Daily Tech News, Interviews, Reviews and Updates

Shiba Inu new Cryptocurrency gained 60% after Elon Musk tweet

After Musk tweeted a photo of his Shiba Inu puppy with the caption “Floki Frunkpuppy” on Wednesday, Business Insider reported a 65 percent increase in Shiba Inu currency (SHIB).

Shiba Inu coin’s value has increased by more than 220 percent in the last seven days, according to CoinGecko. With a market value of $9 billion, it has even managed to become one of the top 20 cryptocurrencies on the market.

Shiba Inu coin was established in 2020 by an anonymous inventor under the moniker “Ryoshi,” who was inspired by meme token Dogecoin. In May, Ethereum co-founder Vitalik Buterin contributed $1.14 billion worth of SHIB to India’s Covid-Crypto Relief Fund, demonstrating that cryptocurrency’s new purpose has piqued Musk’s interest.

The popularity of the Shiba Inu currency appears to be boosting Dogecoin’s value as well since Dogecoin’s price has grown by 32% in the last week.

While some view meme coins return as inevitable, their long-term viability remains under doubt.

“While money may flow back into these stocks if 4Q proves to be as good as many predict, there’s no guarantee the momentum will last in the short term,” analysts at the Kraken exchange said to Business Insider.



Readers like you help support The Tech Outlook. When you make a purchase using links on our site, we may earn an affiliate commission. We cannot guarantee the Product information shown is 100% accurate and we advise you to check the product listing on the original manufacturer website. Thetechoutlook is not responsible for price changes carried out by retailers. The discounted price or deal mentioned in this item was available at the time of writing and may be subject to time restrictions and/or limited unit availability. Amazon and the Amazon logo are trademarks of Amazon.com, Inc. or its affiliates Read More
You might also like

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More