Meme Coin Shiba Inu Gains 367% in Just 1 Week
Meme cryptocurrency Shiba Inu has been rising astronomically in the past week, adding 367% and 70% in the past 24 hours
The dog-themed cryptocurrency was boosted after billionaire Elon Musk posted a picture of his dog Floki on Sunday
Shiba Inu was founded by an anonymous person named Ryoshi and it is one of many dog-themed meme coins
Meme token Shiba Inu which was created only last year has continued to soar after billionaire Elon Musk posted a picture of his dog.
The meme coin has added more than 70% in the past 24 hours, surpassing altcoins such as Litecoin and AVAX to become the 12th largest crypto by market cap.
The strong momentum of the dog-themed cryptocurrency comes a few days after musk posted a photo of his dog, Floki on Twitter.
The pump also follows the movement of the wider crypto market, with flagship cryptocurrency Bitcoin being 30% up in the last 7 days.
Shiba Inu was founded by an anonymous individual with the pseudonym Ryoshi last year and the website dedicated to the coin describes it as a “decentralized meme token” that has evolved into an ecosystem.
It is one of several other meme coins that we’re launched following the popularity and success of dogecoin.
This is not the first time that the value of the token has risen sharply in a short time. In May this year, Shiba went from around $0.0000015 to its all-time high of $0.000038 in the space of days.