The current rise in China-based Shiba Inu coin has made it the 28th most valuable crypto-based token. Labeled as a fun cryptocurrency like Dogecoin, it has seen a significant surge in value this year
Doge spinoff Shiba Inu rose to a six-week high on Friday after Elon Musk tweeted what he will name his Shiba Inu dog. Elon Musk, who's quite active on social media and likes to tweet on all sorts of things from electric cars to space to cryptocurrency to his 57 million followers, tweeted his "Shiba Inu will be named Floki".
Immediately after his tweet at 7.03 am, Shiba Inu rose 16 percent by 7.23 am ET to $0.00000790. Shiba Inu is a meme coin that brands itself as a "Dogecoin killer". Doge is a more popular cryptocurrency, but Shiba Inu is a dog meme-based cryptocurrency token that has also garnered huge interest from investments lately. The current rise in China-based Shiba coin has made it the 28th most valuable cryptocurrency token.
SHIB features the image of a Shiba Inu hunting dog like Dogecoin, the sixth-largest cryptocurrency in terms of market cap. Both Dogecoin and Shiba Inu have attracted a significant fan base this year and their value continues to rise higher. Dogecoin has its own blockchain but Shiba Inu sold as SHIB tokens are built on an existing blockchain.
Elon Musk is also a strong supporter of Dogecoin, which gained as much as 25 percent on Friday after it received a supporting hand from Ethereum co-founder Charles Hoskinson. Meanwhile, it's still unclear if Elon Musk's reference to Shiba Inu was purely coincidental or was done to jack up its prices.
Shiba Inu coin came to the worldwide limelight after Vitalik Buterin, who is the co-founder of Ethereum, donated $1 billion worth of ETH to Covid-19 relief work in India last month. Vitalik has also donated in the form of Ethereum, which is his own cryptocurrency.
As per reports, Buterin donated around 500 Ethereum ETH and over 50 trillion SHIB (Shiba Inu), a meme coin that is worth $1.14 billion, to India COVID-Crypto Relief Fund set up by Indian tech entrepreneur Sandeep Nailwal.
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