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Shiba token jumped 70% due to Elon Musk

Tesla CEO Elon Musk wrote on Twitter for a Shiba Inu puppy. After the publication of the Mask, the cost of the altcoin with the name Shiba Inu increased by 68% per hour, writes RBC Crypto.

The billionaire responded to Hiro Mizuno’s post as UN Special Envoy for Innovative Finance and Sustainable Investment. He noted that it is okay if traders prefer to trade Dogecoin for the short term. According to Mizuno, Shiba Inu puppies should not be treated in the same way, as they must be held accountable. Dogecoin is associated with the Shiba Inu, as a dog of this breed is depicted on the logo of the coin.

Earlier, Elon Musk repeatedly mentioned Dogecoin in his tweets. The last time this happened was on April 28. The entrepreneur called himself “Dogefather” ahead of Saturday Night Live, which he will host with singer Miley Cyrus on May 8.

On April 16, Musk published Joan Miró’s painting “Barking a Dog at the Moon” and added that it was “Doge (an altcoin exchange ticker) barking at the Moon.” Against this background, the price of the coin reached a maximum at that time at $ 0.45. On May 5, the cryptocurrency peaked at $ 0.69.

Dogecoin was created in 2013 as a joke. Now the capitalization of the digital coin is $ 80 billion. Dogecoin ranks fourth in the list of the most capitalized cryptocurrencies.

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