Shiba Inu (SHIBA) Price Surges Following Tweet by Elon Musk

Shiba Inu (SHIBA) Price Surges Following Tweet by Elon Musk
  • Multiple Chinese crackdowns have also harmed the sector.
  • Traders carefully follow Elon Musk’s tweets.

Elon Musk has shown the power of a single tweet. Tesla CEO Elon Musk tweeted a text art picture of a Shiba Inu with a rocket ship – crypto dialect meaning “to the moon.” An exclamation is used when crypto values skyrocket. Musk’s tweet helped the crypto, which jumped 21% following his intervention. Floki Inu’s price also rose sharply.

Shiba was developed in 2020 by the unknown “Ryoshi” as a parody of the Doge meme. Shiba Inu price spiked in May before plummeting again. Earlier this month, a tweet from Elon Musk pumped the currency. It comes as bitcoin nears its all-time high

The price of bitcoin dropped in May when Elon Musk announced that Tesla will no longer accept bitcoin as payment. Tesla Motors’ CEO highlighted bitcoin mining’s impact on the environment in making a move.

SEC Approval

Multiple Chinese crackdowns have also harmed the sector. This week, cryptos have soared on the news that the US regulator would approve a bitcoin future exchange-traded fund.

The first US bitcoin futures ETF is likely to be approved by the Securities and Exchange Commission next week, opening the door for broader public adoption. Cryptocurrency bulls expect a “ludicrously strong” rise through the remainder of 2021, according to Forbes.

SHIB/USDT: Source: TradingView

Traders carefully follow Elon Musk’s tweets. This week he became the world’s wealthiest man, with a net worth of US$230 billion—a combined value of Bill Gates and Warren Buffett. To celebrate, he sent his competitor, Amazon Founder Jeff Bezos, a silver medal emoji.

According to CoinMarketCap, the SHIBA INU price today is $0.000027 USD with a 24-hour trading volume of $3,734,739,024 USD.

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A trader himself, Rossi has 7 years of experience trading in the forex market and the passion for writing has brought him to Newscrypto. He is the perfect combination of market knowledge and writing skills, making him one of the most sought-after writers on cryptocurrency.