The demand for Shiba Inu pups has risen since the SHIB token has surged in market value. One enthusiast, Seth Johnson, says that he has spent $2,500 on one of the pups. The breeder did not accept digital currency as payment. Nevertheless, the enthusiast named his new pup after a lesser-known token, EverRise.
According to a report from Bloomberg, breeders are struggling to keep up with the increasing demand for the Japanese dogs. Many have blamed Tesla Chief, Elon Musk, who recently tweeted photos of his new Shiba Inu pup named Floki. One tweet set off a huge run for the coin, causing the price to surge.
One breeder, Sandra Rolenaitis, has said that her shop “Rodel Shibas” has been receiving 150-200 applications each month for the dogs. Many of these come from families who just want them for popularity.
Another breeder has said that negative aspects of the dogs, such as their likeness to wolves often turns applicants away over time.
Shiba Inus ranked 43 in a 2020 list of most popular dog breeds. They rose from number 45 the year before. Number 1 and 2 on the list were Labrador Retrievers and French Bulldogs.
The Shiba Inu coin originated as a meme coin of another meme coin, Dogecoin. The two have been in close competition with each other, competing for spots in the top 10 cryptocurrency rankings. On Monday, Dogecoin was ranked number 9 and Shiba Inu ranked number 11.
Shiba Inu saw a huge rally of 800% in October. This was largely due to crypto whales. However, retail traders have also been showing interest in the coin and hundreds of thousands of investors have signed a petition for Robinhood to add the coin to its exchange.
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