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Elon Musk Boosts Cryptocurrency Price By 1000%

Elon Musk has a huge influence over the public in several areas regarding technology and finance, including the cryptocurrency market.

Earlier this month (September 12th), the multi-billionaire tweeted a picture of his Shiba Inu puppy to his 59.9 million followers, with this simple action resulting in a 1,000 per cent surge in the price of the Shiba Floki cryptocurrency.

The founder, chief executive officer and chief engineer at SpaceX posted a photo of his dog with the caption “Floki has arrived”. The tweet was subsequently re-tweeted 21,200 times, received 301,700 likes and was quoted by 3,245 people.

As a result of Musk’s new puppy, developers have created Shiba Inu-inspired coins, such as Shiba Floki, Floki Coin, Floki Inu, and Floki Shiba.

Following the picture of Floki, each cryptocurrency has soared in value, with the first by 1,000 per cent. Rises of 250 per cent, 60 per cent and 25 per cent respectively were also experienced after the innocuous tweet.

Dogecoin, which describes itself as an open-source peer-to-peer cryptocurrency, even tweeted the technology expert with the message: “Mr Musk sir i just want to let u know that ur doge is shaped somewhat like a smol bean thank u that is all [sic].”

According to the firm, Musk “thinks we’re pretty cool”, hence the playful response to the photo.

The boost in Shiba Inu value follows a recovery in the entire cryptocurrency market, with Bitcoin, XRP, Cardono, and Dogecoin climbing significantly last month, data from CoinGecko revealed. Indeed, the total market value of cryptocurrencies soared to $2.06 trillion (£1.49 trillion) by mid-August 2021.

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