After Elon Musk tweeted about his puppy, Shiba Inu’s value is continuously soaring. The tweet did not even have anything related Shiba Inu coin, but it was enough to send his supporters flocking to buy the coin which led to the boost in its value.

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The SHIB token has risen more than 40% in the last 24 hours as of 15:15 PM IST. Leaving behind the likes of Litecoin and Avalanche’s AVAX, the SHIB token has become the 12th-biggest cryptocurrency according to the market value at Coinbase. The surge comes after Musk tweeted a picture of his puppy, Floki on his Twitter handle. SHIB is up about 346% in the past seven days amid enthusiasm from that post.

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The coin is still worth well below a Rupee and is currently trading at Rs. 0.00232692, according to Coinbase.

At the same time, the wider crypto market is rising as well. Bitcoin’s value has increased more than 30% in the past seven days as it is trading at $ 54,222.60. Ethereum which is the second biggest crypto token is also gaining continuously, currently trading at $ 3,561.87.

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What is Shiba Inu?

Shiba Inu (SHIB) was founded by an anonymous person going by the name Ryoshi in August 2020

According to its website, Shiba Token is a decentralized meme token that evolved into a vibrant ecosystem.

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It is listed on its own decentralized exchange called ShibaSwap.

The total supply of Shiba Tokens is one quadrillion (1,000,000,000,000,000) and the current circulating supply is 100%.

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The Shiba Token website says 50% of the total supply has been locked to Uniswap, a decentralized finance protocol that facilitates automated transactions between cryptocurrency tokens on the Ethereum blockchain.

The remaining 50% was burned to Ethereum co-founder Vitalik Buterin

The coin’s mascot is the Shiba Inu dog, the same breed that repres