According to Bloomberg’s Claire Ballentine, one SHIB enthusiast named Seth Johnson spent $2,500 on one Shiba Inu pup and tried to pay in the cryptocurrency, but the breeder did not accept crypto. The dog was named after a little-known cryptocurrency called EverRise, whose price pumped after Bloomberg’s report came out.
Breeders are now reportedly struggling to keep up with demand for the Japanese hunting dogs as SHIB investors are moving in. SHIB is a cryptocurrency inspired by Dogecoin ($DOGE), which was created as a joke back in 2013 using the then-popular Sihba Inu meme.
SHIB’s price skyrocketed this year on a retail and whale-driven rally that saw one investor turn an $8,000 bet into a $5.7 billion fortune at the cryptocurrency’s peak. The investor has moved some of its funds but did not appear to have cashed out just yet.
Shiba Inu’s token price is up over 300% in the last 30 days, but down more than 15% over the last few days as its rally lost steam.
Shiba Inu’s price, as CryptoGlobe has been reporting, exploded in the last few months to the point it has become the third-most Googled cryptocurrency so far this year.
A study has shown Shiba Inu received 2.8 million searches on average per month so far this year, while bitcoin received 22 million average monthly searches. In second place came Ethereum, with 6.3 million average searches per month.
The cryptocurrency’s trading volume has surged to rival that of Ethereum after a supporter asked Tesla and SpaceX CEO Elon Musk, who has been a vocal supporter of rival meme-inspired cryptocurrency Dogecoin how much SHIB Musk was holding. Musk revealed he only hold BTC, ETH, and DOGE.
Notably, digital asset-focused research firm Delphi Digital has revealed that historically dog coins, meaning cryptocurrencies inspired by the popular Shiba Inu meme, have historically been “a pretty good indication of an overheated market.”
The firm pointed out that from April to May of this year and in early September dog coins were “all the rage and quickly crated as crypto markets cooled off or saw a fairly deep de-leveraging.”
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