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.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.