Each day, the “Dogefather’s” family grows – and it becomes increasingly difficult for crypto researchers and creators to deny, especially with the rise of Shiba Inu.
Tesla Motors CEO Elon Musk shared a photo of a Shiba Inu dog relaxing in the sun while riding in a Tesla automobile on 4 October. He captioned the image “Floki Frunkpuppy.”
The typical rumors circulated: could Tesla begin accepting Dogecoin or any of the other dog-themed meme coins as payments in the near future? However, this thing was certain: the prices of various alternative currencies increased significantly.
🐕 How Will Shiba Inu Effect the Market?
The initial meme coin [DOGE] has generated lots of new additional cryptocurrencies that are extremely susceptible to “the Musk effect.”
Mr. Whale, a crypto influencer, noted that when Twitter met Musk’s puppy, the Shibu Inu [SHIB] coin increased by more than 85 percent. This aided the token’s ascension to its greatest level since late May.
Similarly, the Shiba Floki [FLOKI] cryptocurrency had a surge in value about the same time Musk shared a puppy photo.
🤔 Ultimate Motives
Is it all a whirlwind of love for man’s best friend? Perhaps not. In fact, new cryptocurrencies are fully aware that allying with Dogecoin and capturing Musk’s attention can generate massive levels of interest and activity. This is advantageous for fast becoming listed on cryptocurrency exchanges.
For instance, the Whitepaper for Floki Inu defined it as a “Elon Musk-inspired meme coin.”
When Shiba Inu is added to the mix, one could argue that some misunderstanding is a necessary component of the buzz.
😵 Does it Make Sense?
The number of unique Shiba Inu token network addresses increased from 672,681 on 1 October into 676,792 on 4 October. However, when viewed over a longer period of time, this did not stand out.
Additionally, the price of Dogecoin increased slightly. It’s worth mentioning that Billy Markus expressed approval for Musk’s most recent dog photo.
Finally, Musk’s puppy prompted the creation of a new token: the FlokiFrunkPuppy [FLOKIFRUNKPUPPY] token, which comes complete with its own Whitepaper. At the time of publication, the price was $$0.00000009206.