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Updated on: Monday, September 13, 2021, 09:20 PM IST

'Baby Doge' cryptocurrency sees 98% rise,right after Elon Musk's new pet Shiba Inu 'Floki' takes over the internet

Elon Musk shares a picture of his new pet Shiba Inu on twitter which led to the value of cryptocurrency Dogecoin to soar.
Tesla CEO Elon Musk | AFP Photo

Tesla CEO Elon Musk | AFP Photo

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Tesla CEO Elon Musk tweeted about his new pet Shiba Inu with the caption 'Floki has arrived'. Musk sent out the tweet in the early hours of Friday morning, and Dogecoin prices have since risen. Following Musk's post, according to CoinMarketCap, Baby Doge increased by 1.80%. The cryptocurrency was created by Dogecoin fans who believe that the meme cryptocurrency has a bright future.

Dogecoin is a digital token similar to Bitcoin that is used for e-transactions. The shiba Inu is depicted on Doge, which is a reference to the ‘doge' meme. It is a cryptocurrency or digital currency, similar to bitcoin that allows peer-to-peer transactions through a decentralised network.

This isn't the first time Musk has accidentally caused a cryptocurrency price surge. As each time Musk mentions cryptocurrencies, the price of the cryptocurrency rises, followed by a subsequent drop.

Social media platforms especially Twitter has witnessed a variety of reactions from netizens. Here are a few:

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Published on: Monday, September 13, 2021, 09:20 PM IST
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