Cryptocurrency traders have had a fantastic week. According to CoinDesk, Bitcoin hit a five-month high of $55,735.52 on Wednesday. What is the major reason? Treasury Secretary Janet Yellen and Securities and Exchange Commission Chair Gary Gensler, according to CNBC, both affirmed that they have no intentions to limit bitcoin trading.
However, Bitcoin isn’t the only cryptocurrency that has risen in the last 24 hours. Other cryptocurrencies, such as Ethereum and Chainlink, are also up over 5%. While a 5% return on any given trading day is a nice return, there is one currency that has outperformed the others this week. According to CoinMarketCap, Shiba Inu (SHIB) has increased by more than 47 percent in the previous 24 hours.
The SHIB currency was created last year and began as a joke coin based on Dogecoin. SHIB, on the other hand, has seen a significant increase in value in 2021. It’s worth noting, though, that a single SHIB coin is essentially useless. One SHIB coin is worth $0.00003367 at the time of writing, which is less than a cent. Even yet, if you had put $10,000 in SHIB yesterday, you would have made a tidy profit.
So, what’s the big deal with SHIB this week? It’s possible that some of it has to do with the recent increase in the bitcoin market. However, according to Bloomberg, SHIB’s rise might also be attributed to (you guessed it) Elon Musk. Musk shared a photo of his Shiba Inu, Floki, on Twitter on October 4. Who knows whether SHIB merchants saw that as a message from the gods. Musk, on the other hand, appears to have the ability to affect markets with apparently random tweets.
