Shiba Inu coin soars, bitcoin exceeds $ 50,000 in crypto surge

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October was a banner month for the cryptocurrency market.

The little-known Shiba Inu coin – named after the type of dog used in the Dogecoin symbol – climbed 65% at one point on Wednesday.

The so-called coin is now up over 230% this week, likely supported by the recent tweet of crypto enthusiast and Tesla CEO Elon Musk about his puppy Shiba Inu named Floki.

Each Shiba Inu coin is still only worth a few fractions of a dime, but the crypto’s market cap has now reached around $ 9.5 billion, placing it in the top 20 cryptocurrencies by market cap, according to data from Coinbase.

Meanwhile, Flokinomics, a dogecoin knockoff named after Musk’s dog that started trading on Sunday, has climbed 2,400% in the past 24 hours to $ 0.000002254 per coin.

The Shiba Inu coin shot up to 65% at one point on September 6, 2021. NurPhoto via Getty Images

More mainstream crypto was also booming, with bitcoin rising over 9% and briefly surpassing $ 55,000 per coin for the first time in nearly five months.

The crypto was last seen trading hands at nearly $ 54,900 per coin, but reached as high as $ 55,499 earlier on Wednesday.

It is now up more than 33 percent over the past week.

Bitcoin was up over 9% on September 6, 2021. Coinbase

The rally was cheered by vocal supporters of the digital token, including the Winklevoss twins of Facebook fame.

Despite Bitcoin’s recent rally, the coin remains nearly 18% below its historic peak in April of nearly $ 65,000 per coin.

Ether also rose more than 5% on Wednesday, trading at over $ 3,600 per coin.

54K #Bitcoin is pretty cool but still 10k from its record! Let’s go!

– Cameron Winklevoss (@cameron) October 6, 2021

The rally comes after Securities and Exchange Commission Chairman Gary Gensler said during a hearing before the House Financial Services Committee on Tuesday that his agency would not ban cryptocurrency trading.

Any ban would fall on Congress, he added, mirroring comments from Federal Reserve Chairman Jerome Powell, who said on Friday he would not ban cryptocurrencies.

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