A new tweet from Elon Musk caused Shiba Inu to rise by more than 224% last week. Siacoin maintained an increase of more than 20% and presented its quarterly financial report.
For the last seven days, the cryptocurrency market has maintained the bullish cycle of the previous week. According to Live Coin Watch statistics, most altcoins have shown increases of more than 200%.
Shiba Inu (SHIB), which skyrocketed after a tweet from Elon Musk, and Siacoin (SC), which announced the burning of tokens, lead the weekly top. They precede Stratis (STRAX), which will exchange STRAT tokens for STRAX, and Beam (BEAM), which will launch another governance token.
Since last week, the value of Bitcoin (BTC) has been on the rise, growing by almost 15%. The price of the pioneering cryptocurrency has remained in the range between USD 47,000 and more than USD 55,000.
Analysis by JPMorgan Chase suggests that growing interest from institutional investors has contributed to the recent Bitcoin rally.
They also note that the US authorities stated they would not ban Bitcoin, which they see as a cause for the rise. They add the growth of the second layer network, Lightning, due to the adoption of BTC in El Salvador.
In addition, the value of the Ethereum cryptocurrency Ether (ETH) by almost 4% in this period. The second-largest cryptocurrency on the market is trading at around USD 3,518, according to CoinGecko.
Elon Musk Tweet Makes the Price of Shiba Inu Skyrocket
Another tweet from billionaire businessman Elon Musk sent the price of the cryptocurrency meme skyrocketing. What happens on social media usually drives the value of Shiba Inu, as with Dogecoin.
Musk recently tweeted a message showing the image of the puppy of Shiba Inu, Floki, along with the phrase Floki Frunkpuppy.
Shortly after, the price of SHIB rose steadily from a low of USD 0.000008 to a peak of USD 0.000035. In that way, it approached the all-time high of USD 0.000038 that it reached on May 10th. The rise in its market capitalization made it rank 13th above Litecoin and Avalanche.
Although the price of SHIB has dropped slightly, it rose on average by more than 224% in a week. An anonymous developer, nicknamed Ryoshi, created Shiba Inu in August 2020. He has a love-hate relationship with Dogecoin (DOGE), the meme cryptocurrency born in 2013.
The market capitalization of SHIB is around USD 14.677 million, and its daily trading volume is approximately USD 6.241 million, according to CoinGecko.
Siacoin Presents Its Quarterly Report and Announces the Burning of Tokens
The Sia Foundation recently announced that it has enough funds for the next four years, for which it would start burning coins. The organization included that data in the transparency report for the third quarter of 2021.
They stated that they have USD 1.77 million budgeted for funding the Foundation in 2022. They added that they would safely burn coins as their goal is not to hold funds in US dollars for more than four years. However, they did not mention the amount or the date for the burning.
Furthermore, they said they did not convert any native tokens to US dollars in the third quarter. For that reason, holdings have maintained an 80/20 ratio in SC and USD, respectively.
In the past seven days, the growth of SC was 20%, which took it to a high of USD 0.0224 on October 5th. Within the next few days, it continued to rise after undergoing some corrections.
According to CoinGecko, the market capitalization of Siacoin is around USD 993 million, and its daily trading volume is approximately USD 44.2 million.
By Alexander Salazar