After a tweet from Elon Musk drove the dogecoin offshoot soaring, the Shiba Inu coin surged 30% and ‘removed a zero.’
Following a tweet from Elon Musk, the dogecoin spinoff Shiba coin jumped 30% on Monday. #SHIB trended on Twitter after the Tesla CEO posted a picture of his Shiba Inu puppy, Floki.
According to Coinbase statistics, the cryptocurrency has increased by almost 8,000 percent in a year. After Tesla Chief Executive Officer Elon Musk posted another photo of his puppy late Sunday, the dogecoin offshoot known as Shiba Inu surged 30%.
Musk’s dog, Floki, is a Shiba Inu, which is both the coin’s namesake and the symbol of dogecoin. Musk initially tweeted a photo of his Shiba Inu on Sept. 12 with the caption “Floki has arrived.” As a result of the new post, the hashtag #SHIB began to trend on Twitter, as retail traders applauded the price increase. According to statistics from TopStonks.com, the Shiba Inu currency, which was established in August 2020 as an Ethereum-based alternative to Dogecoin, had a spike in comments on 4chan Monday as well.
Many people on Twitter pointed out that the coin’s decimal was missing a zero. Despite the increase to 0.00001090 cents, the coin still has a value of less than a penny. The Shiba coin has increased by about 8,000 percent in the last year.
Unlike more established coins like ether and bitcoin, retail traders have been flocking to altcoins like dogecoin and Shiba because the drastic price swings often result in large payouts. An insider previously claimed that one New York family earned a $9 million fortune from the imitation coin.
Though his influence over the crypto market has waned, the “Elon Musk Effect” has been a major factor in spectacular cryptocurrency price fluctuations this year. Others have stepped in to keep the dogecoin hype going, including billionaire investor Mark Cuban and AMC CEO Adam Aron.