From an obscure altcoin to the world's top-performing cryptocurrency, Shiba Inu (SHIB) achieved this remarkable feat in just two days. On May 8th, SHIB's price skyrocketed by over 251%, with trading volume reaching $6 billion (¥40.3 billion), trending on Weibo and claiming the #2 spot in crypto community discussions — surpassing even Dogecoin in popularity.
Some investors reportedly turned $500 (¥3,000) into $90,000 (¥600,000), sparking reactions like: "In crypto, opportunities are everywhere."
Elon Musk Fuels SHIB's Meteoric Rise
Much like Bitcoin and Dogecoin, Shiba Inu's surge traces back to Elon Musk's influence — where a single tweet can trigger market upheavals.
On May 7th, Hiromichi Mizuno (former CIO of Japan's Pension Fund and Tesla board member) tweeted:
"Investors can trade SHIB as they please, but don't treat your actual Shiba Inu pets this way."
Musk replied: "I’m looking for a Shiba Inu."
Simultaneously, user "Shib Father" claimed Musk would discuss SHIB on Saturday Night Live, predicting a rise to $1. The coin subsequently spiked 251% to $0.0000183 (~¥0.0001), topping exchange gainers lists. By May 9th, SHIB's 24-hour trading volume hit $6 billion (¥40.3 billion) — a 1,297% increase — with market cap growing 359%. The frenzy briefly crashed multiple trading platforms.
Dogecoin Dethroned? The SHIB Rebellion Emerges
Nicknamed "Shit Coin" (SHIB), this project — Shiba Inu — launched in August 2020 with a 1 quadrillion supply. Marketed as the "Dogecoin Killer," it gained traction post-DOGE's success, aiming to outperform its meme-coin predecessor.
Industry analysts note three drivers of SHIB's sustained hype:
- Low entry barrier — Just $5 buys millions of SHIB
- FOMO (Fear Of Missing Out) during bull markets
- Musk's endorsements, given Dogecoin's precedent
OKEx Research highlights key differences:
- SHIB has a hard cap and burn mechanism
- Built on Ethereum with its own DEX (ShibaSwap)
- Dogecoin remains limited to social media tipping
However, SHIB's newer status means weaker consensus and liquidity compared to DOGE.
Could SHIB Become the Next Bitcoin?
Are Investors Really Profiting?
One SHIB trader shared:
"In a bull market, catching one coin's surge is enough. I turned $3,000 (¥20,000) into $21,000 (¥140,000) via day trading — but now regret not buying more."
Yet they admitted: "Unlike Bitcoin, I won’t hold SHIB long-term. It’s gambling on another Dogecoin miracle."
High-Risk Speculation Ahead
OKEx warns:
"SHIB’s pump mirrors Dogecoin’s pattern — fueled by hype, not utility. With concentrated holdings, market manipulation risks soar. Current prices reflect marketing, not value. Early whales may dump positions, creating extreme volatility."
Industry experts add:
"Like DOGE, SHIB rallies on hype but with wilder swings. For every winner, far more lose money in these choppy waters."
FAQ: Shiba Inu Coin Explained
Q: Is Shiba Inu a good investment?
A: High-risk speculation only. Its value derives solely from community hype, unlike Bitcoin's established scarcity.
Q: How high can SHIB go?
A: Predictions vary wildly. The $1 target would require unprecedented growth — unlikely given its 1 quadrillion supply.
Q: Where can I buy SHIB?
👉 Trade SHIB securely on major exchanges
Q: What’s the difference between SHIB and DOGE?
A: SHIB runs on Ethereum with token burns; DOGE uses its own blockchain with infinite supply.
Editor’s Note: Cryptocurrencies carry extreme volatility. Never invest more than you can afford to lose.