Billionaire Elon Musk has often been responsible for pumping the dog and others cryptocurrency prices By sharing various references and memes on his social media feeds on several occasions, as he is known for his interest on digital tokens and remains a strong believer of crypto. And now, his recent tweet has raised the price of the Memecoin Shiba Inu.
According to digital currency price and information data platform CoinGecko, the Shiba Inu (SHIB) was trading at $0.00002390, up almost 91% over the past 24 hours. According to CoinGecko, Memecoin has been on the rise over the past two days following Musk’s tweet, having gained more than 240% in the past 7 days.
Meanwhile, the price of Dogecoin increased by 13% to $0.26 in the last 24 hours, a 36% increase over the past 7 days.
Tesla Inc chief Elon Musk recently tweeted a photo of his pet Floki, the Shiba Inu puppy, at Tesla. Musk, the self-proclaimed ‘dogfather’, has been responsible for pumping dog and other prices on several occasions by sharing various references and memes related to the dog-themed cryptocurrency on his social media feeds.
US-based Coinbase said last month that its customers can trade, send, receive or store Shiba Inu (SHIB) on its platform. Created in August 2020 by an anonymous person named Ryoshi, the Shiba Inu coin has a negligible price, which allows investors to hold billions and even trillions of this coin.
In September, Musk’s tweet of a photo of his new Shiba Inu puppy Floki pushed up the price of the Floki-themed cryptocurrency as some of them saw a sharp rally of nearly 1,000% within a few hours.
A memecoin is usually a cryptocurrency tied to some theme, often as a joke rather than a serious product. Memecoins are highly volatile cryptocurrencies that are known to see sharp movements based on news events.
Don’t miss a story! Stay connected and informed with Mint.
download
Our App Now!!
.