Shiba Inu coin price: Why cryptocurrency Shiba Inu has jumped 230% this week
Cryptocurrency: Expert on how financial system is being 'remade'
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Altcoins took cryptocurrency investors by surprise this year, siphoning attention away from the established market. Dogecoin (DOGE) was amongst the first to make significant waves, backed by billionaire Elon Musk. SHIB is the product of developers efforts to repeat this success, and so far, it appears to have paid off.
The latest data shows it is one of the few altcoins still making significant gains.
At the start of the week, it was amongst the most popular altcoins, but selling at a relatively low price of $0.000008449 (£0.0000062).
Since then, it has made strides through the market, reaching $0.00001711 (£0.000013) today.
SHIB’s seven-day growth rate is 230.32 percent, allowing it to claim the 20th largest market value amongst its fellow altcoins.
The token is one of the world’s most popular and is currently piggybacking on a lucrative market.
Several tokens have surged this week, guided by charts suggesting an incoming easy run and a lack of state intervention.
But SHIB’s more notable boost comes from longtime Dogecoin fanboy Elon Musk.
SHIB rallied after he posted a tweet on Monday.
On October 4, he posted a picture of his new puppy to Twitter, hailing the arrival of “Floki Frunkpuppy.”
The tweet followed two others earlier this year when Mr Musk, CEO of electric car manufacturers Tesla, anticipated the arrival of his dog.
The puppy is of the breed from which Shiba Inu coin takes its name.
In the hours following the tweet on Monday, the coin started its impressive rally.
SHIB started the day on $0.000008431 (£0.0000062), and just before midnight had gained another decimal point, reaching $0.00001403 (£0.000010).
Twitter users flocked to the site to hail the arrival of the new Musk family member, taking the pooch as a sign.
User Shibrother wrote: “Floki is a #shibainu so naturally Floki is #shibarmy.”
OKEx tweeted: “Meme coins pawtners — looking good.”
Shiba Inu coin is one of the most successful altcoins of 2021, and has gained eight figures worth of value this year.
According to charts from Coinbase, it has gained 18,160,367.63 percent in value since this time in 2020.
But officials continue to warn people not to invest in it, regardless of how lucrative it may seem.
Writing in January, the Financial Conduct Authority (FCA) said investing in cryptoassets “generally involves taking very high risks with investors’ money”, adding consumers should be “prepared to lose all their money” if they choose to invest.
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