- Elon musks tweet initiates a rally for canine-themed memecoins.
- Dogecoin, Shiba Inu, and Floki Inu witnessed price gains in a few hours following the tweet.
- Earlier, Musk initiated a Dogecoin rally after he said he was discussing DOGE at Superbowl.
Several Shiba Inu themed memecoins are pumping after Twitter’s CEO, Elon Musk, tweeted a meme of his dog, Floki, acting as the company’s new CEO. Following the tweet, Dogecoin’s price jumped more than 7% in the last 24 hours, according to data from crypto aggregator Coingecko.
One more meme cryptocurrency, Floki Inu, had a 35.5% surge after Musk’s tweet. The cryptocurrency was trading at $0.000022 and rose to $0.000033 in less than an hour following Musk’s tweet. Gains were also seen for the Shiba Inu (SHIBA) token, likewise based on a dog meme. After opening at $0.0000122, the cryptocurrency’s price quickly rose to $0.0000128, a gain of almost 5%.
Elon Musk is widely known to be a cryptocurrency advocate. His fan base has dubbed him “Dogefather,” a pun on the word “Godfather,” because his tweets on Dogecoin tend to boost the value of the cryptocurrency.
This isn’t the first time DOGE has surged in response to a Musk tweet. Musk pushed the memecoin up 5% on February 12 just by responding to a tweet and revealing that he and Rupert Murdoch were discussing dogecoin at the Super Bowl. The value of memecoin also soared late January after a story in the Financial Times said that Twitter was developing a mechanism to allow crypto payments.
Meanwhile, a December 2022 analysis from blockchain analytics firm Santiment asserted that outsized increases in DOGE and other meme currencies such as SHIB have traditionally been the first indication of a market-wide selloff.
As of the previous three months, markets have started to rebound from the lows brought on by the FTX-induced crypto winter. Midway through the month of January, Bitcoin recovered from its entire loss due to FTX. In tandem with the market’s recovery, several altcoins have witnessed gains in the double-digit range. In the past three months, Bitcoin has gained 34%, SHIB has increased 40%, and Floki has increased 242%.