Although the price of Dogecoin (DOGE) rose over the weekend to exceed $ 0.06 again, this time another sign based on a cuddly dog benefited from the hype surrounding Elon Musk’s social media posts.
The Tesla CEO said in a tweet from Saturday night said he would get a Shiba Inu dog for his household. The dog – whose breed originated in Japan – was at the center of the popular meme on which Dogecoin was based in 2013. The meme features the dog looking into the camera with a seemingly confused expression as the floating text represents its inner monologue.
Although Musk’s tweets likely contributed to the DOGE price hitting more than $ 0.08 earlier this year, the token price apparently did not drop until the billionaire acquired a new family pet. The Tesla CEO may have joked, or could have referred to, Shiba Inu (SHIB), another drawing project.
According to data from CoinGecko, the price of SHIB rose 300% in the hours following Musk’s tweet:
Musk’s social media activity may be partly responsible for raising the price of DOGE in 2021. Although the Tesla CEO also put together a series of Dogecoin-themed tweets yesterday, the price of the price did not rise as early as February, but rose by only 4.6% in the last 24 hours. However, the price of SHIB set a new high of $ 0.00000008 before retreating to $ 0.00000005.
It is unclear whether the billionaire intends to add a Shiba Inu to his family, or whether the tweet was an attempt to pump up the price of certain tokens. Musk it before said he has “a big dog named Gatsby, a little puppy named Marvin the Marsman and a cat named Schrödinger.”