Market

Shiba Inu Coin is up 216% in 1 week

The Shiba Inu is currently the 20th largest cryptocurrency on the market and has more than tripled in the past week. This is likely coming in part from Elon Musk’s latest tweet.

The Shiba Inu (SHIB) – symbolized by a Shiba dog – has risen 69% in the past 24 hours, according to CoinGecko. The market capitalization of this digital currency has 10. exceeded Billion USD. (Market capitalization is simply calculated by multiplying the number of coins on the market by the market price)

The Shiba Inu rally also joined the rally in the cryptocurrency market thanks to favorable seasonal factors, positive signals on the technical charts and no intervention by the Fed. However, SHIB’s 216% gain last week surpasses that of both Bitcoin and Ethereum, which are up just over 20% in the last week.

Another factor driving SHIB’s rise could come from Elon Musk’s tweet. On the night of October 3, Tesla boss Elon Musk posted a picture of a dog with the comment “Floki Frunkpuppy”. Previously, in June 2021, he tweeted that “my Shiba Inu dog is called Floki”.

Vu Hao (according to Bloomberg)

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.