Shiba inu took 14 months to reach a market value of $ 12 billion. It took dogecoin 6 times longer to reach this milestone. | Currency News | Financial and business news

• It took 14 months for the shiba inu coin to enter the ranks of the top 20 cryptos in the world.
• Its market value hit $ 12 billion on Thursday. Dogecoin took six times longer to hit the target.
• Elon Musk’s tweet with a photo of his Shiba Inu on Monday appeared to spark a rally in the room.
• Sign up for our daily newsletter here, 10 things before the opening bell.

Move over, dogecoin. A spin-off, shiba inu, is on a tear, having gained around 350% in a month – roughly what bitcoin has earned in a year.

The price of the dogecoin-inspired cryptocurrency has risen more than 300% in one week, propelling it into the top 20 coins by market cap, with a value of $ 12 billion, according to CoinMarketCap.

This was done in the 14 months since its creation, in August 2020. It took dogecoin six times longer – 88 months after its launch – to reach this size.

The most recent catalyst for shiba inu fever appears to be a tweet from Tesla CEO and crypto enthusiast Elon Musk on Monday featuring a photo of his real Shiba Inu puppy and the caption “Floki Frunkpuppy”.

Since then, the coin, created by someone with the pseudonym Ryoshi, has gone from $ 0.00001348 to around $ 0.00003068 on Thursday, up 41% over the 24-hour period until 6:32 a.m. ET.

Crypto bulls have piled in again this week after a few weeks of volatility and pullbacks. Bitcoin, the No.1 coin, reached a market cap of $ 1,000 billion for the first time since May. Shiba inu now ranks above the Polygon, Star, and Axis Infinity Game Token, which has almost doubled in value in one month.

But not all market watchers think the rise in shiba inu is due to Musk’s tweet alone.

“There is no evidence that the tweet explicitly showed its support for the SHIB token in the same way it did in the past by posting memes for dogecoin,” said Eliezer Ndinga, head of research at 21Shares.