Shiba Inu’s market capitalization has surpassed $5.22 billion. The token had risen to a peak of $0.00001482, but had since lost part of its gains.
Elon Musk has created a stir in the meme token market once again, with the Shiba Inu (SHIB) coin going insane. In the previous 24 hours, the made-for-fun digital token has increased by 66 percent to $0.00001312.
Shiba Inu’s market capitalization has surpassed $5.22 billion. The token had risen to a peak of $0.00002482, but had since lost part of its gains.
Elon Musk, the CEO of SpaceX, shared a photo of his newest family member, a Shiba Inu dog named Floki, sitting on a Tesla. He had shared a post in September welcoming a new member to his family.
Following Musk’s post, crypto enthusiasts went bananas about SHIB, with volumes surging by over 770 percent in just one day.
Musk’s favourite cryptocurrency, Dogecoin, has a mascot of the same breed. Netizens have dubbed Tesla CEO Elon Musk the “Dogefather.”
Musk, on the other hand, isn’t the only reason for Shiba Inu’s sudden vertical rise.
According to Ishan Arora, Partner at Tykhe Block Ventures, a crypto hedge fund, the Shiba Inu team appears to be working on a project.
SHIBA ARMY was trending on twitter with more than 45k tweets. Twitter flooded with reactions on the new hike.
“Its deleting zeroes” a tweeter user wrote after coin’s value shifted zeroes.
Not only Shiba Inu, but also Husky and Shiba Cash, two meme tokens, rose by 140 percent and 75 percent, respectively.
Akita Inu, Baby Doug, Doggy, Kishu Inu, and Pitbull all saw gains of 15 to 35 percent. On Tuesday, Musk’s favourite cryptocurrency, Dogecoin, jumped 12% to $0.2484, reclaiming its position as the ninth largest cryptocurrency by market capitalization.
According to market experts, the crypto economy is still in its infancy. As a result, it reacts to erratic figures like Musk.
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