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The era of dog-related cryptocurrencies isn’t over yet, especially when Elon Musk is involved.
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On Wednesday, Business Insider reported a 65% surge in Shiba Inu coin (SHIB) after Musk tweeted a picture of his Shiba Inu puppy with the caption “Floki Frunkpuppy”.
Floki Frunkpuppy pic.twitter.com/xAr8T0Jfdf
— Elon Musk (@elonmusk) October 4, 2021
According to CoinGecko, Shiba Inu coin’s value has skyrocketed more than 220% in the past seven days. It has even managed to become one of the 20 biggest cryptocurrencies on the market, with a market value of $9 billion.
Related: Are Online Businesses Ready to Start Accepting Dogecoin?
An anonymous creator under the name “Ryoshi” founded Shiba inu coin in 2020, inspired by meme token Dogecoin. And it’s not just Musk who’s interested in cryptocurrency’s new pooch — Ethereum co-founder Vitalik Buterin donated $1.14 billion worth of SHIB to India’s Covid-Crypto Relief Fund in May.
Shiba Inu coin’s popularity seems to also be lifting Dogecoin’s value too, as Dogecoin’s price has increased by 32% over the past week.
While some see the resurgence of popularity of memecoins as inevitable, the staying power of these cryptocurrencies is still uncertain.
“While one could expect capital to flow back into these names should 4Q prove to be as promising as many expect it to be, there’s no guarantee the momentum holds up in the short term,” analysts at the Kraken exchange said in a note to Business Insider.
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