Shiba Inu Memecoins Prices Surge by 91 Percent in Past 24 Hours After Elon Musk's Tweet

New Delhi, October 6: Tesla CEO Elon Musk is known supporter of cryptocurrency. A self-proclaimed 'Dogefather', Elon Musk has in past contributed to the rise in prices of different cryptocurrencies through memes and various references. His latest tweet did the same for memecoin Shiba Inu (SHIB) and cryptocurrency Dogecoin. On Monday, Musk shared picture of his Shiba Inu puppy named Floki on a Tesla.

In the photo shared by Musk, Floki appears to be in the seat of a Tesla car. According to CoinGecko, a digital currency price and information data platform, prices of Shiba Inu surged by 91 percent over the last 24 hours after Musk's tweet. The memecoin was trading at $$0.00002390. It has skyrocketed over 240 percent in the last 7 days, as per CoinGecko. Meanwhile, prices of Dogecoin increased by 13 percent in the last 24 hours. Cryptocurrency Heist in Japan: Hackers Steal Nearly $100 Million From Liquid Company's Wallets.

Notably, Doge, a Shiba Inu Japanese breed dog, is the mascot of the Dogecoin. Hence, prices of Shiba Inu and Dogecoin witnessed a spike after Musk's tweet. This is not the first time the Tesla CEO did something like this. Last month too, he shared a picture of Floki and floki-themed cryptocurrencies saw sharp increase in their prices.

What Is Shiba Inu?

Shiba Innu is a memecoin. A memecoin is a cryptocurrency that is associated with some theme. Dogecoin was the first memecoin because it was named after Doge, a Shiba Inu breed dog that featured in a popular meme. Shiba Inu is also called "Dogecoin Killer" as it aspires to be an Ethereum-based alternative to Dogecoin.

(The above story first appeared on LatestLY on Oct 06, 2021 05:26 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).