By Shelly Melancon (Switzerland)
Ladies and gentlemen, Elon Musk is at it again. His tweet about naming his Shiba Inu dog as Floki has caused a 26% rise in Shiba Inu token price.
Elon Musk Is Back to Taunt the Crypto World
Floki is the fictional character known as the genius shipbuilder in the Vikings movie series who helped Ragnar sail to new lands. The electric car billionaire took a brief break from making comments about the crypto world. But he resumed duties today.
No one can determine precisely whether his latest tweet was about the Shiba Inu token, but he only said he would name his dog Floki.
Elon Musk tweet. Source: Twitter
However, his tweet caused a 26% increase in the Shiba Inu token a few hours after his tweet, making the token attain a new 6-day peak price.
Shiba Inu Price Surge. Source: TradingView
Has Musk Switched Allegiances?
Musk has never hidden the fact that he is a huge fan of Dogecoin. He has been actively supporting the meme-inspired cryptocurrency in recent months, causing it to attain and surpass various peak prices several times. Doge rose as high as $0.74 before Musk’s Saturday night live appearance, which was a disaster. Since that period, doge has been a steady price decline.
Therefore, his new tweet, which shows support for a new coin, suggests that Musk may no longer be a DOGE fan and has switched allegiances to SHIB. Based on SHIB’s current market cap of about $3.7 billion, it ranks among the top 30 cryptocurrencies in the world. In contrast, DOGE’s current market cap is about $37 billion and ranks among the top seven cryptocurrencies.
Also read:Musk’s Actions Have a Crucial Influence On Cryptocurrency Price Actions
This year, Musk’s influence on crypto price movements has been great. Regardless of his criticisms from crypto analysts and enthusiasts, it doesn’t make him stop being involved in the crypto space.
Robert Reich, a former secretary of labor in the United States, once said, “his actions have a tremendous effect on the market. He is an example of how wealthy men influence markets without being punished for it or made accountable for their actions.”
However, Musk has previously advised crypto investors never to invest carelessly into the market. Despite being a huge advocate of the crypto space, he’s often quoted as saying anyone who invests his life savings into the digital currency industry is “unwise.”
Cathie wood eager to discuss bitcoin with Musk and Dorsey
As previously reported on Tokenhell, Jack Dorsey and Elon musk have agreed to discuss bitcoin at Dorsey’s forthcoming July 21 bitcoin conference. Now, Cathie Wood, one of the speakers at the event, has shown her excitement about Musk’s response to Dorsey’s suggestion, saying, “it’s brilliant.”
Cathie Wood’s response. Source: Twitter
While wood won’t mind seeing two tech magnates have a candid discussion about bitcoin, she isn’t a slouch in the disruptive innovative technology herself. The two companies where she is the CEO are related to the field of new technology assets.
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