Elon Musk appears to have ditched Dogecoin for Shiba Inu

Some industry players and analysts came to the conclusion that Tesla and SpaceX Chief Executive Officer Elon Musk dumped the 2013 meme cryptocurrency dogecoin for another dog-themed token — the Shiba Inu crypto.

Dubbed as a spin-off or parody of the original joke crypto, Shiba Inu (SHIB), is a coin that was created by someone who is only known by the name Ryoshi. Similar to the case of leading digital currency, bitcoin, little is known about the founder of the “Doge-killer.”

On his Twitter account, Musk posted a cryptic message regarding the breed of a dog he is set to get. He wrote, “My Shiba Inu will be named Floki.”

The message was loud and clear and the crypto space and market got what it could really mean.

SHIB responds

After the Twitter post went live and lit the crypto community on the social media platform, the Shiba Inu token responded strongly.

The dogecoin spinoff immediately surged, rising 23% in just a couple of hours. At press time, according to data from CoinGecko, SHIB’s value stands at $0.00000743 and has been up by 5.5% for the past 24 hours.

Another interesting sideshow of this latest Elon Musk-fueled story is the creation of another dog coin named Floki which was created after Musk made the post. The coin is now up by a whopping 3,000%.

A die-hard Doge fan

The tech billionaire has always been a vocal, die-hard fan of Dogecoin, always tweeting in support of the coin and the project. He even called it the coin of the future.

But it wasn’t until a couple of months ago that his Twitter posts started to affect the price of the once-considered joke crypto.

Meanwhile, people have seemingly begun to hang on to every word of Musk as evidenced by some investors putting money into a newly made coin just because he mentioned it as the name he will give to his new dog.

 

Image courtesy of Cointelegraph News/YouTube

Micky is a news site and does not provide trading, investing, or other financial advice. By using this website, you affirm that you have read and agree to abide by our Terms and Conditions.
Micky readers - you can get a 10% discount on trading fees on FTX and Binance when you sign up using the links above.