Following Musk’s post, crypto enthusiasts went wild about SHIB, with volumes surging by over 770% in only one day. Musk’s favorite cryptocurrency, Dogecoin, has a mascot of the same breed. Netizens have dubbed Tesla CEO Elon Musk the “Dogefather.”
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Musk, on the other hand, isn’t the only cause for Shiba Inu’s sudden vertical rise. According to Ishan Arora, Partner at Tykhe Block Ventures, a crypto hedge fund, the Shiba Inu team appears to be working on a project.
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Not only Shiba Inu, but also Husky and Shiba Cash, two meme tokens, surged by 140 percent and 75 percent, respectively. Akita Inu, Baby Doug, Doggy, Kishu Inu, and Pitbull all saw gains of 15 to 35 percent.
On Tuesday, Dogecoin jumped 12% to $0.2484, reclaiming its position as the ninth-largest cryptocurrency by market capitalization.
According to market analysts, the crypto economy is still in its infancy. As a result, it reacts to erratic figures like Musk.
Shiba Inu is a decentralized cryptocurrency established by an unknown individual or persons known only as “Ryoshi” in August 2020.
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