Tesla and SpaceX CEO Elon Musk is a well-known public figure who has an immense fascination for cryptocurrencies. He has already featured various crypto brands such as Bitcoin and Dogecoin.

However, he recently tweeted about a Shiba Inu, which can be related to another cryptocurrency called the Shiba Inu Coin. How will his association with the new cryptocurrency affect his relationship with Dogecoin?

Elon Musk's Love for Cryptocurrency

In a tweet, Musk stated that his Shiba Inu would be called Floki.

Nobody knows whether it is a sign that he will give Shiba Inu Coin a shot, or if he is just really planning to get a Shiba Inu dog.

However, BitRss reported that Musk might be planning to leave Dogecoin behind for the shiny new Shiba Inu Coin.

Elon Musk and Shiba Inu Coin

Musk has already tweeted about Shiba Inu. In March, the CEO has already referred to the coin. He tweeted that he was planning to get a dog and that he wanted a Shiba Inu.

Despite not mentioning the Shiba Inu Coin, Musk's followers interpreted it the wrong way, and its price pumped as well.

How Did Elon Musk Affect the Crypto Market?

As soon as Musk's tweet went live, Shiba Inu Coin experienced a spike in price. In a matter of hours, the rookie cryptocurrency rose 23% from its original price value.

Coincidentally, Musk's tweet seems to have inspired creating a new dog coin cryptocurrency -- Floki. The coin was made on June 26, and it already has 3,000%.

Read Also: Dogecoin is the 'Bad Boy of Crypto, Victim of Elon Musk's Scheme,' Says Analyst

Elon Musk Tweets Triggered 'Anonymous' Hacking Group

Musk is known for publicly expressing himself through a famous bird social media platform Twitter.

Recently, the CEO's tweets have been mocking how Bitcoin's value went down for a few days.

His cavalier tweets triggered the Anonymous hacking group because he continued to troll Bitcoin on Twitter despite knowing how much power his tweets have over the cryptocurrency's price. As a result, the group released a video threatening Musk, saying that he should expect them to come, and that he has already found his match.

However, the CEO seems to remain unbothered.

On June 25, Musk decided to mock Bitcoin once more, this time targeting Bitcoin maxis.

Dog Cryptocurrencies

If there is one similarity among some of the cryptocurrencies that Musk has been related to, it would be that they are all referenced to dogs.

Even Dogecoin, a meme coin, started as a tongue-in-cheek gag at Bitcoin and the entire crypto market. Little did the creators know that it would be one of the leading cryptocurrencies as of 2021.

Elon Musk has steadily promoted doge, but it seems like it will share the spotlight with the Shiba Inu Coin.

Whether the CEO means that he will get a new dog or just testing the waters on Shiba Inu Coin, investors believed that his tweets are posted to manipulate the market.

Related Article: Cryptocurrency Continues to Rise Amidst Issues as the World's Riskiest Assets

This article is owned by Tech Times

  Written by Fran Sanders