Elon Musk who has been a vocal advocate of Dogecoin, referring to it as the “people’s crypto” on Twitter, recently posted a photo of Floki in a Tesla. This move has caused a 30% increase in the rate of the Shiba Inu coin.
On Monday, a tweet of Elon Musk’s Shiba Inu puppy sparked a 30 percent increase in the cryptocurrency of the same name.
Musk uploaded a photo of his dog Floki in the front trunk of a Tesla on Sunday night, prompting not only the Shiba Inu coin to rise, but also Dogecoin to rise 7.5 cents.
Musk announced the arrival of Floki in a Twitter post on Sept. 12 after announcing in June that he was getting a Shiba Inu puppy, the Dogecoin currency’s symbol.
When he announced that he was receiving a Shiba Inu and would call it Floki, a slew of new cryptocurrencies bearing the dog’s name popped up. The entrance of Floki resulted in a price increase for the spin-off currencies.
SHIB began to trend on Twitter after Elon Musk posted a photo of Floki in a Tesla, and the coin’s price began to surge as well. Shiba Inu attained a price of $0.00001090.
According to Coinbase.com, the SHIB currency has grown by 8,000 percent in the last year. Several others commented on Musk’s Floki article, including the founder of Dogecoin, Shibetoshi Nakamoto, on Twitter.
In reaction to the photo of Floki, he simply stated, “I like this.”
