After Musk tweeted a photo of his Shiba Inu puppy with the caption “Floki Frunkpuppy” on Wednesday, Business Insider reported a 65 percent increase in Shiba Inu currency (SHIB).
Shiba Inu coin’s value has increased by more than 220 percent in the last seven days, according to CoinGecko. With a market value of $9 billion, it has even managed to become one of the top 20 cryptocurrencies on the market.
Shiba Inu coin was established in 2020 by an anonymous inventor under the moniker “Ryoshi,” who was inspired by meme token Dogecoin. In May, Ethereum co-founder Vitalik Buterin contributed $1.14 billion worth of SHIB to India’s Covid-Crypto Relief Fund, demonstrating that cryptocurrency’s new purpose has piqued Musk’s interest.
The popularity of the Shiba Inu currency appears to be boosting Dogecoin’s value as well since Dogecoin’s price has grown by 32% in the last week.
While some view meme coins return as inevitable, their long-term viability remains under doubt.
“While money may flow back into these stocks if 4Q proves to be as good as many predict, there’s no guarantee the momentum will last in the short term,” analysts at the Kraken exchange said to Business Insider.
