Shiba inu price: Crypto surges 50 per cent despite Elon Musk tweet

A cryptocurrency originally created as a joke based on a meme has surged to an all-time high over the weekend and is now the 11th biggest in the world.

A cryptocurrency originally created as a joke based on a meme has surged to an all-time high over the weekend and is now the 11th biggest in the world.

Shiba inu surged by nearly 50 per cent over the last week to surpass its mid-May high of US$0.00003532.

On Monday morning, at its peak, the digital currency was worth US$0.00003941 per coin.

While that may not seem like much, that’s a huge leap since SHIB’s starting price on August 1 last year — US$0.000000000972.

The token has gained more than 40 million per cent in the past year.

Shiba inu has a market capitalisation of US$19 billion, putting it number 11 on the cryptocurrency leaderboard.

At time of writing, shiba inu is sitting slightly lower than its all-time high at US$0.00003794.

It dipped slightly after a tweet from Elon Musk earlier on Monday.

Around 5am, a shiba inu Twitter account, feeling confident after its recent gains, addressed Musk on the social media platform.

“Hey Elon Musk, How Much Shib Are You Holding?” the account asked.

In usual Musk style, the tech billionaire replied very succinctly with a single word that sent the coin to drop a little.

“None,” he said, prompting a slight decrease.

A petition on Change.org imploring Robinhood to list SHIB on its platform has garnered almost 300,000 signatures.

Shiba inu holds the biggest circulating supply of nearly 395 trillion coins, according to CoinTelegraph.

Shiba inu was created in August 2020 by an anonymous person who called themselves “Ryoshi”. The mystery founder created the coin as a spin-off of dogecoin.

In late 2013, US software engineer Billy Markus and Australian entrepreneur Jackson Palmer created dogecoin as a joke to make fun of the wild speculation in cryptocurrencies at the time.

They used a Japanese dog, a shiba inu, as a mascot for their coin.

Shiba inu is now just two places behind dogecoin on the crypto leaderboard, sitting at number nine with a market cap of US$34 billion.

Mr Musk was one of the earliest crypto celebrities to throw his weight behind both joke cryptocurrencies although he has previously said not to believe anything he says about cryptocurrency.

He has made many tweets about his bullish outlook on shiba inu and doge, including saying dogecoin could “become the currency of Earth”, causing him to be called the “the crypto king” and “the dogefather”.

Read related topics:CryptocurrencyElon Musk

This news is republished from another source. You can check the original article here.

Be the first to comment

Leave a Reply

Your email address will not be published.


*