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.”
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Musk flexed his muscle in the cryptocurrency market in which he has a love/hate relationship. The SHIB token is climbing higher by almost 9% and climbing while the broader cryptocurrency market remains in the doldrums. Crypto investors either cheered Musk for the price gains or blamed him for manipulating the markets, and a variety in between.
Poking the Bear
While Musk is winning friends in meme coin circles, he is stirring things up among bitcoin investors, especially those who are all in on the leading cryptocurrency, known as maximalists. Musk, whose gripe against bitcoin is the energy consumption involved with mining, poked the bear, asking, “How many Bitcoin maxis does it take to screw in a lightbulb?”
His clever tweet attracted a slew of responses, including the bitcoin bull himself, Michael Saylor, who cleverly replied, “If you give us 10 minutes, maybe we can hash out the answer.” The 10-minute nod is in reference to the time it takes for a block to be verified on the Bitcoin blockchain and for miners to be rewarded.
In a conversation that also played out on Twitter, billionaires Elon Musk and Jack Dorsey, a bitcoin bull, have agreed to have a “talk” on bitcoin that will seemingly be broadcast at a July event.
Rivalries between the cryptocurrency communities are nothing new, but they tend to heat up with prices are under pressure as investors become on edge. In bitcoin’s case, its value has been nearly slashed in half since its peak of more than USD 64K. Bitcoin bulls see it as a buying opportunity.
The Shiba Inu price has been under pressure of late as well. SHIB investors have tried to no avail to bring attention and liquidity to the token by scoring listing on major exchanges, just as their larger rival Dogecoin has already managed to do. Perhaps Musk can put in a good word.