Elon Musk’s Tweets Spark DOGE and SHIB Revival
Dogecoin has risen by more than 30 percent within a 24-hour period following listing by Coinbase and tweets by its biggest influencer, Elon Musk.
Dogecoin Responds to Positive Developments
It’s been a great 24 hours for Dogecoin enthusiasts, after the coin began a resurgent climb that is yet to end. Trading at about $0.35 before its listing by Coinbase Pro, the meme token shot up by more than 10 percent once its listing was announced. A further tweet by the billionaire founder of SpaceX and Tesla, Elon Musk, was all the push it needed to propel the coin over the $0.43 line since May 18.
The billionaire founder reposted an old image and tweet describing Doge coin as inevitable — a tweet that was originally made about this time last year. In the image, the dog mascot, Shiba Inu, sweeps over the “global financial system” in an overwhelming cloud.
Dogecoin currently trades at $0.42 per coin and has a market worth of roughly $54 billion, up from $41 billion on June the 1st, making it the sixth most valuable cryptocurrency in terms of market capitalization.
More Musk Tweets Propel Other Meme Coins
Shiba Inu coin (SHIB) is likewise pushing towards $4 billion in market cap, despite struggling to maintain balance over $2 billion two days ago. The coin’s recent surge, up by about 15% since yesterday, has been aided by further tweets from Elon Musk.
This time, the tech mogul uploaded a photo of himself as a youngster, with a mocked-up image of a Shiba Inu dog in the backdrop and a computer setup from 1980, with the caption: I have to keep my passion hidden from the public or I'll be socially ostracized.
Elon Musk’s recent tweet about Dogecoin or Shiba Inu is his first in a while, and is also a cheeky clapback at detractors who don't want him promoting any of these cryptocurrencies. The billionaire founder’s influence on the market is worrying for some crypto enthusiasts, and his latest tweets are another reminder.
“Meme coin” or not, Dogecoin’s recent listing on Coinbase Pro is a win for Doge as well as SHIB, and goes to show that there might be a place for these coins after all despite the labels slapped on them.