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Shiba Inu Coin, Floki Coin Value Jumps After a Little Help from Elon Musk

By: Buzz Staff

News18.com

Last Updated: October 07, 2021, 08:47 IST

Elon Musk's Shiba Inu puppy, Floki. Credits: Elon Musk/Twitter.

Elon Musk's Shiba Inu puppy, Floki. Credits: Elon Musk/Twitter.

Shiba Inu coin, Floki Inu coin cryptocurrencies are still rising days after Elon Musk's tweet of his puppy 'Floki' on a Tesla.

Elon Musk is the Tesla boss and SpaceX CEO. But on the Internet, he’s also got two additional roles: serial poster of memes, and occasionally, cryptocurrency market manipulators. Dogecoin, the meme-cryptocurrency Elon Musk wouldn’t stop tweeting about reached an all-time high in mid-April, crossing 10 cents for the first time. his is the highest-ever for the cryptocurrency, and the result of a semi-ironic movement that’s involved thousands of buyers, tens of thousands of online posters and the world’s richest man, Elon Musk. In early January, each token was worth less than one cent. In late January, when both the GameStop and DogeCoin movements hit their stride, the value of DogeCoin shot up to 7.5 cents, well over a 10-magnification, before sliding down to 2.5 cents. While Musk has consistently stopped tweeting about the cryptocurrency, (which has also been met with a lot of backlash for people who blame Musk for investing their money in it, only to see it no longer rise) Musk is however, posting puppy content on Twitter. Early on Monday morning, Musk posted another photo of Floki, his newest Shiba Inu puppy. Following Musk’s tweet Dogecoin and Floki Inu coin, both recorded a jump in prices.

Two days on, however, it appears the prices of cryptocurrencies affiliated or defined by Shiba Inus are still on an upward graph. Floki Inu coin has reported a 22.13% jump in the last day alone making the value of the cryptocurrency $0.00006116 at present. The value of Shiba Inu coin (SHIB) also soared a whopping 55% to $0.00001312 in the last 24 hours. The market cap of Shiba Inu also raced past the $5.22 billion mark. The surge, along with Musk’s photo was also the result of a crypto whale. An anonymous buyer decided to go on a SHIB coin shopping spree over two days buying close to an enormous 6.3 trillion coins. The whale began his spree on October 1 when he went ahead and bought a mammoth 6 trillion SHIB coins worth around $43,838,900 (around Rs. 3,27,81,19,505). The whale then went ahead and bought another 116 billion coins the next day, followed by two more transactions of 159 billion coins and another 1 billion coins, the last three transactions happening in a span of a few hours, reported NDTV.

Will the prices continue to rise? While some Elon Musk stans have started a whole cryptocurrency for his dog, there’s also been a chunk of Musk fans in recent times who’ve jumped ship, tired of Musk’s constant tweets to ‘manipulate’ the prices of cryptocurrency like Bitcoin and Dogecoin. Infact they too, have started a new cryptocurrency, which is very literally what they want Musk to do - stop. Over the weeks, the response to Musk’s tweets has become increasingly negative - with people blaming him solely for the rise or dip in prices, saying it cost them a loss and he’s ‘manipulating’ markets. Some took this a step further - by making a cryptocurrency solely dedicated to stopping Musk: $StopElon.

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first published:October 07, 2021, 08:46 IST
last updated:October 07, 2021, 08:47 IST