Elon Musk has tweeted and his post yet again led to the price of a cryptocurrency soaring. Musk tweeted Friday, “My Shiba Inu will be named Floki”, leading to a pump of 25% in a couple of hours reaching its peaks in six weeks.
The coin is a dogecoin spinoff and the recent rise has made it 28th most valuable cryptocurrency. Shiba Inu is a dog breed and is the dog that is used in Dogecoin memes.
The coin is created by someone who is only known by the name Ryoshi and is an experiment in decentralized spontaneous community building as per its website. It also goes by the nickname “DOGECOIN KILLER”, taking inspiration from a more established meme currency, Dogecoin.
Shiba Inu came to the worldwide limelight after Ethereum co-founder, Vitalil Buterin donated 50 trillion shiba inu tokens worth around $1 billion to Covid-19 relief work in India last month set up by Indian tech entrepreneur Sandeep Nailwal.