Shiba Inu, a cryptocurrency started a year back and has continued to rise after Elon Musk has tweeted about his puppy, reports Bloomberg News. The SHIB token has escalated by more than 70% in the last day and as of 10:55 am, Hong Kong time, leaving behind Avalanche’s AVAX and Litecoin to secure the 12th biggest cryptocurrency position as per market value, as per CoinGecko pricing.
The change comes few days following Musk’s tweet about a picture of his puppy, Floki. SHIB makes use of a meme of Japanese hunting dogs breed Shiba Inu and has risen to about 367% in the last seven days amidst a lot of excitement following the post.
The crypto market is surging now, and the jump comes at the same time. And bitcoin is already up by 30% in the last week and is trading at mid $50,000s. Ether is ranking at second as well as per Bloomberg News.
An anonymous individual by the name of Ryoshi founded Shiba Inu last year, and the website of the coin refers to it as a decentralized meme token that has evolved into a vibrant ecosystem.