Shiba Inu price: crypto increases by 50% despite Elon Musk’s tweet

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A cryptocurrency originally created as a meme-based joke hit an all-time high over the weekend and is now the 11th largest in the world.

A cryptocurrency originally created as a meme-based joke hit an all-time high over the weekend and is now the 11th largest in the world.

Shiba inu jumped nearly 50 percent over the past week to surpass its mid-May high of US $ 0.00003532.

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

While that may not seem like much, it’s a huge jump from SHIB’s starting price on August 1 of last year – US $ 0.000000000972.

The token has gained over 40 million percent over the past year.

Shiba inu has a market cap of US $ 19 billion, which ranks it 11th in the cryptocurrency rankings.

At the time of writing, the shiba inu sits slightly below its all-time high of US $ 0.00003794.

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

At around 5 a.m., a shiba inu Twitter account, confident after his recent gains, reached out to Musk on the social media platform.

“Hey Elon Musk, how many shib are you holding?” the account requested.

In usual Musk style, the tech billionaire responded very succinctly with one word that brought the room down a bit.

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

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

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

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

In late 2013, American software engineer Billy Markus and Australian entrepreneur Jackson Palmer created dogecoin as a joke to poke fun at the savage cryptocurrency speculation at the time.

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

Shiba inu is now just two places behind dogecoin in the cryptocurrency rankings, ranking ninth with a market cap of $ 34 billion.

Mr. Musk was one of the first crypto celebrities to put his weight behind the two joking cryptocurrencies, although he has previously said he doesn’t believe anything he says about crypto. -cash.

He tweeted extensively about his optimistic take on the shiba inu and the doge, including saying that dogecoin could “become the currency of the earth” which has earned him the nickname of the “king of crypto” and the “dogefather”.

Read related topics: Cryptocurrency Elon Musk

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