Elon Musk's Latest Announcement Affects An Unexpected Cryptocurrency: It Has Risen 3 Times

This tweet from Elon Musk helped the price of SHIB.

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Elon Musk, the billionaire CEO of Tesla and SpaceX, continues to closely monitor and track the cryptocurrency industry. The effect of Elon Musk's tweets, which started with Bitcoin (BTC) but jumped to Dogecoin (DOGE),has reached a place we never expected.

Elon Musk's Tweet Hits Target This Time

Tesla CEO Elon Musk stressed in his post yesterday that he would buy a Shiba Inu-breed dog for himself and his family. Perceiving every tweet from Elon Musk as investment advice, the crowd did what was predicted and started looking for a cryptocurrency called Shiba Inu.

In fact, Musk's emphasis here is on cryptocurrency, and the topic is Dogecoin (DOGE) again. Looking at Dogecoin's visual, it seems that this is one of the most popular characters on the internet, the Shiba Inu breed dog. Although Musk indirectly emphasized DOGE here, novice investors ' search for a cryptocurrency named Shiba Inu found an answer in an industry with more than 10,000 cryptocurrencies.

SHIB price hits record

According to CoinGecko data, the cryptocurrency Shiba Inu (SHIB),which was at a low level before this tweet, broke the all-time record after this tweet, rising to $ 0.00000008. Having achieved a 300% increase in 24 hours, SHIB has entered a difficult situation to achieve by tripling its value with a single tweet.

January August 1, 2020, the cryptocurrency market is almost dead until January 30, 2020 and there is no price movement. Although the price of SHIB has fallen after reaching its peak, it has still risen 185% in the last 24 hours and continues to maintain it.

Elon Musk Isn't Giving Up On The Doge

Another reason Elon Musk's tweet had a 300% impact is that Shib's total commercial volume was $ 1 million prior to this tweet. After this tweet, Shib's commercial volume rose to over $ 28 million.

Elon Musk's influence on the DOGE was also clearly seen by this event, which actually happened. Although Musk's tweets about the cryptocurrency sector have led to an SEC investigation of him, it seems that the famous name will continue to do so indirectly. Although the message of Shiba Inu increases the price of SHIB, the obvious fact that the target of this is the DOGE is the biggest proof of this.

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