The value of Shiba Inu has rocketed up 365% over the course of a single week.
The meme cryptocurrency, much in the same spirit as Dogecoin, isn’t really worth much at all; more specifically, it’ll cost you £0.00002189 to invest. The coin’s website describes it as ‘a decentralised meme token that evolved into a vibrant ecosystem.’
However, that marks a rise of $1,988,835 from its infancy. It comes amid the volatile crypto craze, and you don’t have to do much investigating to figure out who’s behind the recent spikes: Elon Musk.
Shiba Inu first emerged into the conversation in May this year. ‘Shiba Inu (SHIB) is a token that aspires to be an Ethereum-based alternative to Dogecoin (DOGE), the popular memecoin. Unlike Bitcoin, which is designed to be scarce, SHIB is intentionally abundant — with a circulating supply of one quadrillion,’ Coinbase explained.
However, it exploded after the Tesla CEO and SpaceX founder got a new puppy – a Shiba Inu, of course – named Floki, named after another obscure currency. Earlier this week, he tweeted another photo of his dog, writing, ‘Floki Frunkpuppy.’
As reported by Bloomberg, SHIB has ‘breezed’ past Litecoin and Avalanche’s AVAX to become the 12th-biggest cryptocurrency by market value.
The Financial Conduct Authority also issued a stark warning to budding investors: ‘Investing in crypto-assets, or investments and lending linked to them, generally involves taking very high risks with investors’ money. If consumers invest in these types of product, they should be prepared to lose all their money.’