Shiba Inu coin surges 75% , volumes zoom 770%

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Shiba Inu coin surges 75% after Musk's tweet, volumes zoom 770%

Elon Musk has created a stir in the meme token market once again, with the Shiba Inu (SHIB) coin going insane. In the previous 24 hours, the made-for-fun digital token has increased by 75 percent to $0.00002312. enter image description here

Shiba Inu's market capitalization has surpassed $8.22 billion. The token had risen to a peak of $0.00002582, but had since lost part of its gains.

Musk and his floki permalink

Elon Musk, CEO of SpaceX, shared a photo of his newest family member, a Shiba Inu dog named Floki, sitting on a Tesla.

Following Musk's post, crypto enthusiasts went bananas about SHIB, with volumes surging by over 770 percent in just one day.

Musk's favourite cryptocurrency, Dogecoin, has a mascot of the same breed. Netizens have dubbed Tesla CEO Elon Musk the "Dogefather."

Musk, on the other hand, isn't the only reason for Shiba Inu's sudden vertical rise.

According to Ishan Arora, Partner at Tykhe Block Ventures, a crypto hedge fund, the Shiba Inu team appears to be working on a project. enter image description here

Not only Shiba Inu, but also Husky and Shiba Cash, two meme tokens, rose by 140 percent and 75 percent, respectively. Akita Inu, Baby Doug, Doggy, Kishu Inu, and Pitbull all saw gains of 15 to 35 percent.

On Tuesday, Musk's favourite cryptocurrency, Dogecoin, jumped 12% to $0.2484, reclaiming its position as the ninth largest cryptocurrency by market capitalization.

According to market experts, the crypto economy is still in its infancy. As a result, it reacts to eccentric figures like Musk.

According to Arora, investors should avoid one-time wonders until there is more substance behind them.

"Most consumers don't understand their investment strategy and instead rely on influencers to buy meme coins," he said. "However, early Doge investors made a lot of money last year, so it's not as black and white as most people think."

Author's take: permalink

Dont Follow the Influencers aka Musk or Kardashian's or any other random celebrity dude and hype of Crypto just follow the Good Projects which are really going to change the Financial System