SHIBA Inu’s price has rocketed more than 50% after Elon Musk tweeted about the cryptocurrency.
The coin has soared in value and is now worth $0.00001345 and trading volumes have also shot up.
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Shiba Inu is the most traded cryptocurrency behind only Tether, bitcoin and ethereum over the last 24 hours, according to coinmarketcap.
Investing is cryptocurrencies is incredibly risky, the price can go down as well as up in the blink of an eye, and you could lose all your money.
You should only ever invest money you can afford to lose and in financial products that you understand.
Cryptocurrencies are not regulated and there is no one to complain o if something goes wrong.
Newer coins are also riskier than more established tokens like bitcoin and ethereum.
Mr Musk, the billionaire entrepreneur behind Tesla, tweeted a picture of his dog.
The pup is a Shiba Inu breed which is the mascot of the cryptocurrency Dogecoin.
Shiba Inu was launched as an alternative to Dogecoin and also uses the dog as its logo.
Shiba Inu was created in August 2020 and was listed on leading currency site Coinbase in June this year.
Musk is known to be a fan of Dogecoin and has been nicknamed the Dogefather.
Cryptocurrency prices can often move up or down when Mr Musk tweets about digital coins.
Dogecoin was originally created as a joke but has since gained attention among cryptocurrency investors and is among the biggest cryptocurrencies.
The price of Dogecoin is also up 11% in the last 24 hours and is currently trading at $0.2393 at the time of writing.
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