Following Monday’s activity, Shiba Inu is the 12th largest cryptocurrency by market value.
This astonishing growth places it ahead of the more stable and established cryptocurrencies litecoin, chainlink and Binance’s stablecoin BUSD.
But many speculate this meteoric rise to the top will be short lived.
Eric Demuth, cofounder and chief executive of Vienna-based crypto trading platform Bitpanda, said: “I honestly believe we’re seeing a similar rally as we saw with dogecoin.
“These new coins are very community, hype and fun driven.
“But, on the other hand, they are not making use of any new tech or solving problems like bitcoin or ethereum do.
“Nonetheless, Shiba Inu and others continue to be relevant in today’s market as they represent the new, community driven movement in finance which is why we will also be adding some of them to Bitpanda in the very near future.”