Memecoins Jump After Elon Musk Tweets a Photo of His Shiba Inu Puppy in a Tesla

Several memecoins associated with the Shiba Inu dog jumped on Monday after Elon Musk tweeted out a photo of his real-life Shiba Inu puppy Floki in a Tesla.

Musk first announced the arrival of his new puppy in September, writing: “Floki has arrived.” At the time, the tweet spurred a host of Dogecoin spinoff coins to rise in value.

On Monday, Musk’s tweet had a similar effect on several Shiba Inu-themed coins. Dogecoin, which first utilized the Shiba Inu dog as its logo in 2013, saw steady gains on Monday, rising by about 8% over a 24-hour period, according to Coindesk. Dogecoin currently has a $31.4 billion USD market cap.

Shiba Inu, or SHIB, a coin that aspires to be an Ethereum-based alternative to Dogecoin, saw a 47% rise over the last 24 hours, according to Coinbase, and sit at a $5.1 billion USD market cap.

Floki Inu, a coin inspired by Musk’s dog, saw a brief spike after Musk’s tweet before dropping less than an hour after its initial price jump.

In other news, SolMonkey became the first Solana NFT to sell for a record-breaking $2 million USD.
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