Shiba Inu (SHIB) has now climbed to the twentieth position in global market capitalization, having tripled in value over the past week, partly driven by billionaire Elon Musk's latest tweet about his puppy. The SHIB token rose by another 69% in the last 24 hours, according to CoinGecko pricing, bringing its market value above 10 billion dollars. These gains came amid a broader rise in major cryptocurrencies, supported by favorable seasonal factors, positive technical chart signals, and the U.S. Federal Reserve's commitment not to intervene.
However, SHIB's 216% increase last week significantly outpaced the performance of Bitcoin and Ethereum, the two largest tokens, both of which rose by over 20% during this period. A tweet from Tesla CEO Musk late Sunday night (U.S. time), featuring a picture of a dog with the comment "Floki Frunkpuppy," which translates to "Floki the little puppy," may have contributed to this surge, as Musk named his dog Floki, purchased in June.
Notably, the Shiba Inu cryptocurrency was created last year by an anonymous individual known as Ryoshi, and it bears a strong resemblance to the Dogecoin, a cryptocurrency created as a joke in 2013, which is also symbolized by a Shiba Inu dog.
