Dogecoin (DOGE) and Shiba Inu (SHIB) experienced significant price spikes following a tweet from Elon Musk regarding the passing of his beloved mascot dog, Floki. Musk, known for his influence on cryptocurrency markets, has a history of driving market movements with his social media activity, particularly involving meme coins like DOGE and SHIB.
In his tweet, Musk expressed his sorrow over Floki's passing, sharing a heartfelt message accompanied by a photo of the dog that had become a symbol for the Dogecoin community. The emotional post quickly went viral, garnering widespread attention and eliciting a surge of sympathy from his followers and the broader crypto community.
The reaction in the cryptocurrency market was swift. DOGE, already known for its strong association with Musk, saw an immediate uptick in trading volume and price. Similarly, SHIB, another meme-based cryptocurrency inspired by the Shiba Inu dog breed, also witnessed a notable increase in its value. Investors and traders likely anticipated that Musk's tweet would renew interest and speculative activity in these meme coins.
This phenomenon underscores the volatility and sensitivity of the cryptocurrency market to influential figures and social media trends. While the spike in DOGE and SHIB prices highlights the power of Musk's endorsements, it also serves as a reminder of the speculative nature of meme coins and the need for caution among investors.
Thanks
~ Nesaty
It seems Elon still has an impact on doge and surprise to see that even now his tweet do have an impact on the doge, well somethings never change.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit