The price movement demonstrates Elon Musk’s influence on markets. Memes that are based on dogs.
Popular dog-themed meme coins Dogecoin (DOGE) and Shiba Inu (SHIB) increased on Friday following Elon Musk’s tweet about the death of Kabosu, the dog who was the inspiration for the coins.
OG Doge has ascended to heaven to be with his friend Harambe
(@Not_the_Bee)— Elon Musk (@elonmusk) May 24, 2024
DOGE gained as much as 5%, reaching an all-time high of 17.3 cents in the minutes following the announcement, while SHIB gained almost 3% at the same time. However, the gains turned out to be fleeting since both currencies slowed gains. However, DOGE gained by 6%, while SHIB increased by 1% in the last 24 hours, outperforming the mostly flat broad market.
This action highlights the market-moving influence Musk enjoys over meme coins, and many crypto enthusiasts speculate about the possibility of him having a hand in one of the biggest dogecoin investors and possibly in the process of integrating the cryptocurrency into an X-based payment system.
Kabosu, The face of Dogecoin and a host of other meme-related tokens, passed away on May’24, her owner announced in an article on the blog. She was more than 17 years old.
The Influence of Elon Musk
Elon Musk, chief executive of Tesla and SpaceX, is well recognized for his influence on the market for cryptocurrency, especially meme coins such as Dogecoin. His tweets have caused significant price fluctuations, which earned him the title “Dogefather” among crypto enthusiasts. This latest event demonstrates Musk’s ability to move markets, particularly when it comes to meme currencies, which are incredibly sensitive to the activity of social media as well as public sentiment.
