Shiba Inu (SHIB) Price Doubled In a Week

by in Cryptocurrency News

Elon Musk tweet Shiba Inu

Shiba Inu (SHIB) has seen a price increase of over 54% in the last 24 hours, which reached $0.00001409. In terms of a week, the token has gone up by over 100%.

Related: Newly Launched ShibaSwap Scores Over $1.5B TVL in 2 Days

On October 4, Tesla CEO Elon Musk shared a pic of his dog on Twitter, writing just “Floki Frunkpuppy”

Elon Musk bought a pet Shiba Inu in September, calling it Floki.

Although the business magnate didn’t write anything about the Shiba token,many find the tweet is connected with the crypto. After the post, the volume of sales and therefore the coin’s value have surged. Currently, SHIB is 34th largest cryptocurrency with a market cap of over $5.5 bln. It’s still 63.60% down from its all-time high of $0.0000388 reached on May 10, 2021.

The coin was released in August 2020 and was inspired by the first meme coin Dogecoin. DOGE also saw price growth recently. Over the last day, the price went up by over 10% and stands at about $0.2384 at the time of writing.