Traders are taking advantage of Elon Musk’s meme involving his dog Floki as the new boss of Twitter to pump all things Shiba Inu. Data from CoinDesk shows that the price of DOGE has risen 3% in the last hour and 4.7% on-day, while Floki, named after Musk’s pet, is up 27% in the last hour and 34% on-day. This surge in prices is a result of the meme posted by Musk, which has caused a surge of interest in Shiba Inu-related investments. Investors are hoping to capitalize on the meme and make a profit from the increased demand for Shiba Inu-related investments.
Elon Musk’s tweet about Dogecoin (DOGE) has caused the cryptocurrency to surge by over 20% on the day, and over 50% in the past 24 hours. Other cryptocurrencies, such as SHIB and BONK, have seen more modest gains of 1% and 0% respectively. This isn’t the first time that DOGE has spiked due to a Musk-related tweet, as a report from the Financial Times in late January that Twitter was designing a system to permit crypto payments sent the memecoin soaring. This latest surge in DOGE’s value is a reminder of the power of Musk’s influence on the cryptocurrency market, and the potential for further gains in the future.
