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

Elon Musk has tweeted about naming his Shiba Inu, Floki. Which has sparked a 25% surge in the price of SHIB.

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.

Move over DOGE

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 a key player in crypto price action

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.”