Elon Musk’s enigmatic statement has re-ignited the Shiba Inu crypto surge.
The cryptocurrency community, on the other hand, is split regarding which Shiba-based cryptocurrency Musk was considering.
According to one group of investors, his tweet may have been about rabbits or bunnies rather than the canine breed.
Elon Musk’s latest tweet has prompted a rally again for the Shina Inu coin. Shiba Inu witnessed a 21% increase in value an hour after the message was sent out into the Twitter crypto-verse. The cryptocurrency has gained 8% in the previous 24 hours.
Elon Musk has shown the strength of a single tweet once again.
The exclamation point is used when bitcoin values are skyrocketing.
Musk’s remark undoubtedly steered the cryptocurrency in the right direction, as it gained 21% after his involvement. Floki Inu’s price has also climbed significantly.
However, Shiba is not the first one to benefit from Musk’s cryptic statement. Other meme currencies – forked versions of the initial Dogecoin currency, such as Shiba Inu — gained traction as well.
Why It Matters
While Musk did not specifically name Shiba Inu in his tweet. It’s not the first instance Musk’s words have had an effect on the price of an online currency, albeit unintentionally.
Musk was instrumental in advancing Dogecoin.
DOGE reached a whole new high earlier this year, and the SpaceX creator also sparked a decline in the bitcoin price after expressing worry about the bad effect Bitcoin mining had on the environment.
During this week, Musk replied to a Twitter post about Dogecoin, causing the parody coin’s price to rise.
Shiba Inu was trading 7% higher around $0.00002788 at the time of writing. It has risen 2.8% in the last seven days. Dogecoin was up 0.9% to $0.24. Meanwhile, lesser meme currencies inspired by Dogecoin & Shiba Inu are exploding in popularity.
Coins shaped like bunnies are also hopping around. Musk’s unclear post, many argue, is not a reference to Dogecoin, Shiba Inu, or even a dog. Rather than that, they’re wagering on it being a rabbit.
According to Coinmarketcap, Little Angry Bunny V2, Bunny Park, and Rewards Bunny have all increased in value. Also on Google Search, interest in the phrases ‘rocket bunny’, ‘bunny cryptocurrency’, ‘rabbit cryptocurrency’, and ‘rocket bunny cryptocurrency’ increased in the wake of Musk’s tweet going viral.
Musk’s comment remains ambiguous – whether it refers to Shiba Inu currencies, Dogecoin, or bunny-themed cryptocurrencies.
Whether you love or despise Elon Musk, the Tesla & SpaceX creator continues to have significant influence over crypto markets after assisting Dogecoin in breaking into the public a few years ago.