Elon Musk Tweet Sends Shiba Inu (SHIB) to the Roof With 50% Gains

05. Oct 2021 Posted by Akolkar B on News

On Monday, October 4, SpaceX and Tesla CEO Elon Musk was yet again at the centerstage of driving a rally in meme coins. On Monday, the tech billionaire tweeted a photo of his family pet Floki, a Shiba Inu puppy, sitting in a Tesla.

This was enough for the crypto community to guns ho about the meme coin thereby creating a buzz for Shiba Inu (SHIB) coin. Moments later, the digital token rose an astronomical 55 % to $0.00001312 in the last 24 hours.

Only a month ago, in September, Elon Musk announced the addition of the newest member in the family for the first time.

The made-for-fun digital token has crossed a market cap of $5.2 million. It peaked at a high of $0.00001482 but eventually gave up some gains as well. 

Lately, Shiba Inu (SHIB) has witnessed rising investor activity A week ago, a Shiba Inu whale acquired nearly 6.1 trillion SHIB coins worth $43.8 million.

The Japanese hunting dog is also the mascot of Dogecoin. As a result, DOGE is trading 12 % up at $0.2484 with a total market cap of $30.9 billion.

Elon Musk has been very much vocal regarding his support for meme cryptocurrencies, especially Dogecoin. The Tesla chief has been tweeting frequently in favour of DOGE over the last few months. Well, this has resulted in a solid DOGE price rally earlier this year with DOGE going all the way up to $0.70.

Dogecoin co-founder Billy Markus posted a tweet last week about the arrival of non-fungible tokens (NFTs) to Dogecoin platform. Markus was holding a forum concerning the prototypical future of Dogecoin. He said, "NFTs purchasing is (in) high demand with crypto. Allowing for DOGE purchases of NFTs greatly increases its utility."

Discussion about moving the Dogecoin ecosystem to the Ethereum blockchain was also a part of the forum. However, Markus proposed to have a DOGE-ETH pairing that would further fuel the utility of Dogecoin. Additional developments have not yet been posted and awaiting answers from the creators.

The Elon Musk effect has caused other meme coins to rally as well. For e.g Husky soared  140%, and Shiba Cash surged 75%. Other unknown cryptocurrencies like Akita Inu, Baby Doug, Doggy, Kishu Inu and Pitbull gained within 15-35 %.