Driven by Elon Musk’s tweet about his own puppy, Shiba Inu cryptocurrency is now the world’s 12th most valuable by value.
the SHIB coin is named after a Japanese hunting dog breed. According to CoinGecko, it has gained another 69 percent in the last 24 hours, putting its market value at over $10 billion.
? Shib Inu’s Rise to the 12th Spot
They were made possible by an overall rise in the value of major digital currencies. This was bolstered by favorable seasonal variables, strong charting technical indicators, and the absence of Federal Reserve intervention.
Bitcoin and Ether, the two most valuable tokens, are both up over 20% over this time frame. But, SHIB’s spike of 216% in the last week has well outpaced that.
As of 10:55 a.m. Hong Kong time, the SHIB token had increased in value by more than 70% in the previous 24 hours, surpassing Litecoin and Avalanche’s AVAX to become the 12th largest cryptocurrency by market value, according to CoinGecko prices.
Recently, Musk took to Twitter to show off his puppy, Floki. There has been a 367 percent spike in interest in SHIB in the last seven days. This is due to its use of a meme depicting the Shiba Inu dog breed.
With Bitcoin up by nearly 30% in the last seven days and trading in the mid-$50,000 range, and second-ranked Ether up by as much as 10%, the surge coincides with the broader crypto market’s upswing.
Since its launch by Ryoshi last year, Shiba Inu has evolved from a “decentralized meme token” into “a vibrant ecosystem”. A Shiba Inu meme was used in the creation of Dogecoin. Doge is a cryptocurrency that was initially formed as a joke in 2013. It has since grown in popularity, with some sports teams, AMC theaters, and others accepting it as payment. Now, Shiba Inu bagged 12th place.