Elon Musk has sparked a surge in little-known cryptocurrencies after sharing a picture of his new puppy.
The SpaceX founder has introduced his 59.9 million Twitter followers to his new Shiba Inu puppy, Floki.
He tweeted an adorable picture of the sleeping pup alongside the caption “Floki has arrived”.
This led to a 150 per cent increase in cryptocurrencies with similar names, with Floki Inu now reaching a record high.
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 devotees of self-grooming - they arguably share more traits with cats than dogs.
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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.
But this isn’t the first time the Elon'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.
