Elon Musk sparks major cryptocurrency surge after tweeting picture of new puppy

Tech entrepreneur and billionaire Elon Musk caused a surge in the crypto market simply by sharing a picture of his new puppy with a peculiar name.

The CEO of Tesla Motors shared a picture of his new Shiba Inu puppy called Floki on Twitter to his 59.9 million followers on the app.

The picture he shared was captioned 'Floki has arrived' and featured the Shiba pup sleeping on the floor. However, this innocuous picture caused a massive change in the global cryptocurrency market with a 150 per cent increase in little-known cryptocurrencies with similar names.

One of the currencies, Floki Inu has reached a record high peak since Musk posted that image about his new dog, Mirror reports.

Although these obscure currencies aren’t usually lucrative, the ripple effect also extended to more familiar cryptocurrencies, such as Dogecoin and Baby Dodge Coin.

Native to Japan, the Shiba Inu breed are small-to-medium-sized, have tendencies to be independent, are tricky to train and are devotees of self-grooming – they arguably share more traits with cats than dogs.

According to the American Kennel Club, they’re an ancient breed that dates back to 7000BC and originally used for hunting.

While ‘inu’ literally translates as dog, the meaning of ‘shiba’ remains a mystery, but they do have tendencies to be independent, tricky to train and devotees of self-grooming, so arguably share more traits with cats than dogs.

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But this isn’t the first time the SpaceX founder's influence on social media has impacted crypto markets, as many people look to him for financial inspiration globally.

One short message on social media often has a dramatic impact on the bitcoin-sphere, both positively and detrimentally.

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