Elon Musk gave him his support and this cryptocurrency rose 40%

Cryptocurrency price is still low. There are many questions to be answered: How long will Bitcoin’s fall continue? Is it worth continuing to invest in them or is it better to opt out?

This Wednesday, Bitcoin opened again in the red: according to information from CoinMarketCapBTC fell 2.9% to leave its price just below $20,500. Ethereum (ETH) underperformed slightly, posting a 4.7% drop in the past 24 hours, leaving the asset trading at $1,080.

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In the face of this panorama of absolute uncertainty, a cryptocurrency in particular, derived from Dogecoin, stands out. Developed as a satire of crypto craze in 2013. What is this?

Shiba Inu, the cryptocurrency that surged 40%

All about the currency Shiba InuOne of the important things Market meme coinswhich – which It rose 40% this TuesdayWhich is why it has already appeared as one of fifty cryptocurrencies Higher market capitalization.

The price of the coin has grown exponentially after the CEO of Tesla, Elon MuskHe will ensure his support, via his Twitter account, on Monday.

Keep supporting Dogecoin“Keep buying it,” said Elon Musk, then replied to one user.

After Musk reiterated his support for Dogecoin in a tweet, he stood by his position during an interview at the Qatar Economic Forum in Doha Yesterday: “I personally intend to support Dogecoin, because I know a lot of people who are not that rich who encouraged me to buy and support Dogecoin, so I am responding to those people,” he said.

However, Musk was sued earlier this month by a Dogecoin investor who… He accused him of running a pyramid scheme to support cryptocurrency.

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Chiba inu is gaining popularity

While it is true that the “copy” of Dogecoin He benefited, in principle, from the support of Elon Musk, and there are also other reasons for his increase.

In particular, the data available from the blockchain shows that Shiba Inu is now the 3rd most cryptocurrency owned by Ethereum whalesIt represents more than 15.5% of its holdings.

On the other hand, the official Twitter account of Shiba Inu has reached 3.4 million followers, which is also the official account of its rival Dogecoin.

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