Dogecoin meme crypto Shiba Inu scores modest fillip from Elon Musk Twitter mention

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MarketWatch 25 June, 2021 - 02:08pm 123 views

The crypto, a meme of a meme, was swinging in and out of positive territory Friday after Musk jokingly referenced the asset, another new coin based on a dog, but launched less than a year ago.

Shiba saw its value surge, along with dogecoin, back in the spring as investors sought new meme prospects, including Kisha Inu, which trades under the ticker KISHU and is marketed as “a community-focused, decentralized cryptocurrency with instant rewards for holders.

SHIB, which features the image of a Shiba Inu hunting dog, is now the 28th largest crypto in the world. Dogecoin stands as the sixth largest, according to CoinMarketCap.com.

SHIB has no apparent utility but, similar to dogecoin, has attracted a rabid fan base, who are eager to help drive its value higher. Its creators refer to the token as the “dogecoin killer.

The enthusiasm for SHIB and other dogecoin copycats appears to be growing among those on the prowl for the next popular social-media inspired asset.

It is hard to know if Musk’s reference of the crypto on Friday was done purely in jest, but his social-media mentions have tended to have outsize influence on the price of digital assets.

Traditional assets are rising too, in a climate of easy-money policies supported by the Federal Reserve to help the economy recover from the impact of the COVID pandemic, but are seeing more mundane gains.

Grantham, co-founder and chief investment strategist at the money manager Grantham, Mayo, Van Otterloo & Co., laments the state of an investment world that has prominently featured the emergence of meme-oriented trading in stocks like GameStop.

Mark DeCambre is MarketWatch's markets editor. He is based in New York. Follow him on Twitter @mdecambre.

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Floki: Elon Musk Tweets Name Of New Dog Sending Cryptocurrency Skyrocketing

ComicBook.com 25 June, 2021 - 03:44pm

Meme master Elon Musk has finally chosen a name for his new dog. Bright and early Friday morning, the serial entrepreneur revealed he plans on naming his new Shibu Inu dog Floki. Naturally, the seven-word tweet sent the cryptocurrency market soaring, with two coins in particular receiving a substantial bump after the announcement.

In addition to Dogecoin, two other cryptocurrencies have received a bump after Musk's twilight tweet on Friday. Hours after the tweet, $SHIB — the symbol for digital coin Shiba Inu — rose 25-percent in pricing, trading around $0.00000827 per coin. $FLOKI — a digital coin named after a character in History Channel's Vikings series — got a 3,500-percent bump.

Musk has long supported "meme cryptos" like the two aforementioned tokens and Dogecoin. Many attribute the entrepreneur for leading a charge with Doge, taking the coin from a meme, and helping raise its price to around $0.70 per coin earlier this year. $DOGE peaked right around the entrepreneur's appearance on Saturday Night Live in May and has been in a free-fall ever since.

My Shiba Inu will be named Floki

As of this writing, #DOGE is trading for $0.25 per coin. Musk has been such a big supporter of $DOGE, the Musk-run SpaceX has even taken an order for a satellite launch that was paid for entirely with the crypto.

"Having officially transacted with DOGE for a deal of this magnitude, Geometric Energy Corporation and SpaceX have solidified DOGE as a unit of account for lunar business in the space sector," Geometric Energy's Chief Executive Officer Samuel Reid said in a press release in May.

"This mission will demonstrate the application of cryptocurrency beyond Earth orbit and set the foundation for interplanetary commerce," added SpaceX Vice President of Commercial Sales Tom Ochinero. "We're excited to launch DOGE-1 to the Moon!"

The big Dogecoin moment for SpaceX came days after Musk went viral for his comments about Mars, suggesting "a bunch of people" will likely day in the first trips to the Red Planet.

"[Going to Mars] is dangerous and uncomfortable. It's a long journey and you might not come back alive, but it's a glorious adventure and it will be an amazing experience," Musk told XPRIZE executive Peter Diamandis during a live stream in April.

"If an arduous and dangerous journey where you may not come back alive — but is a glorious adventure and sounds appealing — Mars is the place," he added. "Honestly, a bunch of people will probably die in the beginning. It's tough sledding over there. We don't want to make anyone go, it's volunteers only."

Copyright 2020 ComicBook.com. All rights reserved.

Elon Musk Toys With Shiba Inu Fans and Bitcoin Maximalists

FX Empire 25 June, 2021 - 12:58pm

The meme token has managed to do just that, as evidenced by one of Musk’s latest tweets. He randomly proclaimed that his “Shiba Inu will be named Floki,” seemingly in reference to the shipbuilder character on the series Vikings. The reference seems to suggest that the Shiba Inu team is building something Musk supports. The tweet amassed nearly 17K replies and 18K retweets.

My Shiba Inu will be named Floki

— Elon Musk (@elonmusk) June 25, 2021

Musk flexed his muscle in the cryptocurrency market in which he has a love/hate relationship. The SHIB token is climbing higher by almost 9% and climbing while the broader cryptocurrency market remains in the doldrums. Crypto investors either cheered Musk for the price gains or blamed him for manipulating the markets, and a variety in between.

His clever tweet attracted a slew of responses, including the bitcoin bull himself, Michael Saylor, who cleverly replied, “If you give us 10 minutes, maybe we can hash out the answer.” The 10-minute nod is in reference to the time it takes for a block to be verified on the Bitcoin blockchain and for miners to be rewarded.

Rivalries between the cryptocurrency communities are nothing new, but they tend to heat up with prices are under pressure as investors become on edge. In bitcoin’s case, its value has been nearly slashed in half since its peak of more than USD 64K. Bitcoin bulls see it as a buying opportunity.

The Shiba Inu price has been under pressure of late as well. SHIB investors have tried to no avail to bring attention and liquidity to the token by scoring listing on major exchanges, just as their larger rival Dogecoin has already managed to do. Perhaps Musk can put in a good word.

SHIB Up 25% And FLOKI Up 3500% After Elon Musk Tweets About Naming His Dog | Benzinga

Benzinga 25 June, 2021 - 12:13pm

Cryptocurrency markets were trading lower today, but a tweet from Elon Musk did not fail to send the price of Shiba Inu (CRYPTO: SHIB) and Floki (CRYPTO: FLOKI) skyrocketing.

What Happened: Minutes after a tweet from the Tesla Inc (NASDAQ:TSLA) CEO, popular Shiba Inu-themed currency SHIB surged by over 25% to trade at $0.00000827.

My Shiba Inu will be named Floki

— Elon Musk (@elonmusk) June 25, 2021

Musk tweeted that his Shiba Inu would be named Floki, which immediately led to some speculation that Musk has switched allegiances from Dogecoin (CRYPTO: DOGE) to Shiba Inu.

Why It Matters: While some wondered if the name ‘Floki’ was significant in any way, one user wasted no time in creating a new cryptocurrency token called Floki Inu.

— Crypto Canine (@CryptoCanineNFT) June 25, 2021

The token had 1268 holders at the time of writing, according to data from Uniswap Pair Explorer.

Multiple copycat Floki tokens have since begun to emerge, and several crypto traders attempted to caution others against investing in the coin.

“FLOKI is a pump and dump! 95% in 10 wallets,” wrote one user on Twitter.

What Else: The past few weeks have demonstrated that dog tokens continue to be popular, even when the crypto market is on a downtrend.

Another Dogecoin-inspired cryptocurrency called Baby Doge (CRYPTO: BabyDoge) has been recently created by “fans of the Doge community.”

According to the team, the hyper deflationary token has passed 122,000 holders and $480 million in market cap in just two weeks.

Click here, or sign up for our newsletter to explore more of Benzinga's Cryptocurrency market coverage, in-depth coin analysis, data, and reporting.

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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Shiba Inu rival: What is Sanshu Inu coin – and can it beat SHIB?

Express 25 June, 2021 - 08:57am

Shiba Inu is one of the newest coins on the market, brought about after the exponential growth of fellow meme-based crypto coin Doge. Dogecoin rocketed to stardom in 2021 after an endorsement from Space X and Tesla CEO Elon Musk, but was quickly brought back down to Earth when he publicly branded crypto a “hustle” on Saturday Night Live (SNL). Since then, SHIB’s value has remained volatile, with a price of $0.0000074 at the time of writing on June 25, having gained 8.27 percent in the last 24 hours according to Coin Ranking.

Sanshu is very similar to Dogecoin-based meme crypto Hoge, as both operate on a deflationary token model.

Both Sanshu and Hoge have a one percent burn rate, which means one percent of every transaction will be destroyed.

There is also a one percent auto staking rate, which means that one percent of every transaction will be divided among Sanshu holders.

Market Realist reports: “As per basic economic, as supply goes down, prices will inevitably go up.

“Over a long enough time, deflationary tokens should become more valuable.”

However, the biggest obstacle for these coins is one of survival, or whether they’ll fade into obscurity.

In short, no, it’s not looking like Sanshu can get to SHIB’s heights just yet.

While Sanshu has been on the rise this week, it’s unlikely that it will ultimately take over from Shiba Inu’s higher spot.

Sanshu is worth almost nothing at the moment.

One single Sanshu coin is worth less than $0.00000001, according to Market Realist, with the same amount worth one-millionth of a dollar.

Our Bro made it to CoinBase ‼️ Congratulations @Shibtoken ✨ We'll see you and Bro DOGE SOON https://t.co/ggflLazHQr

This means that while it’s new on the market, Sanshu is not overwhelmingly unique.

Investor Place writes: “Currently, Sanshu Inu is a very small token in relation to many other cryptos out there today.

“However, investors intrigued by the growth potential of such crypto options have continued to pile into these names of late.”

There aren’t a great deal of predictions for Sanshu out there, either, with Digital Coin Price suggesting the price could climb 300 percent by 2028.

There could be some distant long-term gains to investing, but otherwise the coin is unlikely to hit the cent mark anytime soon, so SHIB investors can rest easy for the time being.

However, given the way the market’s been going recently and the increased allure to alt meme-based coins, things could change very quickly just as it did for Doge and SHIB.

In addition, SHI has hit a big slump recently as it fails to capitalise on any new enthusiasm or hype, according to FX Street which monitors trends for stock and crypto assets.

The market experts aid: “The dog-themed cryptocurrency has managed to recover slightly, but a five percent drop below the current price may push it lower.”

SHIB Spikes 25% as Elon Musk Tweets About Naming His Dog

Yahoo Finance 25 June, 2021 - 08:11am

Elon Musk appears to be back at it once again. Following a short hiatus from the crypto scene, the Tesla founder is back at it. The billionaire has been actively tweeting about crypto again.

His most recent tweet which may or may not be related to the Shiba Inu (SHIB) token, states that “My Shiba Inu will be named Floki.”

The tweet was well-received by the SHIB token as it surged 25% to a new six-day high.

Musk has been a huge fan of the meme project Dogecoin. The billionaire actively supported the project in past months, spurring on a new all-time high for the project, multiple times. DOGE managed to soar to an impressive $0.73 high before Musk’s disappointing Saturday Night Live performance, which has since seen DOGE decline in price.

However, the latest tweet indicates that perhaps Musk has decided to switch allegiances, from DOGE, to SHIB.

SHIB is currently ranked 27 based on market capitalization. The project’s market cap is currently $3.6 billion, which is ten times less than DOGE.

Musk has had a serious influence in price movements in 2021. The outspoken billionaire has been criticized by some, with former Secretary of Labor Robert Reich saying, “His tweets are having a serious impact on markets. It’s just another example of how billionaires get away manipulating markets without accountability.”

Regardless of his tweets and personal opinion, Musk has previously stated that crypto investors should invest with caution. While Musk is a big fan of the industry, he did previously say that investing your life savings in crypto is “unwise.”

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Shiba Inu jumps as Elon Musk drop hints over huge pump; Price analysis

Newsroompost 25 June, 2021 - 06:55am

Shiba Inu’s prices have tumbled roughly 50% from peak to trough between June 15 and June 22. The Coinbase listing and call for Robinhood listings have already created a hype for the coin.

New Delhi: Tesla and SpaceX CEO Elon Musk tweeted about his Shiba Inu dog and crypto enthusiasts can’t keep calm. Elon Musk wrote, ‘My Shiba Inu will be named Floki’.

Just after Musk’s tweet, Shiba Inu saw a huge spike in price. Many people who accused Musk of manipulating the market expressed their reactions to the message.

My Shiba Inu will be named Floki

— Elon Musk (@elonmusk) June 25, 2021

Shina Inu took a huge dump in a reaction to China’s Cryptocurrency crackdown. The world’s most popular cryptocurrency, Bitcoin tumbled almost 10 percent on Monday. It fell as low as $32,094 to its lowest in 12 days dragging all other coins down.

Shiba Inu’s prices have tumbled roughly 50% from peak to trough between June 15 and June 22. The Coinbase listing and call for Robinhood listings have already created a hype for the coin.

As per FX street, Shiba Inu price rallied roughly 25% from the bottom at $0.00000520, it looks primed for more upswing. A decisive 4-hour candlestick close above $0.00000653 will confirm the start of an uptrend and propel SHIB by 32% to the 50% Fibonacci retracement level at $0.00000871.

Shiba Inu is surging, on the other hand, Bitcoin is still trying to break through the crucial resistance level. It will be a good sign for other cryptocurrencies Bitcoin manages to settle above this level.

In the past few days, the crypto market has seen some mixed signals. Shiba recently attempted to break through resistance around $0.000010 but was unable to build enough upside momentum and retreated back.

If SHIB breaks the barrier of $0.000010, it can go on to the next resistance level of $0.000012.

Per InvestorPlace.com, Shiba Inu coin will likely rebound in the near future. In fact, the rise might be enough to surpass Dogecoin.

While there is a looming threat of a ban from the government, Indians are actively trading cryptocurrencies.

In India, Shiba Inu cryto coin is traded at an Indian exchange named WazirX.

Shiba Inu tokens are also listed on other platforms like Uniswap and CoinDCX’s web version.

On Uniswap, users can buy and sell cryto currencies in exchange for ETH & Ethereum-based tokens.

Uniswap is an Ethereum-based decentralized exchange.

If you are looking to buy Dogecoin or Shiba Inu coin, you can use these apps:

Download the WazirX app and sign up for the account. Before you start investing in Dogecoin, you need to do eKYC and enable the 2 Factor authentication. You also need to add your bank details to add and withdraw money.

Once you have added your bank account and perform KYC, you can check the available list of coins for trading. Tap on the Buy button in front of Dogecoin and then enter the amount you want to invest in the Dogecoin. You can make payments directly through bank deposit, credit card, debit Carr or UPI.

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