Shiba Inu rallies after Elon Musk posts “To The Moon” meme on Twitter – Dogecoin – US Dollar ($ DOGE)
A recent tweet from Tesla Inc (NASDAQ: TSLA) CEO Elon Musk may be the cause of a sharp rise in the price of Shiba inu (CRYPTO: SHIB) according to several prominent members of the cryptocurrency community.
What happened: Shiba Inu price soared 22% after Musk tweet, with some observers saying the price increase was due to Tesla CEO’s tweet figure looking like the coin mascot meme holding a rocket . The figure published by Musk involves a rabbit-like figure holding a rocket, often seen as a symbol of the “to the moon” meme in the cryptocurrency community.
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– Elon Musk (@elonmusk) October 17, 2021
The correlation between Musk’s tweet and Shiba Inu’s surge was first noted by popular Twitter user Mr. Whale.
– Mr. Whale (@CryptoWhale) October 17, 2021
See also: How to buy Dogecoin
Many in the Shiba Inu community have taken to Twitter to correlate the two events, as the coin’s price has climbed more than 22% since the tweet was first posted.
– Shiba Jim (@ shibajim1) October 17, 2021
Why is this important: Musk didn’t mention Shiba Inu in the tweet, but this isn’t the first time Musk’s tweets have impacted the price of a cryptocurrency, even without meaning to.
Musk played a key role in helping Dogecoin (CRYPTO: DOGE) hit an all-time high earlier in the year and the EspaceX founder also caused the price of Bitcoin to fall after voicing concerns about the negative impact of Bitcoin mining on the environment.
Earlier this week, Musk responded to a series of Dogecoin-related tweets, raising the price of the coin itself.
Price action: Shiba Inu traded 7% higher at $ 0.00002788 at press time early Monday. It is up 2.8% over a 7 day period. Dogecoin traded up 0.9% to $ 0.24. Meanwhile, minor Dogecoin and Shiba Inu themed coins are seeing massive gains.