Shiba inu coin's massive rise is driving demand for actual Shiba Inu pups - and people are even trying to pay for them in crypto
- Shiba Inu dogs are surging in popularity as crypto enthusiasts hype up the dog's namesake coin, Bloomberg reported.
- One crypto enthusiast spent $2,500 on a new dog that he named after his favorite digital token.
Crypto enthusiasts are pining to purchase Shiba Inu pups as the dog's namesake meme coin has surged in market value, according to a report from Bloomberg Businessweek.
One enthusiast by the name of Seth Johnson told Bloomberg's Claire Ballentine that he spent $2,500 on one of the meme-famous pups. The breeder, he said, didn't take digital currency. He named his new dog after a little-known token called EverRise that he favors.
According to the Bloomberg report, breeders said they're struggling to keep up with increased demand for the Japanese hunting dogs. Sandra Rolenaitis from Pennsylvania partially blamed Tesla chief Elon Musk, who has tweeted photos of his new pup named Floki. One of the tweets set off an epic run for the coin. (Another meme token also arose).
Rolenaitis said her shop, "Rodel Shibas," has been seeing 150 to 200 applications each month for the dogs, and some come from families that just want them for the popularity. But negative aspects about the dogs - like the fact that they're akin to a 25-pound wolf - often cause some applicants to head for the door, according to another breeder.
Shiba Inus ranked No. 43 in 2020 on a list of most popular dog breeds compiled by the American Kennel Club, up from No. 45 the year prior. Labrador Retrievers and French Bulldogs ranked No. 1 and 2, respectively, according to the list.
The shiba inu coin originally surfaced as a meme of another meme coin: dogecoin. The two have been closely competing for spots in the top 10 cryptocurrency rankings. As of Friday morning, dogecoin was ranked No. 9, and shiba inu coin slipped to the No. 11 spot, according to data from CoinMarketCap.
Much of shiba inu coin's rally in October - more than 800% - stemmed from big purchases from crypto whales, Insider previously reported. But retail traders also have been driving interest in shiba inu coin and hundreds of thousands of them have signed a petition for trading app Robinhood to add the coin to its crypto exchange.