The Shiba Inu is now in the 20th place by market capitalization in the world and has more than tripled in the past week, in part stimulated by the latest tweet of the billionaire Elon Musk about his puppy.
The token SHIB has risen another 69% in the past 24 hours, according to CoinGecko prices, taking its market cap to above $10 billion.
The gains came in the midst of a broad rally in major cryptocurrencies, supported by favorable seasonal factors, positive signs on the technical chart, and the U.S. Federal Reserve’s commitment not to intervene.
But SHIB’s 216% rise in the past week has largely overshadowed the performance of Bitcoin and Ethereum, the two largest coins, both of which had an increase of more than 20% in the period.
A tweet from the boss by Tesla, late Sunday evening, US time, with the image of a dog and the caption, “Floki Frunkpuppy”, meaning “Floki the puppy”, may have contributed to a post of a keeper named Floki after she bought her dog last June.
Floki Frunkpuppy pic.twitter.com/xAr8T0Jfdf
— Elon Musk (@elonmusk) October 4, 2021
This is because the Shiba Inu cryptocurrency was founded by an unknown person named Ryoshi last year and is very similar to the Dogecoin cryptocurrency, a cryptocurrency created as a joke in 2013 and symbolized by a Shiba Inu dog.
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