Shiba Inu Jumps As Elon Musk Tweets About The Digital Coin: Will Dogecoin Also Go Up?

Shiba Inu, Dogecoin

Tesla and SpaceX CEO Elon Musk is back with his tweets that lead to cryptocurrencies rising and falling, and this time he tweeted about the Shiba Inu dog.

The dogecoin spin off ‘Shiba Inu’ surged to it’s highest price in six weeks after Musk took to his twitter to write “My Shiba Inu will be named Floki”. Just after Musk’s tweet, the cryptocurrency rose to a high of $0.00000790 on CoinMarketCap at 7:23 a.m. ET, marking a 16% rise just minutes after the tweet.

Also Read: Bitcoin drops below 30,000 for the first time since January: Why is Bitcoin falling? Is it safe to invest in it?

Shiba Inu’s Rise

Shiba Inu was last at $0.00000724 around 9:10 a.m. ET. The digital coin, which was founded less than a year ago, took inspiration from a more established meme currency, Dogecoin, and even branded itself as a “Dogecoin killer.” According to its website, Shiba Inu is an “experiment in decentralised community building.”

The cryptocurrency has become the 28th most valuable cryptocurrency by market capitalisation.

Also Read: Hacker Group ‘Anonymous’ Makes A Comeback, And Threatens Multi-Billionaire Elon Musk: Fans Of Musk Rush To Support Him

Elon Musk’s influence

It’s fair to say the Musk holds a lot of influence in the crypto world, and even the simplest of his tweets or actions causes the value of cryptocurrencies to rise or fall. It was only because of his support that Dogecoin received the hype it did, and now the same is being done with Shiba Inu.

Musk’s interest in Dogecoin has sent it’s value skyrocketing, and there have been predictions that it is expected to go further up in the next few months, due to some improvements that Musk is working on.

However, last month Elon Musk received a huge backlash for his cryptic tweets and for “playing” with people’s money. Investors all over the world called him out for causing the prices of Bitcoin to drop after he confirmed via twitter that due to cryptocurrencies not being environmental friendly, his company, Tesla, will not be accepting Bitcoin as a payment for their cars.

Also Read: Famous Cryptocurrency Expert in India: Top 7 Indian Influencers In Cryptocurrency

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