Elon MuskTesla’s CEO and founder has once again demonstrated the ‘Musk’ effect as he directly influenced its price. cryptocurrency, Shiba Inu. Earlier this week, the tech billionaire tweeted about the arrival of his new Shiba Inu puppy named ‘Floky’. As a result, the Shiba Inu rose to 40 percent on Friday morning. At the time of this article, the coin was trading green at 34.58 per cent in a 24-hour period. During the week, the coin was up 25.92 percent. The SHIBA INU was priced at $0.000009046, with a market cap of $3.07 billion and a trading volume of 1,101 percent.
It should also be noted that SHIB jumped 21 percent since its recent listing on Coinbase, according to TechStory. This comes after Coinbase revealed that the platform wants to add all tokens. So far, SHIB has proved to be a fan favorite, allowing Coinbase to add additional support for altcoins in terms of deposits and withdrawals in order to maintain liquidity.
In parallel, the long-running favorite cryptocurrency of Tesla CEO, Dogecoin, has also been seeing an uptrend recently. At the time of this article, the altcoin was priced at $0.2572, indicating that it was trading in the green at 4.64 percent over the past 24 hours. The coin was also trading in the green by 0.75 per cent over the past seven days, with a market cap of $33.39 billion. Not only has there been a positive change in Dogecoin following what Musk tweeted recently, but related altcoins such as Baby Doge have also changed.
This isn’t the first time Musk’s Twitter feed has taken the crypto world by storm. There seems to be some invisible force that drives prices up and down with every comment the electric car maker releases on its social media.
In May 2021, Dogecoin prices spiked when Musk said he was working with developers to improve efficiency as a means of payment. The altcoin, initially pitched as a meme, rose to prominence after that tweet, trading more than 30 percent and hitting a high of $0.56, according to a Bloomberg report.
Bitcoin, one of the most popular and highest-ranked coins in the market, is also subject to the infamous ‘Musk’ effect. In fact, one could argue that the Musk Effect gained notoriety from the cause-and-effect relationship with bitcoin. Either way, the bitcoin price fell below $45,000 over the same period in 2021, when the billionaire said Tesla might at one point split a $1.5 billion stake in the digital asset.
In the end, bitcoin held steady when Musk said that Tesla did not sell from his holdings in the token. Conversely, while attending an event called ‘The Bee Word’ with Twitter CEO Jack Dorsey, Musk stated that he wanted to see bitcoin succeed and that outside of his holdings in SpaceX and Tesla, bitcoin was the largest. . This caused the price of bitcoin to rise from its all-time low to over $32,000 on July 22. Bitcoin rose nearly 8 percent that day following Musk’s comments.
The tech billionaire has often been the source of the fluctuating price of crypto, especially in the past few months. Their interest is now settled on SHIBA INU and Dogecoin, one can only speculate that the popularity of these coins may increase in the near future. However, one thing is certain, the ‘Musk’ effect is a very real thing, so keeping an eye on his next tweet is definitely a must for crypto investors.