Shiba Inu Surges 17% After New Tweet From Elon Musk

The new favorite token of Elon Musk, Shiba Inu surges 17% after the Tesla CEO tweeted about it as we read more in our latest altcoin news today.

Elon Musk has a new favorite dog meme token and this time it is the Shiba Inu coin, inspired by the same breed of dogs that Dogecoin was inspired by. Musk is quite rich and famous because he makes cards and rockets and makes jokes on Twitter which are often related to dog-themed cryptocurrencies. He is now so popular that if he posts a tweet on social media about a certain coin like DOGE, the market for the coins will immediately react.

My Shiba Inu will be named Floki

— Elon Musk (@elonmusk) June 25, 2021

His tweet about the new dog is the latest thing to get in the decentralized dog markets as the price of Shiba Inu surges 17% after Musk tweeted about the new dog coin. However, the price of DOGE didn’t really budge much. Musk named his new dog Floki too which is the character from the TV Shows Vikings because he was inspired by how an incorrigible trickster Floki was. People then created lots of Floki cryptos after Musk shared the news of his dog. These coins are literally dozens on Poocoin which is a website that tracks the prices of various shitcoins. Analyst Benzinga picked up the story and reported that the Floki cryptocurrency increased by 3500%.

As recently reported, Coinbase Pro will allow Shiba Inu SHIB token trades so now the coinbase customers can start transferring the three tokens on the platform. According to the blog post, “Once sufficient supply of CHZ, KEEP and SHIB is established on the platform, trading on our CHZ-USD, CHZ-EUR, CHZ-GBP, CHZ-USDT, KEEP-USD, SHIB-USD, and SHIB-USDT order books will launch in three phases, post-only, limit-only, and full trading.”

Shiba Inu is akin to meme coin DOGE which also became quite popular for being inspired by the Shiba Inu dog meme from the 2010s. however, unlike DOGE it is an ERC20 token whch means that it runs on the Ethereum network. According to the data from Nomics, SHIB is the 17^th biggest token by market cap with over $9 billion which is more than Ethereum Classic, DAI, or Stellar. The market cap seems to be going up and propelled by the listing, the token increased in price by 33% in the past day. This is way below the ATH of $0.00003791 of last year.

Source: https://www.dcforecasts.com/altcoin-news/shiba-inu-surges-17-after-new-tweet-from-elon-musk/