Tesla CEO Elon Musk on Friday tweeted about his Shiba Inu dog, releasing a wave of excitement among the crypto enthusiasts.

The tech Moghul in a tweet, wrote, “My Shiba Inu will be named Floki”. As a result, the prices of Shiba Inu cryptocurrency jumped by over 6 per cent in the last 24 hours.

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As per the data available on the CoinGecko, the value of cryptocurrency was 6.2 per cent higher at $0.00000726 with a market cap of $3,603,004,513.

Reports suggest that the digital currency had surged 15 per cent higher to hit the value of $0.00000773.

The value of various major cryptocurrencies tumbled drastically after China’s intensified crackdown on Bitcoin mining. The domino effect in the crypto world has now left investors worried.

Other than Shiba Inu, major Bitcoin, Ethereum, Tether, Binance, Caradano, XRP and others, continued to trade in the negative territory in the last 24 hours period. However, on an hourly basis, these virtual currencies witnessed marginal improvements.