Shiba Inu Rallies After Elon Musk Posts 'To The Moon' Meme On Twitter

A recent tweet from Tesla Inc TSLA CEO Elon Musk may have been the reason for a sharp rise in the price of Shiba Inu SHIB/USD as per several prominent members of the cryptocurrency community.

What Happened: The price of Shiba Inu shot up as much as 22% after a tweet from Musk, with some observers stating that the price increase was down to the fact that the figure in Tesla CEO's tweet looks like the meme coin's mascot holding a rocket.

(\_/)
( •_•)
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— Elon Musk (@elonmusk) October 17, 2021

The figure posted by Musk involves a rabbit-like figure holding a rocket, often considered a symbol of "to the moon" meme in the cryptocurrency community.

The correlation between the Musk tweet and the Shiba Inu surge was first noted by popular Twitter user Mr. Whale.

BREAKING: Shiba Inu Coin $SHIB has now surged over 21% after Elon Musks Tweet. pic.twitter.com/VlB8B2fuWh

— Mr. Whale (@CryptoWhale) October 17, 2021

See Also: How To Buy Dogecoin

Many members of the Shiba Inu community took to Twitter to correlate the two events as the price of the coin skyrocketed by over 22% since the tweet was first published.

Hold on boys and girls!! #SHIBARMY #SHIB @Shibtoken @ShibaAustralia https://t.co/FsMjXqltSY

— Shiba Jim (@shibajim1) October 17, 2021

Why It Matters: Musk didn't mention Shiba Inu in the tweet but this is not the first time Musk's tweets have impacted the price of a cryptocurrency, even if unwittingly.

Musk played a key role in helping Dogecoin DOGE/USD hit an all-time high earlier in the year and the SpaceX founder also caused the price of Bitcoin to fall after stating his concerns about the negative impact Bitcoin mining has on the environment.

Just earlier this week, Musk responded to a series of tweets related to Dogecoin, sending the price of meme coin higher. 

Price Action: Shiba Inu traded 7% higher at $0.00002788 at press time early Monday. It is up 2.8% over a period of 7 days. Dogecoin traded 0.9% higher at $0.24. Meanwhile, minor meme coins themed after Dogecoin and Shiba Inu are striking massive gains.