Elon Musk contributed to the creation of a new token

Tesla founder Elon Musk once again took advantage of his influence on the cryptocurrency market, leading to the creation of a new token.

In his Twitter account, Musk published a harmless post: «My Shiba Inu puppy will be called Floki.» After that, the value of the Shiba Inu token (SHIB) rose sharply – by 15%. Earlier, the cryptocurrency dropped significantly after China took a number of measures to restrict mining and trading in cryptocurrencies. Then the price of Shiba Inu fell by about 50% from a peak to a low from June 15 to 22.

Analysts believe that the coin may fully recover in the near future. The growth of Shiba Inu may even surpass the growth rate of Dogecoin.

Meanwhile, 9 minutes after Musk's publication, the Floki token was created on the Uniswap decentralized crypto exchange and its price increased by 795% per hour, to $0.000000001100.

In early May, Elon Musk wrote that he was looking for a Shiba Inu puppy. Then the cost of a token with the same name increased by 68% per hour. Later, Shiba Inu was listed by two crypto exchanges Coinbase Pro and Binance.