Shiba Inu surges 367% in just a week

The cryptocurrency continues to soar after Elon Musk’s tweet

Bitcoin is up about 30 per cent in the past seven days and trading in the mid-$50,000s. Reuters / Dado Ruvic

Shiba Inu, a cryptocurrency started just last year, continues to soar after Elon Musk tweeted about his puppy.

The SHIB token has risen more than 70 per cent in the past 24 hours as of 10.55am Hong Kong time, breezing past the likes of Litecoin and Avalanche’s AVAX to become the 12th-biggest cryptocurrency by market value, according to CoinGecko pricing.

The move comes days after Mr Musk tweeted a picture of his puppy, Floki. SHIB, which uses a meme of the Shiba Inu breed of Japanese hunting dogs, is up about 367 per cent in the past seven days amid enthusiasm from that post.

The jump comes at the same time the wider crypto market is surging as well. Bitcoin is up about 30 per cent in the past seven days and trading in the mid-$50,000s, and second-ranked Ether has been gaining as well.

Shiba Inu was founded last year by an anonymous person going by the name of Ryoshi. The coin’s website refers to it as “a decentralised meme token that evolved into a vibrant ecosystem”.