Why Has Shiba Inu Coin Surged Over 50%?

In the last 24 hours, ‘Shiba Inu, popularly known as the ‘Dogecoin,’ has effectively achieved a growth rate of over 50%. Indeed, the crypto’s rapid movement has attracted the interest of investors all around the world.

The reason for the  Shiba Inu cryptocurrency price increase is that Elon Musk posted a photo of his dog.

In September, Musk purchased a Shiba Inu puppy named Floki. He posted a photo of the puppy with the caption “Floki Frunkpuppy” on Monday.

The tweet had nothing to do with the Shiba Inu coin, yet it was enough to entice his followers to purchase it, therefore increasing its value.

Shiba Inu, commonly known as Shiba Token, is a decentralized cryptocurrency developed by an unknown individual or persons known as “Ryoshi” in August 2020.

Though his influence over the crypto market has diminished, Elon Musk has been a significant factor in the cryptocurrency’s price fluctuations this year. Others have joined in to keep the dogecoin hype going, including billionaire investor Mark Cuban and AMC CEO Adam Aron.