This week, the virtual currency soared 300%, thanks in no small part to the popularity of a tweet by billionaire Elon Musk. The text "Floki Frunkpuppy" along with a photo of the Tesla CEO's pet was the cause of the currency's sharp rise.
Floki Frunkpuppy pic.twitter.com/xAr8T0Jfdf
— Elon Musk (@elonmusk) October 4, 2021
On October 3, the currency closed at 0.000007367 euros. The next day, the price was 0.000001163 euros. On October 5, it reached 0.000001488 euros, and on October 6, it closed at 0.000002412 euros, causing a 25% increase in value.
The cryptocurrencies Dogecoin and Shiba Inu Coin are meme-based coins that have rapidly gained popularity recently, increasing their value by 54%. Their values have changed suddenly, causing higher returns in currencies such as Ether or Bitcoin.
Meanwhile, both virtual currencies have entered the international crypto industry. On the one hand, Dogecoin is now available for sale and purchase on Coinbase, a cryptocurrency trading platform predominant in the United States. On the other hand, Shiba Inu Coin has begun trading on Wazir X, predominant in Asia, under the ownership of Binance.
Cryptocurrencies are undoubtedly rapidly implying commerce, causing acceptance among users worldwide. There are only four months left to reach 200 million crypto users. Elon Musk recently named Dogecoin the people's cryptocurrency, while El Salvador legalizes the use of Bitcoin as legal tender.