Here's Why Shiba Inu Was Soaring Today

Cryptocurrency Shiba Inu (CRYPTO: SHIB) soared on Sunday evening following a social-media shout-out from Tesla founder and CEO Elon Musk. As of noon EDT on Monday, tokens were up 9% over the previous 24 hours, according to CoinMarkCap.com. Trading volume was up a far more robust 200% over that same time period.

At 6:20 p.m. on Sunday evening, Musk posted a picture of what appeared to be a rabbit holding a rocket-ship emoji. Cryptocurrency traders took this is a signal. Roughly 10 minutes after Musk's post, Shiba Inu tokens were trading 14% higher. As previously mentioned, trading volume surged, and approximately $3.8 billion in Shiba Inu has changed hands over the past 24 hours as of this writing.

Image source: Getty Images.

Continue reading

Source Fool.com