Doge’s little brother Shiba soars to new heights after Elon Musk’s tweet
The newly arrived Shiba token, the decentralized meme token that became a vibrant ecosystem, has enjoyed a 367% rise, Bloomberg reports. The rise occurred in one week only.
The SHIB token has started to grow significantly since October 2 and is currently advancing with around 300% growth. At its peak, the meme token has been trading with a more than 400% profit. The rapid increase led to the surge in the token’s market capitalization, which overtook major cryptocurrencies like Litecoin.
The movement itself began after a tweet from Elon Musk, in which he posted a picture of his puppy, Floki. Users saw a hidden meaning in his tweet since the published puppy is of the Shiba Inu breed, which is the basis of the SHIB memetoken.
Even more fuel has been added to the crucible by the start of the global growth of the cryptocurrency market in general. Bitcoin traded nearly 30% profit this week alone, reaching and breaking through major resistance of $ 55,000. Major altcoins like Ethereum have also traded positively.
Shiba Inu token has been created by anonymous developers who donated some part of their supply to Vitalik Buterin, who then decided to move the tokens to a COVID-19 foundation in India. Fifty trillion Shibas and 500 Ethereum coins were donated in all. The USD value of realized funds was not disclosed.
