Elon Musk Tweets About “Child Shark” Music, Value of Child Shark Crypto Spikes 

Child Shark, a little-known cryptocurrency token, seems to have been given a lift after Elon Musk made an unrelated tweet in regards to the “Child Shark” music on Tuesday evening.

Musk, the billionaire CEO of Tesla and SpaceX, tweeted in regards to the wildly in style “Child Shark Dance” video in reply to a publish about web memes.

He remarked that the kids’s video has “extra views than people”—a reference to the truth that it has been watched over 8.6 billion instances on YouTube, whereas the human inhabitants of Earth is at present estimated at lower than 8 billion.

Shortly afterwards, a cryptocurrency token referred to as Child Shark noticed a pointy spike in its value and buying and selling quantity.

CoinMarketCap knowledge exhibits the 24 hour buying and selling quantity—a measure of how a lot of a sure token is traded in a day—of Child Shark was round $80,000 the evening earlier than Musk’s tweet. Early on Wednesday morning, this had elevated to over $3 million.

The token’s value spiked too, from round $0.000000005 on June 1 to round $0.000000024 on the time of writing, up roughly 300 p.c.

That is more likely to change quickly, nevertheless, and cryptocurrencies are infamous for his or her risky value swings. Consultants have beforehand warned Newsweek in regards to the dangers related to cryptocurrency investing.

It ought to be famous that Child Shark is a brand new token that seems to have been launched simply final month. Its whitepaper—a technical description of how the token works—is 4 pages lengthy, and the coin is at present solely listed on the CoinTiger cryptocurrency alternate.

As well as, there is no such thing as a data on the token’s web site about any of the builders behind the token, which is thought to be a foul signal by funding analysts.

Musk’s affect on the cryptocurrency market is properly documented. Final month, the billionaire appeared to as soon as once more inadvertently increase the worth of an obscure cryptocurrency token—referred to as Starbase—just by posting a photograph of an indication that learn the identical.

Musk didn’t elaborate on the time on what the signal meant, however his rocket firm SpaceX operates a Texas take a look at web site that’s generally referred to as Starbase.

The entrepreneur can be identified for his assist of Dogecoin, and final month was broadly thought to be one issue behind a sink within the value of Bitcoin after saying Tesla would not settle for it as fee.

On Monday, his “Child Shark” tweet additionally sparked a surge within the share value of South Korean agency Samsung Publishing, of which leisure firm SmartStudy—the agency behind the “Child Shark Dance” video—is a subsidiary.