Shiba Inu Coin Soars In Value After Elon Musk Posts Photo Of His Dog
Photo 228781831 © Salarko | Dreamstime.com
To call Elon Musk a puppet master of the cryptocurrency world would be an understatement—he even owns a shiba inu, the dog breed used to make two popular currencies sound cuter.
Now, even his puppy has a say in the market. On Tuesday, Musk tweeted a photo of the shiba inu with the caption, “Floki Frunkpuppy,” and besides it doubling down on the fact that the Tesla and SpaceX CEO comes up with some pretty unique names, it also drove a 65% surge in the cryptocurrency, reports Markets Insider.
Floki Frunkpuppy pic.twitter.com/xAr8T0Jfdf
— Elon Musk (@elonmusk) October 4, 2021
So innocent, and yet so powerful.
As of the time of publishing, Shiba Inu is the 15th most prominent currency on the market, and now has a market value of US$12 billion. It’s worth nothing that, just months back, it was regarded as small fry to traders.
CoinGecko also documents a 355.4% rise in Shiba Inu’s worth over the past seven days.
Similar to the beginnings of the more famous Dogecoin (DOGE), Shiba Inu coin started out as a joke—a “meme” currency, if you will. It was created in 2020 by an anonymous person known as Ryoshi, seven years after Dogecoin’s founding.
However, as the market goes, there’s absolutely no guarantee that the value of Shiba Inu coin—or any cryptocurrency, for the matter—would stay up. While a simple photo by Musk was more than enough to place the token on the crypto map, it just proves how easy the market can rise and fall.
Shiba inus aren’t the only animal stars of the crypto world. One hamster is making its mark as a trader, even beating out Warren Buffett before.
[via Entrepreneur and Markets Insider, cover photo 228781831 © Salarko | Dreamstime.com]
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