Tuesday, September 28, 2021
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Elon Musk Posts a Photo of the New Shiba Inu Pet Dog; Cryptocurrencies Dogecoin and Floki Record a Record Rise

Elon Musk has tweeted about cryptocurrencies again. The Tesla boss recently tweeted about his new pet Shiba Inu, writing the caption “Floki has arrived.”

The post saw a record rise in the price of the Floki cryptocurrency, with prices increasing in the last 24 hours, according to media reports. Shiba Floki, the biggest winner, traded at a high of $ 0.000000005961, up 958.09 percent, according to CoinMarketCap.

The value of another cryptocurrency, Floki Inu, has risen 59.08 percent in the last 24 hours, while Floki Shiba has seen growth of 23.46 percent.

The staggering increase coincided with Musk’s tweet. Dogecoin also gained 0.36 percent. A spin-off of Dogecoin, Baby Doge Coin also saw a 1.8 percent increase in the past 24 hours.

This is it’s not the first time that the CEO of SpaceX has skyrocketed cryptocurrency prices. In August this year, Shiba Inu had seen a 16 percent increase in price when it hit $ 0.00000790, right after Musk tweeted that he was naming his new pet Floki.

Musk’s commentary on cryptocurrencies has often led to price spikes, followed by an eventual drop. Earlier this year, Musk kept tweeting about Dogecoin, creating a spike in the cryptocurrency of memes. The tweets sparked a frenzy for Dogecoin. Later, many buyers blamed Musk for investing their money in Dogecoin, only to see its value stop rising.

Dogecoin, similar to Bitcoin, has been used for electronic transactions like digital money and enables peer-to-peer transactions through a decentralized network. The word doge is a reference to the ‘doge’ meme, which features the image of a Shiba Inu.

The digital currency had been used to donate money to charities since its inception. The Dogecoin peaked in 2018, before its crash along with the rest of the cryptocurrencies. According to media reports, it was trading for a fraction of a penny until 2021.

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