Shiba Inu, a cryptocurrency started last year, continues to rise after Elon Musk posted a tweet about his puppy.
- The SHIB token has soared over 70% in the past 24 hours as of 10:55 a.m. Hong Kong time, surpassing the likes of Litecoin Avalanche’s AVAX to become the 12th biggest crypto by market value, according to CoinGecko pricing.
- The surge comes a day after Musk tweeted a picture of his puppy, Floki. SHIB token is up nearly 367% in the last seven days amid enthusiasm generated from that post.
- The jump comes at the same time the wider crypto market is soaring as well. Bitcoin is up close to 30% in the last seven days, and trading in the mid $50Ks and second-ranked Ether has been gaining as well.
Shiba Inu was started by an anonymous person known by the name Ryoshi last year, and the coin’s website refers to it as “a decentralized meme token that evolved into a vibrant ecosystem.”
SHIB USD up +17.08%, BTC USD down -2.45%
Source: Bloomberg
