According to CoinGecko, Shiba Inu a coin modelled after a popular meme traded at $$0.00002383, up more than 90% over the last 24 hours, as per CoinGecko, and has skyrocketed over 240% in the last 7 days.
Billionaire Elon Musk has often been responsible for pumping the prices of Dogecoin and other cryptocurrencies on several occasions by sharing various references and memes on his social media feed as he is known for his interest in digital tokens and remains a strong believer in cryptos.
And now, his recent tweet has pumped up the price of a memecoin, Shiba Inu.
The Tesla Inc. chief, Elon Musk recently tweeted a picture of his pet Floki, the Shiba Inu puppy, on a Tesla.
Musk, the self-proclaimed ‘Dogefather’, has been responsible for pumping doge and other prices on several occasions by sharing various references and memes relating to the dog-themed cryptocurrency on his social media feed.
US-based Coinbase last month had said that its customers can trade, send, receive, or store Shiba Inu (SHIB) on its platform.
Shiba Inu was created in August 2020 by an anonymous person known as Ryoshi, its price is negligible, which allows investors to hold billions and even trillions of this coin.
In September, Musk’s tweet of his new Shiba Inu puppy Floki’s picture had pumped the price in floki-themed cryptocurrencies as some of them witnessed a sharp rally of nearly 1,000% within a few hours.
A memecoin is typically a cryptocurrency that is associated with some theme, often as a joke rather than a serious product. Memecoins are highly volatile cryptocurrencies that are known to witnesses sharp movements based on news events
