Over the past week, the value of the cryptocurrency Shiba Inu more than tripled, making it the twentieth most valuable digital asset in the world. However, only a few days ago, the value of the asset increased overnight by 216% after a social media post by Ilon Musk. At the moment, the token's capitalization has already exceeded $10 billion.
Crypto market experts note that the digital currency is in high demand not only because of Musk's laudatory posts. Stable trends on the charts and the lack of pressure from the U.S. authorities also have a positive impact on the quotation of the asset.
Now the growth in the value of Shiba Inu is much more active than the charts of bitcoin and etherium quotations. It should be noted that on October 5, the daily trading volume of the "meme" cryptocurrency on the Coinbase platform reached $1.3 billion, exceeding the result of bitcoin.
On October 6, the daily trading volume of Shiba Inu on Coinbase reached $1.8 billion. In June, Musk tweeted, "My Shiba Inu is called Floke." And in September, he published a post, "Flock has arrived." As of today, the developer of the cryptocurrency is still unknown. It is believed that the token was created by an anonymous programmer under the pseudonym Ryoshi.