Elon Musk tweeted about naming his Shiba Inu dog Floki. After this tweet, there was a 25% increase in the price of SHIB.
It looks like Elon Musk is back once again. Tesla founder is on the agenda with his new tweet after a short break from the crypto scene. The billionaire name again tweeted about crypto money.
In his most recent tweet regarding the Shiba Inu (SHIB) token, he states that “Shiba Inu will be called Floki.”
The tweet was welcomed by the SHIB token as it increased the token price by 25% to a six-day high.
Musk was a big fan of the Dogecoin project. The billionaire has actively supported the project in the past months, and DOGE has reached all-time highs multiple times. DOGE managed to climb an impressive $0.73 before the disappointing Saturday Night Live performance.
However, the latest tweet suggests that perhaps Musk has decided to switch from a DOGE fan to a SHIB fan.
SHIB is currently ranked 27th by market cap. The market capitalization of the project is currently $3.6 billion, which is ten times less than DOGE.
Musk is a key player in crypto price action
Musk had a serious impact on price movements in 2021. The outspoken billionaire has been criticized by some, and former Labor Secretary Robert Reich said of Elon Musk, “His tweets are making a serious impact on the markets. This was an example of the irresponsibility of billionaires to manipulate markets without being held accountable.” said.
Regardless of his tweets and personal opinion, Musk has previously stated that crypto investors should invest carefully. While Musk is a huge fan of the industry, he has previously said it was “unwise” for people to invest their savings in crypto.