Tue. Sep 28th, 2021

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Only In Crypto: Picture Of Elon Musk’s Pet Shiba Inu Sends Dog-Themed Coins Surging 1,000%

3 min read

Elon Musk is no stranger to his tweets pushing dog-themed coins to surge. Coins modeled after the OG dog-themed coin Dogecoin has flooded the market this year. Some doing well enough, others doing not so well. Amid this, the community has always looked to “Dogefather” Elon Musk when it comes to investing in these tokens. While Musk’s tweets have mostly impacted the top meme coin, Dogecoin, others have done just as well off of the billionaire’s tweets.

Dog-themed coin Shiba Inu was named after the famous Dogecoin dog. Relatively unknown at the time of creation, Musk’s tweets about getting a Shiba Inu dog breed had sent the price of the altcoin skyrocketing. Growing as much as 1,500% in a single day. Now, other dog-themed coins are following the same trend.

Related Reading | Mark Cuban’s NBA Team Runs Store Scheme To Reward Fans Paying With Dogecoin, Bitcoin, Ethereum

Billionaire Elon Musk had tweeted a couple of times about getting a pet Shiba Inu. Musk had proposed the name for the pet long ago, which he said he would name Floki. True to form, the Doge community saw the entrance of new dog-themed coins named Floki Inu and Shiba Floki. Following Musk’s tweets of his new pet Shiba Inu coming home, the price of the tokens surged.

Musk Welcomes Floki Home

Musk tweeted a picture of a sleeping Shiba Inu dog. The caption simply read “Floki has arrived. The tweet garnered over 200K likes, and the dog coins community saw a significant surge in the price of two major coins.

The token Shiba Floki (FLOKI) saw the most significant increase in price after the tweet went live. The dog-themed token grew over 1,000% less than 24 hours after Elon Musk tweeted the picture of his dog. The token had previously lost over 40% of its total value following an all-time high that it had hit in July. The renewed interest in the dog coin community after Musk’s tweet gave the token the needed momentum to get out of its rut.

Related Reading | Crypto Analyst Reveals End-Of-Year Predictions, Says Dogecoin Will Grow 100%

Floki Inu, another token named after Musk’s dog, also saw a significant increase in its price. The coin saw an over 100% increase in its price following Musk’s tweet. This sent the altcoin surging towards a new all-time high, before correcting downwards.

Dogecoin And Shiba Inu Not Faring Well

While the lesser-known dog coins rallied, the well-known ones have not had much success with Musk’s tweet. Dogecoin is currently down 4.5% in the last 24 hours. While Shiba Inu is down 5.35% in the same time period.

Dogecoin price chart from TradingView.comDogecoin price struggling despite Elon Musk's tweet | Source: DOGEUSD on TradingView.com

Shiba Floki is trading at a current price of $0.0000000060. Floki Inu lost its footing at its all-time high which it hit on Sunday at $0.00004354, presently trading at $0.00003522.

Dogecoin is down trading $0.2342, and Shiba Inu trades at a price of $0.000006452. All of these prices are according to the current price from Coinmarketcap at the time of writing.

Featured image from Thewistle, chart from TradingView.com

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