Prices of Shiba Inu have soared recently. The crypto rose by more than 400 percent this week alone. One of the key factors behind its meteoric rise has been down to Elon Musk’s promotion of the crypto. Here’s how Elon Musk’s tweet caused Shiba Inu’s rise.

Prices of the cryptocurrency alt coin, Shiba Inu, have flown this week.

The crypto surged by a staggering 400 percent this week as it hit a peak market cap of almost $14 billion on October 7.

But this recent rise hasn’t been entirely smooth; the price of the coin has dropped since its mid-week peak.

The currency has now dropped by almost a third since October 7.

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On October 7, Mr Musk wrote “Floki Frunkpuppy” on Twitter, accompanied by a picture of his new Shiba Inu puppy, named Floki.

This sparked a trending surge in Shiba Inu, with prices of the coin rising by 40 percent just hours after Mr Musk’s post.

On September 15 when Mr Musk tweeted: ‘Floki has arrived’ with a picture of his new dog, the currency surged within a few hours.

In the days after his tweet, the crypto had jumped by 1,000 percent.

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David Hsiao, CEO of crypto magazine Block Journal told Fortune: “The surge in SHIB (Shiba Inu coin) was most definitely kicked off by Musk’s tweet.

“Mundane actions like the tweet can be overly interpreted by the crypto community, and the response can be pretty wild.”

But despite Mr Musk’s influence the currency still has a long way to go before its $1 dream is realised.

Despite this week’s price rise, a single Shiba Inu coin is only worth less than one-hundredth of a penny.



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