The hike is attributed to one of the ‘Dodgefather’ i.e. Elon Musk himself. Tweet who on Sunday night posted a photo of their pet Shiba Inu, named Floky Frankpuppy, sitting in the open hood of a Tesla. Musk’s recent posts about Floki have led to the birth of a number of new Dodge-style coins.
Shiba Inu and Dogecoin are cryptocurrencies that have been strongly supported by Musk. Hence, the price of SHIB and Dogecoin saw a sharp jump soon after Musk’s tweet on Sunday.
This isn’t the first time something like this has happened. Last month too, Musk shared a picture of Floki and several Floki-themed coins saw a significant increase in prices. Musk isn’t the only one who has bet big on SHIB. Ethereum co-founder Vitalik Buterin donated SHIB worth $1 billion (about Rs 7,486 crore) to India’s COVID-Crypto Relief Fund.
However, this tremendous jump in the value of Shina Inu cannot be attributed to Musk’s tweet alone. On October 1, an anonymous whale account bought approximately 6.3 trillion SHIB tokens in a span of two days. Whale bought 6 trillion SHIB coins worth about $43,838,900 (approximately Rs 327 crore) on the first day. After this, there were three transactions the next day, in which 116 billion coins were bought first followed by 159 billion and 1 billion coins.<!–
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