The price of Shiba Inu, which started as a joke basically, has rallied over 325 per cent in the last week, making its way into the top 15 tokens now, even ahead of Algoran, Bitcoin Cash and Stellar.
At the present prices, one SHIB coin is worth $0.00003367 less than a penny. Still, youd have a hefty profit, had you made a sizeable investment.
So what led to the surge?
Some of it could have to do with the overall cryptocurrency market surge this week, as even Bitcoin crossed the $55000 mark.
But the main suspect and the usual suspect is ,you guessed it, Elon Musk. On October 4, one of the world’s richest men, who has been active on Twitter and the going-on in the crypto market, tweeted a picture of his dog Floki, which is a Shiba Inu.
Perhaps traders read a lot more into Musk’s clairvoyant tweets. whatever it is, he does seem to have the ability to influence the crypto markets with his thoughts on social media.