The cryptocurrency Shiba Inu (CRYPTO: SHIB) has absolutely skyrocketed today. At the time of this writing, it was up more than 30%. Earlier in the day, this crypto saw gains as high as 70% over a 24-hour period as investors have piled into this token on heavy volume.

This continued bullish price action follows a series of tweets by Elon Musk. By sending his millions of followers photos of his dog, Musk has (inadvertently?) created a frenzy of activity among speculative dog-themed meme tokens.

The moves in Shiba Inu have outpaced the broader crypto market. However, other major cryptocurrencies are also trading higher on Thursday. Indeed, it appears investors are taking a risk-on approach to speculative assets today. This comes following reports that a deal is being finalized to push out the debt ceiling discussion.

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Source Fool.com