The Shiba Inu coin (SHIB) saw gains after Tesla CEO Elon Musk tweeted a picture of his puppy. It rose more than 70% over the past 24 hours.
On Monday, Musk tweeted a photo of Floki, his puppy, provoking enthusiasm from market players. Since then, SHIB grew by as much as 367%.
The leap came along with the expansion of the crypto market. Bitcoin, for example, rose roughly 30% over the past seven days and is trading at an average of $ 50,000. Etheruem, the second-highest token, is also gaining traction.
The Shiba Inu coin was founded last year by an anonymous person named Ryoshi. On the coin's website, it is referred to as "a decentralized meme token that has grown into a vibrant ecosystem."