Elon Musk adds to Dogecoin craze amid heightened demand for Shiba Inu dogs: Breeder

Yahoo Finance’s Brooke DiPalma breaks down Elon Musk’s hand in the Shia Inu frenzy.

Video transcript

- Welcome back. Well, the meme coin, Dogecoin, has brought attention to a particular dog breed that is its icon and that is the Shiba Inu. And Doge did spike even more today after Elon Musk tweeted that he would name a Shiba Inu "Floki". We have Yahoo Finance's Brooke DiPalma here to break down the rise in this breeds popularity. Hi, Brooke.

BROOKE DIPALMA: Kristin, prior to the rise of this meme coin, the Shiba Inu breed really went under the radar, which as I learned, is actually a characteristic of this dog. And as you noted, Elon Musk just keeps adding to the Shiba frenzy. Earlier this morning he tweeted, "My Shiba Inu dog will be named Floki", as you noted. And so I reached out to a bunch of breeders and rescue shelters to get a sense of just how much of an interest is in the breed and to learn whether or not they're cashing in.

Shiba Inu's have undeniably become the unlikely face of 2021's crypto craze in part after the Doge father himself appeared on "SNL", he took to Twitter to announce that quote, "SpaceX was launching satellite Doge-1 to the moon next year." Searches for the Japanese dog breed jumped 100% in May. The Shiba craze caught the attention of two small town breeders who have been in the business for more than 30 years.

TOM ROLENAITIS: My name is Tom Rolenaitis and this is my wife, Sandy. And we're Rodel Shibas in Aspers, Pennsylvania.

SANDRA ROLENAITIS: This is a very big dog in a very small package. It can jump a four foot fence from a standstill. They cannot be off leash in an unconfined area. They're very independent.

BROOKE DIPALMA: But this Shiba craze started well before 2021. During the COVID-19 pandemic, the Rolenaitis say applications spiked four to five times higher than the normal average. And with the rise in interest from Dogecoin.

SANDRA ROLENAITIS: It definitely didn't help.

TOM ROLENAITIS: Yeah, it didn't help.

SANDRA ROLENAITIS: It brought it-- It brought something to the forefront that we were a little best kept secret. And it's just, they've raised in popularity a lot because of it, yes.

BROOKE DIPALMA: The average Shiba litter is three pups. And in a typical year, the Rolenaitis' breed two litters. But since the onset of the pandemic, the couple says:

TOM ROLENAITIS: We did not breed during COVID.

BROOKE DIPALMA: If you're looking to purchase a pup, the cost is far higher than if you were looking to invest in the meme coin. The average purebred Shiba Inu cost roughly $2,500. That's a whole lot of Dogecoin. But, will the Shiba craze last?

SANDRA ROLENAITIS: Well, I definitely think so.

TOM ROLENAITIS: Well, I mean, number one is people are attracted right off the breed to their look. And they're good apartment dogs. They're quiet.

SANDRA ROLENAITIS: They're just really fun to live with.

BROOKE DIPALMA: And I just want to note, Alexis, on that note, in other Shiba related news, the iconic Doge meme, this one right here on the screen, was recently sold as a NFT for $4 million on an auction site, making it the most expensive media entity ever sold. Keep in mind, there's also this Shiba coin, which is also on crypto lovers radar. And the excitement behind this breed is really booming all around.

According to the American Kennel Club, the Shiba Inu dog was ranked at 45 in 2019. Then in 2020 it bumped up to number 43. But Alexis, we're going to have to wait until 2022 to find out that 2021 ranking.

- This is insane. That NFT for $4 million. Oh my goodness. But the breeder said something interesting in your package, that they didn't breed this dog during the pandemic. So now is demand outstripping supply for these kinds of dogs?

BROOKE DIPALMA: Alexis, you bet. Like I noted in the package, only about six dogs each year are being bred particularly from Tom and Sandy. Now, they chose not to breed during COVID. Because of those CDC guidelines, they couldn't go to the vet with the dog. And so they really just didn't feel right breeding.

But in addition to that, we spoke to many breeders who noted that these dogs are very particular. And they're very worried that as people and do pet owners begin to head back to work, these dogs are going to be cumbersome. They're not going be able to adjust to what it's like without having that dog owner rather around. And so there really that is a problem among all breeds, among all dog owners. And so really that's why these breeders are choosing not to let their dogs be adopted.

- All right. Thanks, Brooke for bringing us that story and that package I'm not a huge Shiba Inu fan. I'm not going to lie. They scream.