHIBA INU briefly ranked 26th largest before moving to 36th place (as of press time) in cryptocurrency ranking by market capitalization. SHIB/USDT presently trades at $0.0000124 after retreating from all-time highs of $0.0000177.
Stating on its website ‘Shiba tokens are Decentralized Meme Tokens that grew into a vibrant ecosystem’. Though this may sound humorous, recall that the Meme cryptocurrency, Dogecoin started as a joke.
Further stating ”SHIB is an experiment in decentralized spontaneous community building”. SHIB token being very cheap, allows users to hold billions or even trillions of them. Dubbing it as the DOGECOIN KILLER, it further states:
”this ERC-20 ONLY token can remain well under a penny and still outpace Dogecoin in a small amount of time (relatively speaking)”.
Also, another fun fact is that there are no team or founder tokens, the creator and team bought their tokens on the market just like every other user. It states ”We locked the 50% of the total supply to Uniswap and threw away the keys!” The remaining 50% was burned to Vitalik Buterin and we were the first project following this path, so everyone has to buy on the open market, ensuring a fair and complete distribution where devs don’t own team tokens they can dump on the community.
May 8 remains a critical day for DOGE, as Elon Musk’s appearance on Saturday Night Live may dictate what lies ahead for the coin and, quite possibly, impact this alleged Altseason as well.
Dogecoin rose to all-time highs of $0.754 during Saturday trading before retreating to $0.6853. Elon Musk had tried to cool the hype on Dogecoin on May 7 when he tweeted ”Cryptocurrency is promising, but please invest with caution!”
Markets analyst, Michael Van de Poppe stated ”The show with Elon Musk is the most obvious buy the rumor, sell the news event that I’ve seen recently. I’m expecting a huge dump, but with Elon, you never know.” Dogecoin’s meteoric rise in the year 2021 was helped in part by Elon Musk’s social media posts.
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