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SHIB rises 25% after Elon Musk tweet about his dog’s name

Elon Musk has tweeted about the name of his Shiba Inu dog, Floki. Which has caused a 25% increase in the price of SHIB.

Elon Musk seems to be back once again. After a brief hiatus in the crypto scene, the Tesla founder is back. The billionaire has been actively tweeting about cryptocurrencies again.

His most recent tweet, which may or may not be related to the Shiba Inu (SHIB) token, states that “My Shiba Inu will be called Floki.”

The tweet was well received by the SHIB token, as it rose 25% to a new six-day high.

<em> Source: </em> <a href= Trading View ” src=”” data-src=”https://s.yimg.com/ny/api/res/1.2/b7BHpdrSyAdLDQFJIO9B1w–/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTU0NC4yMDM4MjE2NTYwNTE-/https://s.yimg.com/uu/api/res/1.2/.UinvXFzNYMUkJd5J7Gtag–~B/aD04MDE7dz0xNDEzO2FwcGlkPXl0YWNoeW9u/https://media.zenfs.com/es/beincrypto_es_147/09824fae0abffc0d699417cab7983652″/><em> Source: </em> <a href= Trading View ” src=”https://s.yimg.com/ny/api/res/1.2/b7BHpdrSyAdLDQFJIO9B1w–/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTU0NC4yMDM4MjE2NTYwNTE-/https://s.yimg.com/uu/api/res/1.2/.UinvXFzNYMUkJd5J7Gtag–~B/aD04MDE7dz0xNDEzO2FwcGlkPXl0YWNoeW9u/https://media.zenfs.com/es/beincrypto_es_147/09824fae0abffc0d699417cab7983652″ class=”caas-img”/>

Change of loyalty?

Musk has been a huge fan of the Dogecoin meme project. The billionaire actively supported the project in recent months, repeatedly pushing a new all-time high for the project.

DOGE managed to rise to an impressive high of $ 0.73 before Musk’s disappointing performance on Saturday Night Live, which has since seen DOGE drop in price.

However, the latest tweet indicates that perhaps Musk has decided to switch allegiance, from DOGE to SHIB.

SHIB is currently ranked 27th based on market capitalization. The market capitalization of the project is currently $ 3.6 billion, which is ten times less than DOGE.

Source: <a href= Twitter ” src=”” data-src=”https://s.yimg.com/ny/api/res/1.2/2dpysvnFL7wLHuQi5NT92A–/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTM2Ny43Mjg4MTM1NTkzMjI-/https://s.yimg.com/uu/api/res/1.2/3yTnKVAWax70PYxbvw5M6A–~B/aD0yMjY7dz01OTA7YXBwaWQ9eXRhY2h5b24-/https://media.zenfs.com/es/beincrypto_es_147/391bdb442215581122f01e960f7f6e6a”/>Source: <a href= Twitter ” src=”https://s.yimg.com/ny/api/res/1.2/2dpysvnFL7wLHuQi5NT92A–/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTM2Ny43Mjg4MTM1NTkzMjI-/https://s.yimg.com/uu/api/res/1.2/3yTnKVAWax70PYxbvw5M6A–~B/aD0yMjY7dz01OTA7YXBwaWQ9eXRhY2h5b24-/https://media.zenfs.com/es/beincrypto_es_147/391bdb442215581122f01e960f7f6e6a” class=”caas-img”/>

Musk, a key player in cryptocurrency price action

Musk has had a great influence on price movements in 2021.

The outspoken billionaire has been criticized by some specialists, and former US Labor Secretary Robert Reich said:

“His tweets are having a serious impact on the markets. It’s just another example of how billionaires get away by manipulating the markets without being held accountable. “

Regardless of your tweets and personal opinion, Musk has previously stated that crypto investors should invest with caution.

While Musk is a huge fan of the industry, he previously said that investing his life savings in crypto is “reckless.”

SHIB post rises 25% after Elon Musk’s tweet about his dog’s name was first seen on BeInCrypto.

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