Today, investors in Shiba Inu (CCC:SHIB-USD) have reason to pat themselves on the back. Those who held through the uncertainty of recent weeks have been rewarded. A string of positive Shiba Inu news has resulted in a series of impressive catalysts for this meme token. Accordingly, SHIB has risen more than 260% over the past week alone. That’s an incredible move for any cryptocurrency, which says something about how rapid this rise has been.
This incredible rise has propelled SHIB to a top-20 spot in the crypto market cap rankings. What was once a parody coin released to take advantage of the success of Dogecoin (CCC:DOGE-USD) and other meme tokens, SHIB has become a viable investment for many individuals.
Will this momentum continue? It’s hard to say. However, there are a number of news items that have helped propel this cryptocurrency higher. Let’s take a look at a few of the top catalysts underpinning Shiba Inu’s impressive rise.
Here’s the Shiba Inu News Sending SHIB Skyrocketing This Week
- On Oct. 3, Elon Musk posted a tweet of his “Floki Frankpuppy,” which started some incredible price action in dog-themed meme tokens.
- These tweets have worked wonders in the past in generating momentum for SHIB and DOGE.
- Momentum breeds momentum — Shiba Inu’s rise and subsequent “killing of a zero” has led to investors piling into this crypto momentum play.
- Additionally, broader outperformance in crypto markets has been viewed as key catalyst for SHIB.
- Furthermore, other headline news around large U.S. banks offering crypto services helped propel this sector higher.