The golden face of the village coin meme has a very familiar action is to post a picture of a Shiba dog. Unexpectedly, uprooting has skyrocketed in the past few days and shows no sign of cooling down.

Specifically, October 4, posted a picture of the dog Shiba on Twitter with the caption "Floki Frunkpuppy" to welcome the dog into the Musk family. Of course, as usual, this action of the Chairman has always been a great driver for the spike in price of coin memes.

The most prominent is the Shiba Inu (), the coin meme had a spike up to 85% in 24 hours despite the hiatus trend of most other affected by .

Shiba Inu (SHIB) increased 85% after Elon Musk posted a photo of a dog sitting on a Tesla
Price chart SHIB/ daily. The source: TradingView

Big Brother () also followed, increasing by 6,18% on the day and peaking at $0.25, the highest price since mid-September.

Price Quiz / daily. The source: TradingView

However, the brother watching the rowing pole Floki Inu (FLOKI) was not very interested in this move. In contrast, FLOKI has suffered a drop to 26% in the past 24 hours.

DOGE price chart/USDT daily. The source: TradingView

Motivation of Dogecoin-inspired projects

It seems that the new cryptocurrencies have become aware that having a 'relative' to and getting Musk's attention could spark massive growth. This is useful for getting listed on multiple exchanges quickly.

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For example, Floki Inu's whitepaper describes itself as a "token meme inspired by ".

Meanwhile, Shiba Floki's whitepaper states:

“In the works and a brief comment from Elon Musk ignited enthusiasm for the new project specifically for dogs.”

If SHIB is put into this context, many argue some confusion can also create hype.

From "hope" to "hype"

A few days back, many people expressed hope that the coin meme might see a good increase this month. But now, it seems that hope has been turned into hype. The inevitable knock-on effect from Musk's post has caused the price of SHIB to increase by 85% in the past 24 hours.

An unusual move of great magnitude is often said to change the fortunes of market participants. However, at the time of writing, nearly 40% SHIB addresses are still at a loss.

Large number of transactions (green) | The source: IntoTheBlock

Looking at the state of the above chart, it can be said that more than 1/3 of the HODLers bought during the time when the price reached the following ATH . Therefore, the same factor will also play a role this time.

One can expect significant buying pressure to continue for some time as more people jump on board the SHIB train to enjoy immediate profits.

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Whales find SHIB?

However, it should be noted that the buying pressure won't last long because the increase this time around is not natural. Rather, it is more of an exaggeration and is driven by whales.

Just 5 days ago, a whale bought more than 6.17 trillion SHIB. The same whale bought another 276 billion tokens shortly after in three separate transactions.

Similarly, other whales have also bought in bulk so far and contributed to the price increase. In fact, ITB data indicates that the number of large transactions (greater than $100,000) spiked from 147 on October 1 to over 1.3k on October 4.

With over 81.9k social mentions, SHIB also outperforms all coins of the market in terms of social aspect.

It is undeniable that Elon Musk "empty hand" is enough to stir up the bull market, leading to it , whales and social media hype. In fact, the SHIB market has been preparing for a move up since last week and the Floki tweet was merely the cherry on SHIB's chilled pie.

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