Elon Musk posts picture of new pet dog Shiba Inu; Dogecoin, Floki cryptocurrencies register record rise

Elon Musk is back to tweeting about cryptocurrencies. The Tesla boss recently tweeted about his new pet Shiba Inu, writing the caption “Floki has arrived”. The post saw a record jump in the price of the cryptocurrency Floki, with prices surging in the last 24 hours, as per media reports. Shiba Floki, the biggest gainer, traded at a high of $0.000000005961, with a rise of 958.09 percent, according to CoinMarketCap.The value of another cryptocurrency, Floki Inu, has surged by 59.08 percent in the last 24 hours, while Floki Shiba has registered a growth of 23.46 percent.The staggering rise coincided with Musk’s tweet. Dogecoin also gained by 0.36 percent. A spin-off of Dogecoin, Baby Doge Coin also recorded a rise of 1.8 percent in the last 24 hours.This is not the first time that the SpaceX CEO has sent crypto prices soaring. In August this year, Shiba Inu had recorded a 16 percent rise in its price when it reached $0.00000790, just after Musk tweeted that he was naming his new pet Floki.Musk’s commentary on cryptocurrencies has often led to price surges, followed by an eventual downfall. Earlier this year, Musk would not stop tweeting about Dogecoin, creating a hike in the meme cryptocurrency. The tweets sparked a frenzy for Dogecoin. Later on, Musk was blamed by many buyers for who invested their money in Dogecoin, only to see its value stop rising.Dogecoin, similar to Bitcoin, has been used for e-transactions as digital money and enables peer-to-peer transactions over a decentralised network. The word doge is a reference to the ‘doge’ meme, which features the picture of a Shiba Inu on it.The digital currency had been used to donate money to charities since its inception. The Dogecoin had peaked in 2018, before its crash along with the rest of cryptocurrency. According to media reports, it was trading for a fraction of a penny until 2021.