Elon Musk’s tweet spawned off a whole new meme cryptocurrency Floki Inu (#FLOKI) whose market prices spiked by a staggering 3,500% equivalent to a price of $US0.00000140.

Tesla founder Elon Musk may have switched allegiances from DOGE. The billionaire entrepreneur riled up the crypto market with his tweets yet again, but this time for the token dubbed as the "DOGE killer” SHIB. Until last week, the meme-based Shiba Inu coin had hit a big slump failing to capitalize on enthusiasm, and managing to price recover slightly, but a 5% dip below its current price pushed the token value to a further low.

SHIB Price could see another surge in its market value

SHIB crypto had been heading downward since May. The real-time Crypto analysis and exchange rate firm had predicted that the SHIB prices might continue to consolidate after failing to breakout above a critical resistance trend line level as the digital currency struggled to record highs “almost failing to retest the June 12 lows.” There was a possibility of a lower target level to be reached for SHIB until the 49-year-old Tesla CEO’s “Musk Effect” betided.

Taking to his official Twitter handle, Elon Musk wrote that he’d be naming his new Shiba Inu dog ‘Floki’. “A cool SHIB name, a fan wrote. In May, the Tesla Inc CEO dubbed as ‘Dogefather’ had tweeted, “I’m looking for a Shiba pup!” Now his latest tweet about naming that dog led to an instant 25% surge in the SHIB market value of the popular Shiba Inu alt-coin in a six-week all-time high, according to CoinGecko. 

SHIB price could see another surge in its market value in the future as Voyager recently made Dogecoin the official logo for the American car race driver Landon Cassill. This means that the Shiba Inu might become the next Nascar car logo. In fact, Voyager CEO Stephen Ehrlich recently called on Shiba Inu coin investors and fans to download the Voyager app saying that the Shib coin "could be a sponsor of the Car someday." Should the popular Shiba Inu logo become the next trademark on the Nascar Xfinity Series car as asked by the fans, the SHIB token's value is likely to surge. Voyager Digital Company has also signed a 19-race sponsorship deal with Cassill and his team JD Motorsports to be fully paid in cryptocurrency. 

Not just that, Elon Musk’s tweet spawned off a whole new crypto ‘Floki' inspired by a character in the popular TV series Vikings. Hours after Musk’s tweet, Floki Inu’s market prices spiked by a staggering 3,500% making the token, which has about 1 trillion coins in circulation, equivalent to $0.00000140, approximately a 13.3%spike in 24 hours. Etherscan predicts that there are 2,334 Floki holders and the crypto has just 9,000 transactions to date. Although, it was Elon Musk’s tweet that surged the FLOKI holders above 1,000. 

According to the roadmap illustrated on the Floki website that features Elon Musk driving with a Shiba Inu pup, the Cryptocurrency aims to expand to 3000+ holders by July. Furthermore, with the help of influencer marketing, next month plans to hit its ultimate goal of 10,000 holders. But because the cryptocurrency market is highly volatile, it is uncertain to predict Shiba’s real-world consequences.

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