The popular social media site LinkedIn floated on the NYSE yesterday with an initial price of $45 per share, though this quickly went up to as high as $120 – more proof that the market is eager to get a slice of the social media (and particularly social networking) pie.

The golden egg in the quiche of tasty social media of course is Facebook, and with Renren‘s (China’s largest social networking site) recent spectacular IPO, the market is keeping a close eye on what Facebook could be up to – certainly it’s an eye opener to the $70bn market valued website.