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Billionaire Elon Musk has often been responsible for pumping doge and other cryptocurrency prices on several occasions by sharing various references and memes on his social media feed as he is known for his interest on digital tokens and remains a strong believer of cryptos. And now, his recent tweet has pumped up the price of memecoin Shiba Inu.

Shiba Inu (SHIB) was trading at $$0.00002390, up nearly 91% over the last 24 hours, as per CoinGecko, a digital currency price and information data platform. The memecoin, which has been surging in the past two days on the back of massive volumes after Musk's tweet, has skyrocketed over 240% in the last 7 days, as per CoinGecko.

Meanwhile, Dogecoin prices that has gained 13% to $0.26 in the last 24 hours, has risen 36% in the last 7 days.

Tesla Inc chief Elon Musk recently tweeted a picture of his pet Floki, the Shiba Inu puppy, on a Tesla. Musk, the self-proclaimed 'Dogefather', has been responsible for pumping doge and other prices on several occasions by sharing various references and memes relating to the dog-themed cryptocurrency on his social media feed. 

US-based Coinbase last month had said that its customers can trade, send, receive, or store Shiba Inu (SHIB) on its platform. Created in August 2020 by an anonymous person known as Ryoshi, Shiba Inu coin’s price is negligible, which allows investors to hold billions and even trillions of this coin.

In September, Musk's tweet of his new Shiba Inu puppy Floki's picture had pumped the price in floki-themed cryptocurrencies as some of them witnessed a sharp rally of nearly 1,000% within a few hours.

A memecoin is typically a cryptocurrency that is associated with some theme, often as a joke rather than a serious product. Memecoins are highly volatile cryptocurrencies that are known to witnesses sharp movements based on news events.

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