After Elon Musk’s sharing, the alt coin named ‘SHIB’ gained close to 400 percent.
Tesla CEO Elon Musk’s shares about cryptocurrencies continue to affect the market. Finally, due to a dog photo shared by Musk, the cryptocurrency called SHIB has risen more than 400 percent since the beginning of the week.
The effect of Tesla CEO Elon Musk on the crypto money exchange was seen this time in the alt coin called Shiba Inu (SHIB).
Billionaire Elon Musk shared a photo of his Shiba Inu dog named ‘Floki’ on his Twitter account on Monday.
After the sharing, the crypto money named Shiba Inu (SHIB) saw the peak.
The coin named SHIB gained nearly 400 percent in value after the sharing, while the transaction volume exceeded 13 billion dollars.
The shares of Elon Musk, the CEO of the electric car brand Tesla, which is among the richest people in the world, continue to activate alternative coins.
Finally, due to Elon Musk’s post on the social media platform Twitter on Monday, the crypto value of Shiba Inu (SHIB) rose by more than 400 percent. The currency has increased more than 340 percent in the last week.
Floki Frunkpuppy pic.twitter.com/xAr8T0Jfdf— Elon Musk (@elonmusk) October 4, 2021
The Shiba Inu gets its name from the breed of dog in its logo. After Elon Musk shared a photo of this dog on Twitter on Monday, the value of this cryptocurrency increased greatly.
SHIB also surpassed many altcoins in daily trading volume.
Also called the “Dogecoin killer,” this cryptocurrency has gained more than 300 percent since the start of the week. The daily trading volume of Shiba Inu reached $19.4 billion. In addition, SHIB became the most traded cryptocurrency on the world’s leading cryptocurrency exchanges Binance, Coinbase and Huobi.
According to Coinbase data, this altcoin has increased by about 8,000 percent in a year.
Meanwhile, Dogecoin, another dog-themed coin, has dropped 5% in the last 24 hours.
Hello there! My name is Oktay from Tokensboss editors. I introduce myself as a business graduate and writer. I have been doing research on cryptocurrencies and new business lines for over 2 years.