It looks like Elon Musk has left Dogecoin behind for a shiny new dog Currency; Shiba Inu. Shiba Inu is a breed of dog. More specifically, the dog used in Dogecoin memes is Shiba Inu. Due to the popularity of Dogecoin, Currency It appears to have been created to take advantage of that popularity.
The Currency It was created by someone known only as Ryoshi. Little is known about the founder. This is very similar to the case of Bitcoin with satoshi Nakamoto. A nickname that no one has claimed is theirs to this date.
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Posted by Musk hidden tweet On Twitter earlier today apparently referring to the breed of dog he got. But the message behind the tweet was received loud and clear by the market.
The tweet simply said, “My Shiba Inu will be called Floki.”
After the tweet was posted, the price of Shiba Inu skyrocketed. It goes up 23% within two hours.
Rise of dog coins
The billionaire has always been a huge fan of Doge. Twitter always to support Currency And the project. call it Currency from the future. But it wasn’t until two months ago that the billionaire’s tweets started leading the way Currency for pumps.
With the market price action following his tweets, it looks like people are starting to stick to every word of the billionaire. Putting money into newly made Currency Just because he mentioned he would call his dog that.
Shiba Inu price pumps after Elon Musk's tweet | Source: SHIBUSD on TradingView.com
This isn’t the first time Elon Musk has mentioned a Shiba Inu. pointed to Currency Earlier in March when he was chirp He will get a new dog. Shiba Inu dynasty. The tweet read: “I will get Shiba Inu. #Resistance is useless.”
The tweet did not mention Currency Itself. But still, people took it that way and Currency pumps. Sheep, in the name of Sheba Inu Currency Generally known, it has largely followed the Dogecoin pattern ever since. It goes up and down accordingly as Musk tweets and people buy Currency.
Subsequent Doji and Dog coins
There have been a number of meme coins that were made as a reference to Dogecoin. Coins like DogeFather, Shiba Inu, ShibaPup, and others. Shiba Inu describes himself as a Dogecoin Slayer.
These coins don’t really have use cases. If anything, they are just coins made to pump and empty and make a quick profit from it. There is nothing remarkable about the projects themselves.
What is remarkable, however, is how these coins appear to be gaining value in the market. Coins that don’t seem to be offering to the market somehow end up with a huge market valuation. Shiba Inu’s market capitalization is currently $7.32 billion.
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All these coins have one thing in common. They are all in reference to dogs.
Dogecoin itself that started it all was created as a “tongue-in-cheek” joke towards Bitcoin and the crypto market. You weren’t supposed to do anything. Even the founders sold all their coins early on.
Musk has been talking about getting a Shiba Inu for months but hasn’t gotten one. People are using his tweets to manipulate the market.
Whether Musk meant the tweets to promote them Currency is not known. But investors certainly think that’s what needs to be done.
Musk has been talking about getting a Shiba Inu for months now but there’s nothing in sight.
Featured image from Observer, chart from TradingView.com