Elon Musk’s Tweet Sends Meme Coin Price High

Per data from Nomics, Shiba Inu, popularly known as the ‘Doge killer,’ yesterday hit a 5-month high of $0.0000145 before it retracted to later around $0.00001344.

Yesterday’s surge came after then”Doge Father” Elon Musk featured his recently purchased Shiba Inu dog in a tweet, which resulted in a hashtag #SHIB that is now trending on Twitter. The tweet had the picture of a Shiba Inu dog called Floki, “Floki Frunkpuppy.”

This is not be the first time an Elon Musk’s tweets will lead to a price rally of the meme coins. In early September, when Elon Musk first tweeted the image of the same Shiba Inu dog, it sent the prices of the Shiba-themed meme coins and Floki Inu up by 1,009 percent and 108 percent respectively.

Meanwhile, Dogecoin is ranked 10th among assets, with the largest market cap, is not lagging, as its price performance has outshone Bitcoin, Ethereum, Cardano.

Nomics data shows that Doge has raked around 9 percent gains in the last 24hours and 20 percent over the last seven days. Currently, its price is changing hands around $0.237. This level was last seen in Mid-September.

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