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Shiba Inu cryptocurrency has risen in price by 216% in just a week – helped by Elon Musk

Over the past week, the value of the Shiba Inu cryptocurrency has more than tripled, making it the 20th most valuable digital asset in the world. This was partially influenced by Tesla CEO Elon Musk, who tweeted about his puppy.

Source: shibatoken.com

Source: shibatoken.com

According to cryptocurrency data aggregator CoinGecko, the SHIB token, issued in honor of the Japanese hunting dog breed, has risen in price by 69% over the past 24 hours, as a result of which its market value has exceeded the $ 10 billion mark. supported by favorable seasonal factors, positive trends on technical charts, as well as the lack of external intervention from the US Federal Reserve. At the same time, the sharp rise in the price of Shiba Inu turned out to be much more impressive than the dynamics of Bitcoin and Ethereum, the two largest cryptocurrencies, which increased in price by more than 20% during this period.

Last Sunday evening, the head of Tesla tweeted a photo of a dog with a comment. “Floki Frunkpuppy”, which, according to experts, only intensified the madness. In June, Musk tweeted: “My Shiba Inu will be called Floki”… And in September I published a post: “Floki has arrived”

The creator of the Shiba Inu cryptocurrency last year was an anonymous person known under the pseudonym Ryoshi, and on the official website the digital asset is described as “a decentralized meme token that has turned into a vibrant ecosystem.” It was probably created in the spirit of Dogecoin, a cryptocurrency launched in 2013 as a joke, but has become a popular token that is already accepted as a means of payment in a number of places, including American AMC cinemas.

About the author

Robbie Elmers

Robbie Elmers is a staff writer for Tech News Space, covering software, applications and services.

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