Shiba Inu has seen incredible gains in the past 24 hours, up 52.83 percent. The self-confessed ‘Dogecoin killer’ has seen a wealth of support since its beginning, but none more so than by Tesla CEO Elon Musk.

At the time of writing, Shiba Inu was worth $0.0001304 (£0.000096) up 51.99 percent.

SHIB has seen a 24 hour high of $0.00001482 (£0.000011), and its trading volume is up 781.27 percent.

And the cause for the recent high? One tweet from Tesla CEO Elon Musk.

Following Musk’s tweet, the crypto was trending on Twitter with many saying it was headed to $1.

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Musk often tweets in support of Shiba Inu, and may do so more regularly as he now has a shiba inu puppy.

On September 12, Musk first tweeted a picture of his Shiba Inu, saying “Floki has arrived.”

Then the recent increase came after another tweet on October 4, when the Tesla CEO shared another picture of his dog with the caption “Floki Frunkpuppy”.

Musk has 60.4million followers, with his tweet amassing 300,000 likes so far.

As the name might suggest, the Shiba Inu coin features the dog breed – taken from the doge meme which inspired dogecoin.

The doge meme first became popular in 2013, featuring a picture of a Shiba Inu dog surrounded by multicoloured text.

Will Shiba Inu reach $1?

Currently, SHIB is ranking at 35 on CoinMarketCap, a far cry from the giants of crypto like bitcoin and ethereum.

While the current surge has caused a flurry of excitement on social media, unfortunately, experts believe it’s not to last.

Writing in their latest update, FXStreet warned sellers should “be cautious”.

They cautioned the coin could soon show signs of “immediate correction” and dip back down to around $0.00007 (£0.000051).

While SHIB has seen a surge, more mainstream cryptocurrencies have been struggling.

At the time of writing bitcoin was down $1,561.48 (£1,146.26) in the past 24 hours, its current price is $49,452.22 (£36,302.13).

Ethereum stood at $3,388.48 (£2,487.43) a 24-hour decline of $8.33 (£6.11), and XRP was worth $1.05 (£0.77), a 24 hour decline of $0.013457 (£0.0099).

The dips have come after the People’s Bank of China announced all transactions of crypto-currencies are illegal.

China’s central bank said: “Virtual currency-related business activities are illegal financial activities.”

However, China are not completely opposed to digital currency with the Digital Yuan now years in development.