October has been a banner month for the cryptocurrency market.
The little-known Shiba Inu coin — named for the kind of dog that’s used in the symbol for Dogecoin — skyrocketed as much as 65 percent at one point Wednesday.
The so-called meme coin is now up more than 230 percent this week, likely buoyed by crypto enthusiast and Tesla CEO Elon Musk’s recent tweet about his Shiba Inu puppy named Floki.
Each Shiba Inu coin is still worth only fractions of a penny, but the market cap of the crypto has now reached about $9.5 billion, putting it in the top 20 cryptocurrencies by market cap, according to Coinbase data.
Meanwhile, Flokinomics, a dogecoin knockoff named after Musk’s dog that started trading on Sunday, spiked 2,400 percent over the past 24 hours to $0.000002254 per coin.
More mainstream cryptos were in on the bull run, too, with bitcoin surging more than 9 percent and topping $55,000 per coin briefly for the first time in nearly five months.
The crypto was last seen exchanging hands at almost $54,900 per coin, but reached as high as $55,499 earlier Wednesday.
It’s now up more than 33 percent over the past week.
The rally was cheered on by vocal supporters of the digital token, including the Winklevoss twins of Facebook fame.
Despite bitcoin’s recent rally, the coin remains almost 18 percent below its all-time peak in April of nearly $65,000 per coin.
Ether also surged more than 5 percent higher Wednesday, trading at more than $3,600 per coin.
The rally comes after Securities and Exchange Commission Chairman Gary Gensler said Tuesday in a hearing before the House Financial Services Committee that his agency will not ban the trading of cryptocurrencies.
Any ban would be up to Congress, he added, mirroring comments by Federal Reserve Chairman Jerome Powell, who said Friday he won’t ban cryptocurrencies.
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