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.
My Shiba Inu will be named Floki— Elon Musk (@elonmusk) June 25, 2021
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.
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.