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Shiba Inu Crypto Up 216% in a Week

  • The Shiba Inu cryptocurrency has risen to become the world’s 20th most valuable cryptocurrency by market capitalization and has more than tripled in value over the past week, thanks in part to Elon Musk’s newest tweet about his own puppy.
  • However, SHIB’s 216% gain over the previous week has far outstripped the gains made by Bitcoin and Ether, the two most valuable cryptocurrencies, which have both gained more than 20% over the same period.
  • Another possible contributor to the excitement was a tweet sent out by Tesla Inc.’s CEO late Sunday night U.S. time, which included a photo of a dog and the phrase “Floki Frunkpuppy.”

The Shiba Inu cryptocurrency has risen to become the world’s 20th most valuable cryptocurrency by market capitalization and has more than tripled in value over the past week, thanks in part to Elon Musk’s newest tweet about his own puppy.

According to Rateweb pricing, the SHIB token, which is based on a breed of Japanese hunting dogs, has gained another 69% in the last 24 hours, bringing its market capitalization to more than $10 billion (R153 Billion)

A broad surge in major digital currencies has accompanied the gains, which have been bolstered by favorable seasonal conditions, bullish technical chart signs, and a lack of intervention from the Federal Reserve. However, SHIB’s 216% gain over the previous week has far outstripped the gains made by Bitcoin and Ether, the two most valuable cryptocurrencies, which have both gained more than 20% over the same period.

Another possible contributor to the excitement was a tweet sent out by Tesla Inc.’s CEO late Sunday night U.S. time, which included a photo of a dog and the phrase “Floki Frunkpuppy.” After a tweet in June that stated, “My Shiba Inu will be named Floki,” and another last month that stated, “Floki has arrived,” this was the latest.

An unidentified person going by the name Ryoshi launched Shiba Inu cryptocurrency last year, and the coin’s website describes it as “a decentralized meme token that blossomed into a lively ecosystem.” There are similarities between this cryptocurrency and Dogecoin, a cryptocurrency that was initially founded as a joke in 2013 — using the Shiba Inu meme as its inspiration — but has since grown in popularity and is now accepted for payments by several sports teams, AMC theaters, and other businesses.

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