Shiba Inu Coin Jumps 65% After Elon Musk Tweets About His Dog The Dogecoin-inspired token goes crazy following Musk's tweet.

By Chloe Arrojado

Getty Images

The era of dog-related cryptocurrencies isn't over yet, especially when Elon Musk is involved.

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".

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.

Related: How a Series of Elon Musk Tweets Helped Lead Investors to Dogecoin, a Meme-Inspired Cryptocurrency Worth 4 Cents

Wavy Line
Chloe Arrojado

Entrepreneur Staff

Editorial Assistant

Editor's Pick

'Catastrophic': Here's What You Should Know About the Debt Ceiling Crisis — And How a Default Could Impact Your Business
Lock
I Helped Grow 4 Unicorns Over 10 Years That Generated $18 Billion in Online Revenues. Here's What I've Learned.
Lock
Want to Break Bad Habits and Supercharge Your Business? Use This Technique.
Lock
Don't Have Any Clients But Need Customer Testimonials? Follow These 3 Tricks To Boost Your Rep.
Why Are Some Wines More Expensive Than Others? A Top Winemaker Gives a Full-Bodied Explanation.

Related Topics

Business News

7 of the 10 Most Expensive Cities to Live in the U.S. Are in One State

A new report by U.S. News found that San Diego is the most expensive city to live in for 2023-2024, followed by Los Angeles. New York City didn't even rank in the top 10.

Science & Technology

She's Been Coding Since Age 7 and Presented Her Life-Saving App to Tim Cook Last Year. Now 17, She's on Track to Solve Even Bigger Problems.

Angelina Tsuboi, a full-stack mobile and web developer who also happens to be a pilot, has always been solution-oriented.

Money & Finance

3 Ways to Create Multiple (Big) Streams of Income

Here are three ways to create multiple streams of income. These strategies require effort and resources but offer significant financial potential.

Growing a Business

6 Signs It's Time to Hire Employees for Your Startup

At a certain time, your business will begin to scale, and you won't be able to maintain the same output level if you don't have some help.

Leadership

The Real Reason Why The Return to Office Movement is Failing is Revealed in New Study

There is a vivid sign of the disconnect between employees and their workplace, a glaring indication that companies need to revise their scripts to improve their hybrid and remote work policies.