Elon Musk Tweet Sends Shiba Inu Coin Up 30%
Elon Musks latest tweets have rocked the crypto market yet again. The 50-year-old CEO of Tesla shot the SHIBa Inu coin up by 30% after posting pictures of his dog, Loki.
Loki is the same breed of dog as the coins namesake–Shiba Inu– and has been known to drum up activity in the crypto market ever since Musk announced that he had adopted him.
The burst of attention Musk has directed towards the Shiba Inu coin has launched it into a top 20 spot in the current cryptocurrency rankings. The rankings are determined by market capitalization, and Shiba Inu has reached an astonishing $10 billion in just this last week. Thats triple its valuation before the pump.
Shiba Inu was widely perceived by investors as a desperate attempt to catch some of Dogecoins MEME success, causing some of them to dismiss it as frivolous. But its recent ascent in the market has got everyone paying attention.Shibu Inu coin triples in value in latest ‘doge’ success story
The coin is also known as SHIB, and aspires to be an Ethereum-based alternative to Dogecoin.
Dogecoin is a cryptocurrency created by software engineers Billy Markus and Jackson Palmer, who decided to create a payment system as a “joke,” making fun of the wild speculation in cryptocurrencies at the time.
They wanted to create a peer-to-peer digital currency that could reach a broader demographic than Bitcoin. In addition, they wanted to distance it from the controversial history of other coins. Dogecoin was officially launched on December 6, 2013; within the first 30 days, there were over a million visitors to Dogecoin.com
It quickly developed its own online community, reaching a market capitalization of over $85 billion on May 5, 2021.
Dogecoin.com promotes the currency as the “fun and friendly internet currency,” referencing its origins as a “joke.”
Elon Musk frequently mentions or talks about Dogecoin on his Twitter account, boosting its popularity significantly in recent years.
Many developers have created new, Shiba Inu-themed coins, hoping to ride the wave of Musks promotion of Doge.
Thus developers were prepared for the event of a new pump from Musk, having created the “Shiba FLOKI” token in the time between his first tweet this summer and the puppys actual arrival this Sunday.
Their plan worked: once Musk had published the picture of FLOKI, in September 2021, Shiba Floki pumped a staggering 1000 percent in value. Other Floki themed coins like “Floki coin,” “Floki Inu” and “Floki Shiba” experienced rises of 250 percent, 60 percent, and 25 percent.
Musks first Dogecoin-related tweet occurred on the 20th of December 2020. Musk tweeted “One Word: Doge.” Shortly after, the value of Dogecoin rose by 20 percent.
Bitcoin Global Legalization: A survey of countries that accept and reject Bitcoin.
Since the inception of Bitcoin in 2009 by the unknown founder popularly known as Satoshi Nakamoto, the march for its legalization as well as other cryptocurrencies had continued till this point. While some countries had officially legalized Bitcoin and accepts it as a legal tender, others rather reject and ban it. The rest tend to maintain a neutral approach of tolerating it without either banning nor legalizing it. The major reason for this has been that Bitcoin and other cryptocurrencies lacks regulation and centralization and hence, beyond the control of the government. However, there is a general vision that given the popularity of Bitcoin itself and other cryptocurrencies, more countries will in no distant time give an official approval and legalization of Bitcoin and Cryptocurrencies.
Dogecoin ranks number one by Google searches in the U.S
The original meme coin is still top according to research on Google searches conducted by Bacancy Technology.
Terra is preparing to burn more than 9% of the total LUNA supply
Burning almost 90 million LUNA in the community pool is expected to place upward pressure on the native token’s price.
Bitcoin (BTC) hashrate rose by over 30% since July. Here’s what it means.
Bitcoin mining hashpower as gone from a low of 103 EH/s to touching as high as 189 EH/s within the last 3 months.
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