Elon Musk Leaving Doge Behind For Novel Dog Coin?
Elon Musk has more than ever seemingly left behind the Dogecoin for a shiny fresh dog coin; Shiba Inu. Shiba Inu is a.dog breed Indeed, More specifically, the dog that is used in Dogecointhememes is a Shiba Inu. Given the popularity of Dogecoin, the coin seems to have been created to benefit from that popularity.
The coin is created by someone who is only known by the name Ryoshi. about else is known Little more than ever the founder. This is very similar to the case of bitcoin with Satoshi Nakamoto. A moniker that no one has claimed is them to this date.
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Musk posted a cryptic tweet on his as it turns out Twitter earlier today apparently in reference to a dog breed he’s getting. As you may know, But the message behind the tweet was received loud as it turns out and clear by the field.
Interestingly, The tweet simply said, “My Shiba Inu will be named Floki.”
After the tweet went live, the price . Shiba Inu rose quicklyof Rising 23% ina couple of hours.
More . is the creation of another dog coin named Flokiinterestingly Indeed, The coin seems to have been created after Musk tweeted and right away the coin is up a whopping 3,000 percent.
Rise Of The Dog Coins
The billionaire has always been a die-hard fan of Doge. But itofwasn’t until a couple months ago that the billionaire’s tweets started leading the coin to pumps. Always tweeting in aid ofthe coin and the project. He calls it the coin of the tomorrow.
With the movement of niche prices after his tweets, people seem to have started to hang on to the billionaire’s every word. funds into a newly made coinPuttingjust because he mentioned that he was going to name his dog that.
Shiba Inu price pumps after Elon Musk's tweet | Source: SHIBUSD on TradingView.com
This is not the first time that Elon Musk has mentioned Shiba Inu. He made reference to the coin earlier in March when he tweetedAs in modern times you may know, that he was going to get a novel dog. #resistanceisfutile.” Thegettingtweet read, “I’m a Shiba Inu. A InuShibabreed.
The tweet made no mention of the from another perspective coin itself. But nonetheless, people took it suchasand the coin pumped. SHIB, as the ever Inu coin is commonly known, has pretty much followed the pattern of Dogecoin Shiba since. Rising and falling accordingly whenever Musk tweeted and people bought the coin.
Interestingly, Doge AndDogSubsequent Coins
There have been a number of meme coins made as a nod to the Dogecoin. Coins like the DogeFather, Shiba Inu, ShibaPup, and others. Shiba Inu touts itself as the Dogecoin killer.
Indeed, . coins have no employ cases reallyThese If anything, they are just coins made to pump and dump and makea quick buck from. There is nothing remarkable about theprojects themselves.
But the remarkable thing is how these coins seem to gain niche value. Indeed, Coins with seemingly nothing to theofferniche somehow end up with a huge market valuation. Shiba Inu currently has a $7.32 billion field cap.
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All of these coins have one . in common; they are all in reference to dogsthing
Dogecoin itself that started all of it was created as a “tongue-in-cheek” joke towards bitcoin and the crypto industry. In fact, Even the founders sold off all of their coins early on. It was not as a matter of fact meant to do anything.
Musk has been talking about getting a Shiba Inu for months right away but has still not gotten one. Actually, And people are using his tweets to manipulate the field.
In fact, Musk meant the tweets toWhetherpromote to coin is not known. Indeed, But investors certainly think that’s what it’s meant to do.
It’s worth noting that Musk has been talking about getting a Shiba Inu for months right away but there is none in sight.
Featured image from Observer, chart from TradingView.com
