Shiba Inu coin price soars after Elon Musk’s tweet

Thanks to Elon Musk, Dogecoin’s cryptocurrency spin-off Shiba Inu coin has had a nearly 50% increase in the last 24 hours. Once again, Musk makes a buzz with his tweet, and it’s gone crazy for the Shiba Inu (SHIB) coin. The digital token surged high to $0.00001312.

Although Shiba Inu coin’s market value has soared past the $5.22 billion mark, it also hit a high with $0.00001482. But, later on, it lost some of its gains.

While the Crypto world gained the interest of many during the pandemic, crypto coins like Bitcoin surged high on over $60,000 market value in April. As for the minor altcoins, the Shiba Inu coin took place as one of the new favorites.

Floki Frunkpuppy pic.twitter.com/xAr8T0Jfdf

— Elon Musk (@elonmusk) October 4, 2021

Shiba Inu Coin has a trading price of an estimated £0.00000500 for the last few months after its fall in May at £0.00002764. The meme coin geared up to 50% in cap value after Tesla’s Elon Musk paved the way for Shiba Inu’s new highs.

Cryptocurrency guru Musk tweeted a photo of his pet, Floki. As the newest member of his family, the Shiba Inu puppy was sitting on a Tesla. Last September, Musk already shared a post welcoming a new pet.

The photo has a caption of “Folk Frunkpuppy.” This made enough hype on Twitter with the #SHIB, and it immediately resulted in its value increasing.

Floki has arrived pic.twitter.com/2MiUKb91FT

— Elon Musk (@elonmusk) September 12, 2021

After Musk’s tweet, crypto fans went giddy over the meme coin. This increased SHIB’s volume to soar over 770 percent in just one day.

To give a clearer view as to what this meme coin is about, here are some deets. Shiba Inu coin is a popular spin-off from the major meme coin Dogecoin. An anonymous founder Ryoshi created the coin in August 2020.

While the Shiba Inu coin was tagged as the “Dogecoin killer’, it earned the name due to its ability to eclipse Dogecoin. It emerged in 2013 and consecrated the Shiba Inu meme in cryptocurrency form.

Mainstream cryptocurrencies like Bitcoin, which is currently the world’s popular crypto, aren’t easily unfazed by small market changes and news. While for smaller altcoins like the Shiba Inu coin, these factors can result in large and immediate fluctuations. This is due to its negligibility in value.

While Musk’s favorite Dogecoin surged on a high at 12% ($0.2484) on Tuesday, it also regained its 9th spot as the largest cryptocurrency based on capitalization.

Meanwhile, Baby Doge soared at 8% ($0.000000000709) on Tuesday, as reported by coinmarketcap.com. Market experts say that the Crypto market is at its infant stage, and thus, it still reacts in huge personalities like Elon Musk.