Elon Musk, the CEO of Tesla and SpaceX, is known for his snarky and humorous quips on social media, but his latest pet has created quite a stir in the cryptocurrency industry. The internet went crazy when Musk announced that he had acquired a new pet dog, a Shiba Inu puppy named Floki. By sharing a photo of his puppy, Elon Musk helped Shiba Inu climb the ranks of the most valuable cryptocurrencies by market capitalization. The meme token is now devalued since he stated that he does not own any.
“None,” Musk responded to a Twitter user who asked how much Shiba Inu he owns. Musk has frequently promoted Dogecoin on social media and constantly remarked on cryptocurrencies in general. In a subsequent tweet, he stated that he had purchased Bitcoin, Ether, and Dogecoin, and that was it. According to CoinGecko.com’s pricing as of 9:30 a.m. on Monday, SHIB, as the cryptocurrency is known, was down 15% from it’s all-time high set on Sunday Hong Kong time. The token, which is based on a Japanese hunting dog breed, has gained more than 400 per cent in the last 30 days to become the 11th largest in terms of market capitalization. According to CoinGecko, Dogecoin has increased by around 10% in the last 24 hours.
Shiba Inu has risen due to a campaign to list it on Robinhood, its ecosystem’s entry into non-fungible tokens, and general interest in meme assets. Many market experts, however, believe the token’s moves are often random and that it will struggle to maintain its current velocity. It was formed in 2020 by a mysterious figure known only as Ryoshi. Musk’s new Shiba Inu had a major impact on the cryptocurrency world, and the value of Dogecoin almost instantly increased after the billionaire shared a photo of his Shiba Inu. Musk’s new dog, Floki, has inspired a cryptocurrency called ‘Floki.’