Elon Musk's Tweet on Shiba Inu Sends the Token’s Value Soaring

Jafrin  |  Jun 26, 2021

Dogecoin spinoff, Shiba Inu spiked surged over 25% to trade at $0.00000827, minutes after a tweet from the Tesla Inc CEO, Elon Musk. His latest tweet perhaps indicates that the Tesla CEO has decided to switch allegiances, from DOGE to SHIB, another new coin based on a dog, but launched less than a year ago.

Elon Musk Tweets on Shiba Inu 

Following a short hiatus from crypto Twitter, Elon Musk appears to be back once again to actively tweet about cryptocurrencies.

This time he takes to tweeting randomly about the popular Shiba-Inu-themed cryptocurrency, SHIB, stating that "My Shiba Inu will be named Floki”, seemingly in reference to the shipbuilder character on the series Vikings. His single tweet takes the token price to its highest price in six weeks.

Musk has been a huge fan of the meme project Dogecoin. However, the latest tweet indicates that perhaps the Tesla CEO has decided to switch allegiances, from DOGE to SHIB.

SHIB is ranked the 27the largest cryptocurrency based on market capitalization which currently stands at $3.7 billion which is ten times less than DOGE.

Emerging Dogecoin-Inspired Cryptocurrencies 

While SHIBA INU was not immune to China’s Cryptocurrency crackdown, its values fell nearly 50% between June 15 and June 22. The altcoin seemed to have bounced back once again following Musk’s latest tweet.

The cryptocurrency was founded less than a year ago that took inspiration from the popular meme currency, Dogecoin, even branding itself as a "dogecoin killer."

Following Musk's tweet, a user wasted no time in creating a new canine-themed cryptocurrency token called Floki Inu.

The past few weeks have demonstrated that dog-themed tokens continue to be popular, even when the crypto market is on a downtrend. For instance, recently, another Dogecoin-inspired cryptocurrency called Baby Doge had been created by Dogecoin fans. According to the team, the token has passed 122,000 holders and $480 million in market cap in just two weeks.

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