why is the Shiba Inu cryptocurrency surging?

It’s been a superb week for cryptocurrency merchants. On Wednesday, Bitcoin surged to a 5-month excessive of $55,735.52, according to CoinDesk. The primary motive? CNBC reports that Treasury Secretary Janet Yellen and SEC chair Gary Gensler each confirmed they don’t have plans to limit cryptocurrency buying and selling.

However Bitcoin isn’t the solely crypto up in the previous 24 hours. Different tokens equivalent to Etherium and Chainlink are each up over 5% too. But whereas 5% is likely to be a superb return on any particular person buying and selling day, there’s one coin that’s outdone all the others this week. Shiba Inu (SHIB) is up over 47% in the final 24 hours at the time of this writing, according to CoinMarketCap.

The SHIB coin got here into being final yr and began out as a joke coin based mostly on Dogecoin. However in 2021 SHIB has surged in worth. Nevertheless, it’s vital to notice that one SHIB coin by itself is virtually nugatory. At the time of this writing on SHIB is value $0.00003367 – that’s method lower than a penny. Nonetheless, should you invested ten grand in SHIB yesterday, you’d have a hefty revenue.

So why is SHIB surging this week? A few of it might need to do with the general cryptocurrency market surge this week. However Bloomberg points out that SHIB’s surge is also right down to (you guessed it) Elon Musk. On October 4, Musk tweeted an image of his canine Floki, which is a Shiba. Whether or not SHIB merchants noticed that as an indication from the gods, who is aware of. Nevertheless it does seem like Musk has the energy to maneuver markets with seemingly random tweets.