The Dogecoin alternative, Shina Inu, is doing wonders and mad numbers of late, jumping by another 50% in the last 24 hours and reaching a record high of $0.00003473.

As Bitcoin continues to fly high and reclaim the $55,000 mark, the crypto market seems to be riding on its wings as usual. However, Shiba Inu appears to be taking the lead in this flight.

SHIB has spiked by a whopping 385% in the last seven days, with a current $0.00003198 price at press time. Not only that, it has overtaken Chainlink (LINK), Litecoin (LTC), Avalanche (AVE), and Uniswap (UNI) to claim the 12th spot on the crypto list with $16 billion market cap.. 

In the last 24 hours, bitcoin is down by 0.29%, with a current price of $54,108.460 as at the time of writing this. Within 24 hours, bitcoin dropped to $53,436.86 low and $55,735.52 high. The trading volume of bitcoin in the last 24 hours is $2.47B. The current market capitalization of bitcoin is $1.02T. Currently, $18.84M bitcoins is in circulation.

Stats and Image from Coin Desk

Two market factors can be said to be responsible for this bull run. Firstly, Tesla and SpaceX CEO Elon Musk, whose tweets and statements about the crypto industry affect price, especially Bitcoin and Dogecoin. 

Elon Musk posted a picture of his Shibu Inu puppy named Floki on Twitter Sunday. Shortly after his post, the hashtag #SHIB flashed on the trend table.

The second factor is the recent price gain of Bitcoin, which has regained $55,000 for the first time since May.