The Shiba Inu Coin (SHIB) has once again stunned the cryptocurrency market after jumping over 49 per cent in the last 24 hours. As of Tuesday, it is trading at $ 0.00001264 i.e. Rs 0.0000948, while its market capitalization is $ 4,987,163,972. It has increased by 49 per cent since Monday. Meanwhile, all major cryptocurrencies were trading in the red on Monday or saw a slight increase in their prices.
This cryptocurrency is known as ‘Dodgecoin killer’
According to the official website, the creators of SHIB created it with inspiration from DodgeQueen. However, the creators of Shiba Inu intended to make SHIB more than just a joke. The Shiba Inu has been called the ‘Dodgequin killer’ by its community. The token has been supported by a large community of coin holders. It has been promoted on social media like Reddit and Twitter.
Why has the price of Shiba Inu increased?
The crypto market is very volatile and unpredictable. Often cryptocurrencies, which have no reason to be on top, are pumped. However, this time Shiba has sprung up after a tweet by Tesla Chief Executive Officer (CEO) and Dodgecoin investor Elon Musk. The price of the Shiba skyrocketed in no time after Musk first shared a photo of his new pet dog ‘Floki’. On Monday, Musk tweeted another picture with the caption ‘Floki Frunkpuppy’, prompting a sudden jump in the price of the token.
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