Why Shiba Inu Is Skyrocketing Today

Shiba Inu (CRYPTO: SHIB) is up a stunning 45.63% in the past 24 hours to $0.00001588 apiece as of 9:08 a.m. EDT. The coin's marvelous rally came as Tesla's CEO Elon Musk tweeted about the "Dogecoin killer" cryptocurrency on social media. As a result, Shiba Inu is now the 33rd largest cryptocurrency in the world, with a market cap of $6.42 billion.

At first glance, Shiba Inu is nothing more than a meme token built on the Ethereum blockchain. It was created anonymously by a person or entity known as "Ryoshi" in August 2020. It takes only a few minutes nowadays to launch one's own token on an existing blockchain. There's even a graphical user interface site called cointool.app that helps those who cannot write code to make their own cryptocurrency. 

Image source: Getty Images.

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Source Fool.com