Shiba Inu has jumped 367% in the past week to become the 12th biggest cryptocurrency, Bloomberg reported.

  • SHIB has jumped over 70% in the past day, outpacing Litecoin and Avalanche’s AVAX to rank as the 12th biggest digital token in terms of market value, according to CoinGecko data.
  • The increase follows a social media post by the popular crypto investor Elon Musk of his puppy Floki, the mascot of the digital token. It is also in line with the increase of other cryptocurrencies.
  • Shiba Inu was developed anonymously last year by an individual who went by the name Ryoshi, with the website referring to the token as a “decentralized” meme token then eventually grew into a “vibrant” ecosystem.

Other cryptocurrencies have also posted gains in the past few days. SHIB is up 50.8%, LTC up 0.79%, AVAX down 2.42%, BTC down 0.25%.