The Dogecoin spin-off known as Shiba Inu Coin rose by 30 after Tesla CEO Elon Musk tweeted another photo of his boy on Sunday night.
Musk’s dog named Floki is a Shiba Inu, the namesake of the coin and the iconic dog behind Dogecoin. On September 12th, Musk tweeted a photo of his Shiba Inu for the first time and said, “Floki has arrived.”
The latest tweet made the hashtag #SHIB trending on Twitter as retailers applauded the price hike. shown by TopStonks.
On Twitter, many noticed that the coin removed a zero from its decimal. Even so, despite the jump that took it to 0.0001090 cents, the coin is still worth less than a dime. The Shiba Inu currency has risen over the past year. about 8,000% in a year, according to data from Coinbase.
retailers are immersed in altcoins like Dogecoin and Shiba Inu as drastic price changes often generate big profits unlike more established currencies like Ether and Bitcoin. A New York family made a fortune of $ 9 million from the counterfeit coin, Insider previously reported.
The “Elon Musk Effect” was a key factor in the dramatic changes in cryptocurrency prices this year, although its impact on the cryptocurrency market has waned somewhat. Others, including billionaire Mark Cuban and AMC CEO Adam Aron, have stepped in to even further promote Dogecoin.