Shiba Inu joke token rose 331% and made it into the top 20 cryptocurrencies thanks to Ilon Musk

Following the growth of Bitcoin , another digital currency - Shiba Inu - added in value. American billionaire Elon Musk played an important role in this.

What's known

During the last day the cryptocurrency value increased by 40%, and for the week - by 331%. At the time of writing this article, Shiba Inu's price is $0.00003068. It has moved into 16th place in terms of capitalization ($12.113 billion). If growth continues, Shiba Inu could surpass Litecoin ($12.318 billion), Binance USD ($13.062 billion) and Avalanche ($13.088 billion).

Ilon Musk the other day posted on Twitter a picture of a Floki puppy of Japanese dog breed Shiba-inu. This is considered to be the main reason for the rapid growth of the cryptocurrency.

Floki Frunkpuppy pic.twitter.com/xAr8T0Jfdf

- Elon Musk (@elonmusk) October 4, 2021

The American billionaire actively promoted Dogecoin in spring 2021, making the joke cryptocurrency temporarily ranked 3rd in capitalization, behind only Bitcoin and Ethereum. DOGE is now worth $0.2551. This is thousands times more than a year ago ($0.002452), but three times less than the all-time high ($0.7376) reached on May 8.

Source: CoinMarketCap, @elonmusk