In short: Dogecoin (DOGE) and Shiba Inu (SHIB) both experienced a surge in price following a tweet from Elon Musk. DOGE saw a 4% increase in value after Musk tweeted "Doges ftw," reaching a high of $0.072 from $0.069. Shiba Inu coin (SHIB) also saw a price surge but quickly retraced its steps. Elon Musk's comments and involvement with DOGE have had a significant impact on its popularity and price.
Our quick analysis:
Did someone say "doges ftw"? Well, it seems that when Elon Musk speaks, the crypto world listens, especially when it comes to Dogecoin (DOGE) and Shiba Inu (SHIB). In a recent tweet by the Tesla CEO, these popular memecoins experienced a surge in value, leaving crypto enthusiasts howling with excitement.
According to CoinMarketCap, Dogecoin saw a rapid 4% increase in value shortly after Musk's tweet. The price soared from around $0.069 to a peak of $0.072. Of course, like the unpredictable nature of the crypto market, DOGE later retraced some of its gains and settled at just above $0.070. Nevertheless, even with the slight dip, DOGE still managed to maintain a 1.41% increase over the past 24 hours.
But wait, there's more! Shiba Inu, the second-largest memecoin right after DOGE, didn't want to be left out of the crypto party. It too experienced a price surge following Musk's tweet. However, as quickly as the price rose, it retraced nearly all of its recent steps. It seems that in the volatility of the crypto world, even memecoins can't resist the urge to follow the Musk-induced rollercoaster ride.
Elon Musk's fondness for Dogecoin is no secret. In fact, his strong affinity for this dog-themed cryptocurrency has earned him the delightful nickname "The Doge Father." From dedicating a segment of his appearance on "Saturday Night Live" to DOGE to regularly sharing his thoughts on the coin, Musk has undeniably played a significant role in popularizing Dogecoin. Some even speculate that he might be a rather large holder of DOGE himself. Who knew that a billionaire CEO could have such a soft spot for a cryptocurrency that started as a meme?
Musk's influence on the crypto market at large is not to be underestimated. When he speaks, the markets react. In the past, we've seen other coins respond to his comments, and even artificial intelligence-based tokens scurried away when he floated the idea of an AI-focused business to compete with ChatGPT. The Musk Effect is real.
So, while Dogecoin and Shiba Inu continue their wild dance in the crypto realm, we can't help but marvel at the power of a single tweet from Elon Musk. Who knows where the Doge Father will lead us next? One thing's for sure, with Musk at the helm, we're in for quite the adventure.
Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the official policy or position of the Coinspeaker team. Let's just say, we're here for the fun!
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Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
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