Elon Musk gave him his support and this cryptocurrency shot up 40%

The price of cryptocurrencies continues to be low. There are many questions to be resolved: how far will the fall of Bitcoin go? Is it worth continuing to invest in them or is it better to unsubscribe?

This Wednesday, Bitcoin opened again in the red: according to information from CoinMarketCap, the BTC price 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 that left the asset trading at $1,080.

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Faced with this panorama of absolute uncertainty, one cryptocurrency in particular stands out that is derived from Dogecoin, developed in s as a satire of the cryptocurrency frenzy in 2013. What is it?

Shiba Inu, the cryptocurrency that shot up 40%

It’s all about the currency Shiba Inuone of the main market meme coinsthat shot up 40% this Tuesdaywhich is why it is already emerging as one of the fifty cryptocurrencies with higher market capitalization.

The price of the coin grew exponentially after the CEO of Tesla, Elon Muskwould guarantee his support, through his Twitter account, on Monday.

“Keep supporting DogecoinElon Musk said. He then replied to one user “keep buying it.”

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

Notably, however, earlier this month Musk was sued by a Dogecoin investor who accused him of running a pyramid scheme to back cryptocurrency.

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

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

On the other hand, the official Twitter account of the Shiba Inu cryptocurrency has reached a new milestone of 3.4 million followers, also the official account of its rival Dogecoin.

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