Musk’s tweet helps Shiba Inu jump 216% in a week; meme coin now among world’s 20 biggest cryptos

Billionaire Elon Musk’s favourite cryptocurrency Shiba Inu (SHIB) is now the world’s 20th-biggest in terms of market value due to his latest tweet about his own puppy. Musk, who is the CEO of SpaceX and Tesla, tweeted on Sunday night a photo of his pet dog named 'Floki Frunkpuppy', the Shiba Inu puppy, sitting on a Tesla EV.  
 

 
SHIB token's market value has more than tripled in the past week and is up by nearly 67 per cent to $0.00002402 in the last 24 hours, according to CoinGecko, putting its market value over $10 billion. Musk's recent tweet may have also contributed to the frenzy.
 
In June, Musk had tweeted, “My Shiba Inu will be named Floki” and in September, he shared a post saying “Floki has arrived,” welcoming a new member to his family. This tweet of Shiba Inu puppy's picture had pumped the price of meme-based cryptocurrencies with some witnessing a rise of nearly 1,000 per cent within a few hours.
 
Not only Shiba Inu, but other floki-themed tokens, like Husky and Shiba Cash, also soared 140 per cent and 75 per cent, respectively. However, Dogecoin, which has gained 13 per cent to stand at $0.26 in the last 24 hours, has risen 36% in the last 7 days.  
 
Other meme tokens like Akita Inu, Doggy, Baby Doug, Pitbull, and Kishu Inu rallied between 15-35 per cent. On the other hand, SHIB’s 216 per cent rise has also well overshadowed the performance of the two biggest cryptocurrency tokens—Bitcoin and Ether—are both up more than 20 per cent at the same time.  
 
SHIB token, which is based around a breed of Japanese hunting dogs, has seen gains amid a broad rally in major digital currencies. The meme coin is underpinned by favourable seasonal factors, positive technical chart signals, and a lack of interference from the central banks.
 
Shiba Inu was founded by an anonymous person going by the name Ryoshi in 2020, and the digital currency's website refers to it as “a decentralised meme token that evolved into a vibrant ecosystem.” 

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