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Why Shiba Inu coin recently spiked because of Elon Musk

Shib coin saw a massive spike due to an Elon Musk tweet. Here’s what we know

The Shiba Inu dog of Shib cryptocurrency. Illustration by Alex Cochran, Deseret News

Shiba Inu coin recently saw a massive spike over the last few days because Tesla founder Elon Musk named his dog Floki.

  • Yeah, that may sound a little weird. But there’s a reason for it — Elon Musk owns a Shiba Inu dog.

What happened with Elon Musk and Shib coin?

SpaceX founder Elon Musk recently tweeted about his dog, saying, “My Shiba Inu will be named Floki.”

  • That led to a rise in the Shib Inu coin market, as single Shib coins surged by 25% in the hours afterward, leading to a six-week high for the coin, according to Yahoo Finance.

Is Elon Musk a Dogecoin fan?

Historically, Musk has been an avid support of cryptocurrency. Recently, he has been touting the Dogecoin cryptocurrency.

As I’ve written before, Musk often drives social media hype with his tweets for different cryptocurrencies. He hinted back in May that he was working with Dogecoin to make it useful for people who wanted to buy Teslas.

This came after Musk said Bitcoin would no longer be a form of payment for the specialty vehicles.

  • Musk said in a tweet: “We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel.”
  • “Cryptocurrency is a good idea ... but this cannot come at great cost to the environment.”

Another reason Shib coin spiked — NASCAR

So get this. Dogecoin became an official logo on a car driven by Landon Cassill, who is sponsored by the company Voyager. Well now, Voyager CEO Stephen Ehrlich has called on Shiba Inu coin investors and fans to download the Voyager app with the promise that Shib coin could be a sponsor of the vehicle someday.