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.

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