It’s been a good week for cryptocurrency traders. On Wednesday, Bitcoin surged to a five-month high of $55,735.52, according to CoinDesk. The main reason? CNBC reports that Treasury Secretary Janet Yellen and Securities and Exchange Commission chair Gary Gensler both confirmed they don’t have plans to restrict cryptocurrency trading.
But Bitcoin isn’t the only crypto up in the past 24 hours. Other tokens such as Etherium and Chainlink are both up over 5% too. Yet while 5% might be a good return on any individual trading day, there’s one coin that’s outdone all the others this week. Shiba Inu (SHIB) is up over 47% in the last 24 hours at the time of this writing, according to CoinMarketCap.
The SHIB coin came into being last year and started out as a joke coin based on Dogecoin. But in 2021 SHIB has surged in value. However, it’s important to note that one SHIB coin by itself is practically worthless. At the time of this writing one SHIB coin is worth $0.00003367—that’s way less than a penny. Still, if you invested 10 grand in SHIB yesterday, you’d have a hefty profit.
So why is SHIB surging this week? Some of it could have to do with the overall cryptocurrency market surge this week. But Bloomberg points out that SHIB’s surge could also be down to (you guessed it) Elon Musk. On October 4, Musk tweeted a picture of his dog Floki, which is a Shiba Inu. Whether SHIB traders saw that as a sign from the gods, who knows. But it does look like Musk has the power to move markets with seemingly random tweets.