Elon Musk's influence on cryptocurrencies, a new joke coin is coming
Elon Musk's influence on cryptocurrencies is enormous. Whichever cryptocurrency Elon Musk comments on, that cryptocurrency takes flight and makes an incredible rise. Elon Musk had commented on DOGE before and caused him to rise incredibly. Now, after commenting on Shiba Inu (SHIB), SHIB is similarly on the rise.
Elon Musk continues to influence the cryptocurrency market with his comments. Making a brief comment about SHIBA INU, another crypto currency that resembles DOGE with its logo, Musk made this cryptocurrency gain incredible value in one day. While Shiba Inu (SHIB) was at $ 0.0000014 yesterday, it rose to $ 0.00001999 after Elon Musk's tweet. It is currently trading at $ 0.000015. It also rose to the 27th rank based on market cap.
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Shiba Inu is an Ethereum (ETH) based ERC-20 token. The token is touted on its official site as a "self-generated decentralized community building experiment. And it has a dog picture on its logo, similar to DOGE.
Hiro Mizuno shared a content about Shiba Inu. Elon Musk responded to this shared tweet, affecting the excessive rise of SHIB. Mizuno, who also includes a photo of a Shiba type dog in the content, tweeted the following in his post.
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Then Elon Musk replied to the tweet, "I’m looking for a shiba pup!" he said, suddenly causing the SHIB to move upwards. Considering Hiro Mizuno's relationship with Tesla, investors flocked to the stock exchanges where SHIB was traded when they saw Elon Musk's response.
It is quite interesting that there is such a rise with just one tweet. Also, SHIB is only listed on a few exchanges. If it is listed on popular exchanges in the future, it may reach higher. An advice from me, I think examine the roadmap of the assets you will invest. Look at its infrastructure and projects. Otherwise, you may suffer great damages that are not compensated.
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