Shiba Inu (SHIB) Explodes 13% Overnight but Rival Meme Coin Outperforms

Meme coins are back at it with significant gains throughout the past 24 hours. The market is recovering, in general, but some meme coins are undoubtedly performing better than the rest.

Shiba Inu (SHIB) is up a whopping 13% over the past 24 hours, trading at slightly below $0.0003. The cryptocurrency remains down some 10% on the weekly chart, outlining the considerable volatility it has experienced over the past few days. That said, SHIB is performing better than DOGE, which is up only 5.7% over the past day.

And yet, the Solana-based meme coin Dogwifhat (WIF) is the best performer in the meme coin market today.

The cryptocurrency exploded by some 30% over the past 24 hours. It is currently trading at around $3. This didn’t happen on its own, however. The surge coincided with a photo that Elon Musk posted on Twitter.

pic.twitter.com/ISL9LJboSF

— Elon Musk (@elonmusk) March 17, 2024

Notably, it’s his dog and a couple of others celebrating its birthday and wearing a hat. Apparently, that’s all it needs for the market to go soaring up, despite the fact that there’s no obvious relationship between the photo and meme that’s becoming increasingly popular.