The tweet of one of the world’s richest men has once again sent the value of a cryptocurrency on a strong rally.
The Elon Musk Effect
Many commentaries have been written about how Elon Musk’s charm diffuses into anything he associates with. The American billionaire has been hugely successful with his Space company, SpaceX. Elon’s car company Tesla has revolutionised the electric car industry. Elon Musk wields a strong brand name, and he uses that influence to good, or as some would say, not so good effect.
The crypto market has not been immune to Elon’s clout. The value of Bitcoin at various times reacted to Elon’s tweets. Meme token DogeCoin, which the billionaire openly loves, constantly goes through price swings based on what Elon Musk says. Such is the influence of one of the world’s richest men.
Shiba Inu Rides The Elon Wave
Elon Musk has set his eyes on another dog-themed memecoin, Shiba Inu. In his tweet, Elon simply said, “my Shiba Inu will be named Floki.”
That was all it took to send the price of Shiba Inu’s token, the SHIB, soaring upwards. Before Elon’s tweet, the value of SHIB was $0.000006771. At the time of writing, the SHIB token’s value has grown to $0.0000934 – an increase of more than 47%, on the strength of Elon’s influence!
Everyone jumps onto Elon whenever he speaks. His mere mention of “Floki” has seen a flurry of new Floki-themed coins launched.
Such is how Elon Musk moves the market. We do not know where next he will pitch his tent. One thing we know for sure is that whatever crypto he endorses next, no matter how subtle the endorsement is, will experience significant market movement.
About Shiba Inu
The Shiba Inu memetoken was created by some anonymous persons in late 2020. Shiba Inu is a dog-themed coin in the steps of DogeCoin.
The SHIB token is already listed on major exchanges like Binance and Huobi. It attracts significant daily trade volumes.
Source : bsc.news
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