Shiba Inu (SHIB) rose 385 percent last week

Last week, the second most popular cryptocurrency meme, shiba inu ( SHIB ), grew 385 percent. On Wednesday alone, the dogecoin alternative jumped 50 percent. 

Reaching the local high of $ 0.0003473 on Thursday, SHIB reached a high 12th place in the ranking of the most valuable cryptocurrencies by market capitalization, according to CoinGecko.

With a market capitalization of nearly $ 14 billion, SHIB has switched Chainlink, Litecoin, Avalanche, and Uniswap.

Described as an ‘experiment in decentralized spontaneous community building’, shiba inu was created by a pseudonymous programmer named Ryoshi and launched in August 2020.

The token has been on the rise since early last week, and one of the most likely reasons to jump is another tweet by Elon Musk.

Last week, Musk posted a picture of his new Shibu Inu puppy, Floki, sending waves of enthusiasm across a legion of SHIB fans, and even sparking the #SHIB trend on Twitter.

In another milestone, data from Etherscan show that the army of SHIBU owners has now exceeded the figure of 700,000 .

The jump in shiba inu comes amid a wider wave across the crypto market, and bitcoin has risen 30 percent over the past week.

The leading cryptocurrency currently trades above $ 56,000. Ethereum has risen 25 percent over the past week and currently trades about $ 3,600 at the time of writing.

By: Amber V. - Zexron