Elon Musk Tweets About Shiba Inu; Price of the Meme Coin Surges

On Friday, Shiba Inu, a Dogecoin offshoot, reached its highest price in six weeks when Elon Musk tweeted about the name he would give his Shiba Inu.

Elon Musk Tweets About Shiba Inu

In a recently published article in Business Insider, the price of Shiba Inu reached its highest level in six weeks when Elon Musk tweeted about the name he would give to his Shiba Inu.

My Shiba Inu will be named Floki
— Elon Musk (@elonmusk) June 25, 2021

Like Dogecoin, the sixth-largest cryptocurrency by market capitalization, Shiba Inu includes a picture of a Shiba Inu hunting dog. This year, both Shiba Inu and Dogecoin have gained a large market volume, and their values continue to grow.

Elon is also a big fan of Dogecoin, which had a 25 percent increase in value on Friday when Ethereum co-founder Charles Hoskinson endorsed it. Meanwhile, it is unclear if Musk's mention of the Shiba Inu was simply accidental or intended to inflate its price, according to a published article in Business Today.

Price of Shiba Inu Coin Surges

At 7:23 a.m. ET, Shiba Inu hit a high of $0.00000790 on CoinMarketCap, a 16 percent increase minutes after Musk tweeted. Around 9:10 a.m. ET, it was last seen at $0.00000724. Shiba Inu coin, which was launched less than a year ago, was inspired by Dogecoin, which is more well-known. It has dubbed itself a "Dogecoin killer." Shiba Inu is an "experiment in decentralized community development," according to its website.

According to CoinMarketCap.com, SHIB was trading around 1 percent higher, while Bitcoin priced BTCUSD, 5.78 percent, were down over 8 percent, changing hands at $32,192.43 on CoinDesk, as the wider crypto complex continued under pressure owing to China's mining restriction.

It can be remembered that in May, Ethereum creator Vitalik Buterin contributed 50 trillion Shiba Inu tokens, valued at approximately $1 billion at the time, to a crypto-based COVID-19 relief fund for India, and then destroyed 90 percent of his shares only days later.

Will Elon Musk Accepts the Invitation of Jack Dorsey?

In a published article in NDTV, Elon Musk was one of the first to react when Twitter and Square CEO Jack Dorsey posted a link inviting his followers to a Bitcoin event. The Crypto Council for Innovation has launched a campaign called 'The B Word.'

While Mr. Dorsey has been a vocal supporter of Bitcoin on social media and will speak at the 'The B Word' event, Tesla CEO Elon Musk famously declared in May that Bitcoin would no longer be accepted for vehicle sales, citing long-standing environmental concerns.

However, Musk has subsequently changed his position on the matter, stating that his firm would restart Bitcoin transactions after miners who verify transactions use more renewable energy, although his comments against the cryptocurrency often cause its market value to plummet.

Furthermore, when Mr. Dorsey repeated his invitation, the Twitter banter persisted. He wrote, "Let's have THE discussion." Elon Musk responded by saying that the responses to their discussions were "absolute gold."

The mere mention of Jack Dorsey to call in Euro Pacific Capital CEO Peter Schiff, a Bitcoin critic who has lauded the importance of gold investment on many occasions. The playful discussion between two renowned individuals with such different opinions on Bitcoin delighted many Twitter users.