The SHIB token protagonist of crypto: in a week, it jumped by more than 200%. The cryptocurrency is rapidly rising and is increasing the market value. What to know about the Shiba Inu surge.
According to Bloomberg reports, Shiba Inu stands out from the crypto world: the digital currency is now the twentieth-largest globally by market value and has more than tripled in the last week.
The SHIB token, which takes its name from a Japanese hunting dog breed, has risen by more than 80% in the past 24 hours, according to prices from CoinGecko and Coinmarketcap, bringing its market value to around 10 billion. Dollars.
What you need to know about the Shiba Inu blaze.
Shiba Inu up more than 230% in one week
The impressive gains of the digital currency have excited supporters of crypto, who expect further upside.
Specifically, Shiba Inu was up 83.4% in 24h to $ 0.00002348, according to CoiGecko. In just one week, the token overshadowed the performance of Bitcoin and Ether, the major digital currencies, growing by around 235%, while the two cryptocurrencies recorded a + 20% weekly.
The rally came amid a public rally in major virtual currencies, supported by several factors, including the Federal Reserve’s declaration of non-interference.
Now supporters of the token are hoping it can rise further, reaching the value of $ 1.
Musk’s shadow on the token upside?
It wouldn’t be the first time Musk has stepped in to shake up the cryptocurrency market. Even in the case of the Shiba Inu blaze, suspicions about Tesla’s patron and his influence have emerged.
In detail, a tweet from the late evening of Sunday 3 October ended up in the analysts’ sights, in which Musk posted the image of a dog of the currency breed with the comment Floki Frunkpuppy. That may have contributed to the frenzy, also because the tweet was the second, after the one in June in which the Tesla boss introduced his new loyal companion: “My Shiba Inu will be called Floki”.