Shiba Inu (SHIB), created as similar to Dogecoin (DOGE), reached new heights after Elon Musk’s tweet. Decentralized meme token Shiba, which has become a vibrant ecosystem, saw a 367% up, Bloomberg reported. The ascent took place in just one week.
Shiba Inu has started to rise significantly since October 2 and is currently up around 300%. The rapid increase caused the market value of the token, which surpassed major cryptocurrencies such as Litecoin, to increase rapidly.
The movement itself started after Elon Musk tweeted in which he shared a picture of his puppy Floki. Users saw a hidden meaning in this tweet of Musk, as the posted puppy belongs to the Shiba Inu breed, which is the basis for the meme token SHIB.
The growth of the cryptocurrency market in general has also benefited meme tokens. Bitcoin just saw this serious rise and reached the main resistance of $55,000.