The Shiba Inu token is becoming the twelfth largest cryptocurrency. The token was created in August 2020, originating from a meme as an alternative to Dogecoin. This week, the virtual currency skyrocketed by 300%, thanks to the popularity of a tweet by billionaire Elon Musk. The text “Floki Funkpuppy” accompanied by a photo of the Tesla CEO\'s pet was the cause of the coin\'s sharp rise.

Floki Funkpuppy pic.twitter.com/xAr8T0Jfdf

— Elon Musk (@elonmusk) October 4, 2021
On October 3rd, the coin closed at €0.000007367. The following day, the price was €0.000001163. By October 5th, it had reached €0.000001488, and by October 6th, it had finished at €0.000002412, causing a 25% increase in value. The cryptocurrencies Dogecoin and Shiba Inu Coin, coins created from memes, have rapidly gained popularity recently, increasing their value by 54%. Their values have changed suddenly, causing a greater redemption in coins like Ether or Bitcoin. Meanwhile, both virtual currencies have entered the international crypto industry. Dogecoin is now available for purchase and sale on Coinbase, a leading cryptocurrency trading platform in the United States. Shiba Inu Coin, on the other hand, has begun trading on Wazir X, which is dominant in Asia and owned by Binance. Cryptocurrencies are undoubtedly rapidly impacting commerce and gaining acceptance among users worldwide. There are only four months left to reach 200 million crypto users. Elon Musk recently dubbed Dogecoin the \"people\'s cryptocurrency,\" while in El Salvador, the use of Bitcoin as legal tender has been legalized.