Shiba Inu (SHIB) price up over 18 per cent in last 24 hrs. Here’s why

Shiba Inu coin recently saw a massive spike over the last few days because Tesla founder Elon Musk named his dog Floki.

SpaceX founder Elon Musk recently tweeted about his dog, saying, “My Shiba Inu will be named Floki.”

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According to media reports, it led to a rise in the Shiba Inu coin market, as single Shib coins surged by 25 per cent in the hours afterwards, leading to a six-week high for the coin.

Shiba Inu (SHIB) price today is $0.000009345 USD with market cap of $3,622,184,009 and trading volume of $813,332,323 USD. SHIBA INU is up 18.55 per cent in the last 24 hours.

The current CoinMarketCap ranking is #28, with a live market cap of $3,068,741,399 USD. It has a circulating supply of 394,796,000,000,000 SHIB coins and the max supply is not available.

Musk has been an avid support of cryptocurrency. Recently, he has been advocating the Dogecoin cryptocurrency.