![]() “Musk’s tweet probably created a snowball effect, causing the price to skyrocket lately.” “The reaction was also likely amplified due to such a simultaneously strong performance from Bitcoin,” says Hsiao. Musk’s tweet also sparked rallies in other dog-related coins. “Mundane actions like the tweet can be overly interpreted by the crypto community, and the response can be pretty wild.” Even with this week’s jump, a single Shiba Inu coin is worth less than one-hundredth of a penny. “The surge in SHIB (Shiba Inu coin) was most definitely kicked off by Musk’s tweet,” says David Hsiao, CEO of crypto magazine Block Journal. Shiba Inu coin jumped 40% in the hours after Musk’s tweet. 4 alongside a photo of his new Shiba Inu puppy, named Floki. The price of Shiba Inu coin has since dropped by roughly a third, but the midweek rally made it the 12th most valuable cryptocurrency at one point, marking a breakout week for an asset, inspired by a dog breed, that can easily be mistaken for a joke.Ī tweet from crypto enthusiast and Tesla CEO Elon Musk seemed to kick off the trading surge. Retrieved 26 November 2021.The Shiba Inu coin, a cryptocurrency alt coin launched last year, surged over 400% this week, hitting a peak market cap of nearly $14 billion on Thursday, making it nearly as valuable as fashion brand Prada. "Shiba Inu Dips by 5% Despite Reaching 1 Million Holders".
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