Elon Musk effect fueled Shiba Inu themed crypto coins

The Musk effect has again asserted its existence in the crypto market
  • Elon Musk has shared a picture of of its new pet Shiba Inu named “Floki”
  • The picture of the puppy pumped the price of all Shiba Inu themed cryptocurrencies
  • DOGE surged by more than 0.36% and Baby DogeCoin surged by more than 1.80% over the last 24-hrs

Elon Musk, the CEO of Tesla has several times this year pumped prices in the crypto market. Where Musk helped Dogecoin gain thousands of percent worth of value, his tweet was also one of the major reasons behind the mid-May crash. Recently, Tesla CEO has shared a tweet with a picture of its new pet Shiba Inu named Floki. Notably, with the photo of Musk’s new puppy Floki, the prices of Shiba Inu-themed cryptocurrencies bounced. 

Musk’s pet Floki’s picture pumps Shiba Inu themed coins

Almost a week ago Elon Musk had directly commented about the future of digital assets and their potential. On Monday, the Tesla CEO proclaimed that the ‘Musk Effect’ is still robust, especially with his favorite crypto coin DOGE.

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At the end of June, SpaceX CEO shared that he would be getting a pet Shiba Inu soon, and announced naming it ‘Floki.’ Earlier on Monday, he posted a tweet, a photo of his new puppy. Following the tweet, DOGE surged by 0.36% over the past 24-hours. On the other hand, Baby DogeCoin, a spinoff of DOGE, also skyrocketed by more than 1.80% over the last 24 hours by the data by CoinMarketCap. 

Elon Musk effect is still influencing prices in the crypto market

Since earlier 2021, the meme-based cryptocurrency has turned on those who didn’t take it seriously. Elon Musk wouldn’t resist tweeting about the coin until it reached an all-time high in mid-April. Indeed the such a semi-ironic motion involved thousands of buyers, tens of thousands of online posters, and the world’s richest man, Elon Musk.

Dogecoin soared up by more than 60 percent over the last 24 hours and experienced an increment of more than 1,400% in trading volume according to CoinMarketCap. It is noteworthy that in 2019, DOGE had lost almost 90% of its value, until 2021.

Is Dogecoin a potential project?

Billy Markus, a software engineer at IBM, set DOGE live. Since its establishment, Dogecoin has also been used to donate money to charity cities. These have included the 2014 Jamaican Bobsled team who couldn’t have the money to get to the Sochi Winter Olympics. Moreover, the clean water project in Kenya is called Doge4Water.

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