Shiba Inu, the dogecoin spinoff, went up by 30% after Tesla Chief Executive Officer Elon Musk tweeted another picture of his puppy on Sunday.
Musk’s dog, Floki, is a Shiba Inu, same as the coin and the iconic dog representing Dogecoin. On 12th September, Elon Musk tweeted a picture of his Shiba Inu, with the caption “Floki has arrived.”
His latest tweet led to the hashtag #SHIB trending on Twitter as traders cheered the rising price. The Shiba Inu coin was launched in August 2020 as an Ethereum-based alternative for Dogecoin.
Many Twitter users noted that the coin deleted a zero. However, the coin is still below one penny despite the jump that took it to 0.00001090 cents. Retail traders have been focusing on altcoins such as Shiba Inu and Dogecoin as the price swings often bring big profits, unlike more established cryptocurrencies like Ether and Bitcoin. A New York family made a $9 million fortune from Shiba Inu, according to CNN.
The Elon Musk effect has had a dramatic effect on cryptocurrency price swings this year. However, his influence over the cryptocurrency market has been weakening some. Other big names such as billionaire investor Mark Cuban and AMC CEO Adam Aron have jumped in to hype up Dogecoin.