Elon Musk started looking at another crypto, namely Shiba Inu. Wow, is this a sign that Elon Musk is no longer investing in Dogecoin?
The founder of Tesla admitted that he will name the Shiba Inu with the name Floki, this was revealed through his tweet a few days ago.
Dogecoin spin-off Shiba Inu rose to a six-week high on Friday. Elon Musk often writes news to his 57 million followers, ranging from electric cars, outer space to cryptocurrency lately. Unsurprisingly, Elon Musk's tweet had an impact on the price of existing cryptos like Dogecoin, even Bitcoin and other cryptos.
Since his tweet, Shiba Inu is up 16% at USD 0.00000790. Shiba Inu itself is similar to Doge who is only a coin meme. Shiba Inu labels himself as Dogecoin 'killer'. This China-based coin is a coin that many people invest in and is the coin with the highest value, ranked 28th.
Surprisingly, Elon Musk is a hardline supporter of Dogecoin - to the point of being referred to as the 'Doge Father'. Although Dogecoin also only gained as much as 25% on Friday after receiving support from Ethereum co-founder Charles Hoskinson, this question mark made people hesitant to keep money there.
Meanwhile, it is not yet clear whether Musk's reference to the Shiba Inu is a coincidence or done to increase its price. This matter was reported by Business Today India, Monday (28/6/2021).
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BUSINESS & MONEY