Meme coin Shiba Inu surges over 260% in the last 7 days

In the last 7 days, Shiba Inu token has jumped more than 260 percent, according to coinmarketcap.com. The meme-based cryptocurrency has witnessed massive gains this year.

On October 5, the price of Shiba Inu surged 55 percent in 24 hours after Elon Musk tweeted a picture of the Shiba Inu puppy. This is not the first time Musk’s tweet has led to an increase in the price of the coin.

Before that, the price of Shiba Inu coin swelled after an anonymous buyer bought a total of 6.3 trillion coins, firstly 6 trillion on October 1, and then 116 billion coins, 115 billion coins and 1 billion coins in subsequent transactions .

The

meme coin

was launched in August 2020 by an anonymous founder by the name of Ryoshi. after the popularity of Dogecoin, the first meme-based crypto.

Data from coinmarketcap.com shows that Shiba Inu currently has a market capital of nearly $11 billion as of October 9. Earlier this week, the coin had gained 230 percent in 7 days and had shown a 300 percent month on month increase. The top Shib exchanges are Binance, Bibax, Gdax, and Poloniex and Kucoin according to Bitcoin.com.

The Shiba Inu coin was also in the news when Ethereum founder

Vitalik Buterin

donated coins worth $1 billion to India’s Crypto Covid Relief.

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