Shiba Inu (SHIB) Up 91 Percent In 24 Hours Due To Elon Musk's Tweet

JAKARTA – Billionaire Elon Musk has often been responsible for pumping doge and other cryptocurrency prices on several occasions by sharing various references and memes on his social media feeds.

The owner of this Tesla car factory is known for his interest in digital tokens and remains a strong believer in cryptos. Now his latest tweet has raised the price of the Shiba Inu Memecoin.

The Shiba Inu (SHIB) was trading at $0.00002390, up nearly 91% over the past 24 hours, according to CoinGecko, a digital currency pricing information, and data platform. Memecoin, which has surged in the past two days on the back of massive volume following Musk's tweet, has skyrocketed more than 240% in the past 7 days, according to CoinGecko.

Meanwhile, the price of Dogecoin which has risen 13% to USD 0.26 in the last 24 hours, has risen 36% in the last 7 days.

Tesla Inc head Elon Musk recently tweeted a picture of his pet Floki, the Shiba Inu puppy, on 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 dog-themed cryptocurrency on his social media feeds.

US-based Coinbase said last month that its customers can trade, send, receive, or store Shiba Inu (SHIB) on its platform. Created in August 2020 by an unknown person referred to as Ryoshi, the price of Shiba Inu coins is negligible, allowing investors to hold billions if not trillions of these coins.

In September, Musk's tweet about his new Shiba Inu puppy image Floki had pumped up prices in floki-themed cryptocurrencies as some of them witnessed a sharp rally of nearly 1.000% within hours.

Memecoin is usually a cryptocurrency associated with some theme, often as a joke rather than a serious product. Memecoin is a highly volatile cryptocurrency that is known to witness sharp moves based on news events alone.