Meme Crypto Shiba Inu Gains 45% as Elon Musk Tweets Support

• Meme token Shiba Inu jumped by over 50% on Monday following a tweet by Tesla CEO Elon Musk

• The billionaire posted a photo of his Shiba pup called Floki, which caused the meme coin to trend on Twitter

• At the moment, Shib is more than 8000% above its initial price, with a market value of $0.00001264

Shibu Inu has caused huge shock in the cryptocurrency market after the meme coin added more than 50% to its value in only 24 hours.

The token as of Tuesday is trading at $0.00001264 with a market cap of almost $5 billion following a tweet by Tesla CEO Elon Musk.

The billionaire posted a picture of his Shibi Inu dog named “Floki” on Twitter causing the dogecoin spinoff to skyrocket.

Musk’s tweet caused the hashtag #Shib to start trending on Twitter as investors celebrated the price increase.

Many noted that the coin deleted a “zero” from its decimal following its drastic rise, although it has 5 more to delete before it can reach $1.

In the past year, Shiba Inu has gained more than 8,000%, according to data from Coinmarketcap.

What is Shib?

Shiba Inu which was founded in August 2020, is an ethereum-based token that was created to serve as an alternative to dogecoin.

Retail investors have been diving into meme coins because these tokens have more aggressive price swings that are more likely to result in a huge payoff.

Read also: Cryptocurrency Cannot Be Destroyed- Elon Musk

According to Business insider, an American family once made a $9 million profit by investing in the meme coin.

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