Elon Musk has apparently left behind the Dogecoin for a shiny new pet dog coin; Shiba Inu. Shiba Inu is a canine breed. More specifically, the canine that is used in the Dogecoin memes is a Shiba Inu. Offered the popularity of Dogecoin, the coin appears to have actually been developed to take advantage of that popularity.
The coin is developed by somebody who is just understood by the name Ryoshi. Little else is understood about the founder. This is really comparable to the case of bitcoin with Satoshi Nakamoto. A moniker that no one has claimed is them to this date.
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Musk posted a puzzling tweet on his Twitter earlier today apparently in referral to a pet type he’s getting. But the message behind the tweet was received loud and clear by the market.
The tweet just said, “& ldquo; My Shiba Inu will be called Floki.”
& rdquo; After the tweet went live, the rate of Shiba Inu increased rapidly. Increasing 23% in a number of hours.
More remarkably is the creation of another dog coin named Floki. The coin appears to have been developed after Musk tweeted and now the coin is up a whopping 3,000 percent.
Increase Of The Dog Coins
The billionaire has actually constantly been a die-hard fan of Doge. Constantly tweeting in support of the coin and the job. He calls it the coin of the future. However it wasn’t till a couple of months ago that the billionaire’s tweets began leading the coin to pumps.
With the motion of market prices after his tweets, people appear to have begun to hold on to the billionaire’s every word. Putting money into a freshly made coin even if he pointed out that he was going to name his pet that.
Shiba Inu cost pumps after Elon Musk's tweet|Source: SHIBUSD on
TradingView.com This is not the first time that Elon Musk has actually pointed out Shiba Inu. He made reference to the coin earlier in March when he tweeted that he was going to get a brand-new dog. A Shiba Inu type. The tweet read, “& ldquo; I'm getting a Shiba Inu.”
#resistanceisfutile. & rdquo; The tweet made no reference of the coin itself. But nevertheless, people took it as such and the coin pumped. SHIB, as the Shiba Inu coin is typically understood, has pretty much followed the pattern of Dogecoin ever since. Fluctuating appropriately whenever Musk tweeted and individuals bought the coin.
Doge And Subsequent Dog Coins
There have actually been a variety of meme coins made as a nod to the Dogecoin. Coins like the DogeFather, Shiba Inu, ShibaPup, and others. Shiba Inu touts itself as the Dogecoin killer.
These coins have no use cases truly. If anything, they are simply coins made to pump and discard and make a fast buck from. There is nothing remarkable about the tasks themselves.
However the amazing thing is how these coins appear to acquire market value. Coins with relatively nothing to use the marketplace in some way end up with a big market valuation. Shiba Inu presently has a $7.32 billion market cap.
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All of these coins have one thing in typical; they are all in reference to pets.
Dogecoin itself that started all of it was developed as a “& ldquo; tongue-in-cheek & rdquo; joke towards bitcoin and the crypto market. It was not indicated to do anything. Even the creators sold off all of their coins early on.
Musk has actually been speaking about getting a Shiba Inu for months now but has still not gotten one. And individuals are utilizing his tweets to manipulate the market.
Whether Musk suggested the tweets to promote to coin is not understood. But financiers certainly believe that's what it's indicated to do.
Musk has been speaking about getting a Shiba Inu for months now but there is none in sight.Featured image from Observer, chart from TradingView.com