Tesla founder Elon Musk has sparked another exponential rally in a dog-related cryptocurrency but this time, the controversial Dogecoin (DOGE) isn’t the one involved.
In a new tweet, the billionaire entrepreneur announced that he’s getting a Shiba Inu dog, adding that “resistance is futile.”
I’m getting a Shiba Inu #resistanceisfutile
— Elon Musk (@elonmusk) March 14, 2021
Shiba Inu is the Japanese canine breed that’s used as the face of Dogecoin (DOGE), a crypto asset that has a history of pumping whenever Musk tweets about it.
This time, however, Shiba Inu (SHIB) appears to have benefited much more than DOGE from Musk’s most recent antics. Following Musk’s tweet, SHIB, the crypto asset which touts itself as a “decentralized experiment,” surged from a low of $0.00000002 on March 14th to its all-time high of $0.00000011 on March 15th, representing growth of 450% in about 24 hours.
It’s unclear whether Musk was talking about DOGE, SHIB, or if he just means he’s going to get a new dog. Regardless, the SpaceX founder kept posting DOGE-related tweets, fanning the flames of the joke coin investing hype.
“Doge day afternoon… Origin of Doge Day Afternoon: The ancient Romans sacrificed a Dogecoin at the beginning of the Doge Days to appease the rage of Sirius, believing that the star was the cause of the hot, sultry weather.”
Last month, Elon Musk said he will give his full support to DOGE if whales holding the meme-based crypto asset are willing to sell most of their coins. The billionaire investor took it even further said he will pay actual dollars if crypto whales voided their accounts.