Although the worth of Dogecoin (DOGE) surged over the weekend to surpass $0.06 once more, this time one other token based mostly on a cuddly canine benefited from the hype round Elon Musk’s social media posts.
In a Saturday evening tweet, the Tesla CEO stated he could be getting a Shiba Inu canine for his family. The canine — whose breed is native to Japan — was on the middle of the favored meme on which Dogecoin was based mostly in 2013. The meme options the canine wanting into the digicam with a seemingly confused expression as floating textual content represents its interior monologue.
Although Musk’s tweets have probably contributed to the worth of DOGE reaching an all-time excessive of greater than $0.08 earlier this yr, the token worth seemingly didn’t flinch to the billionaire’s acquisition of a brand new household pet. The Tesla CEO could have been joking, or might even have been referring to Shiba Inu (SHIB), a distinct token mission.
In response to knowledge from CoinGecko, the worth of SHIB rose 300% within the hours following Musk’s tweet:
Musk’s social media exercise could also be partially answerable for transferring the worth of DOGE in 2021. Although the Tesla CEO additionally composed a collection of Dogecoin-themed tweets yesterday, the token worth didn’t take off because it did in early February, having risen solely 4.6% within the final 24 hours. Nonetheless, the worth of SHIB set a brand new all-time excessive of $0.00000008 earlier than retreating to $0.00000005.
It’s unclear whether or not the billionaire intends so as to add a Shiba Inu to his household, or if the tweet was one other try and pump the worth of sure tokens. Musk has beforehand stated he has “an enormous canine referred to as Gatsby, somewhat canine referred to as Marvin the Martian and a cat named Schrödinger.”