Elon Musk pumps DOGE after featuring Dogecoin at Tesla’s gigafactory launch

  • DOGE price rallied 5 percent soon after its Shiba Inu dog mascot featured in a drone display during an event dubbed “Cyber Rodeo” at the launch of Tesla’s gigafactory.
  • The memecoin market is heating up as battle erupts between Dogecoin (DOGE) and Shiba Inu.

The world’s richest man Elon Musk is once again behind the short pump in the DOGE price earlier today. The DOGE price surged 5 percent moving past $0.152 after a dog mascot made a surprise attendance during the launch of Tesla’s new gigafactory.

Dogecoin’s Shiba Inu dog mascot featured in a drone display during an event dubbed “Cyber Rodeo” at the launch of Tesla’s gigafactory. Well, this was enough to drive the price of DOGE to the north.

Tesla chief Elon Musk had previously said that the launch event could turn out to be “the biggest play on the earth”. During the “Cyber Rodeo” event, a bunch of neon-lit displays were lit with autonomous drones making a light show in the sky.

After launching its gigafactory in Berlin, Germany, Tesla announced another one in less than two weeks, this time in Texas, U.S. The electric automaker now has a total of six gigafactories across the globe.

However, the gains haven’t sustained for long. As of press time, DOGE has dropped once again and is trading at negative 0.57 percent at a price of $0.14.

Elon Musk has been one of the biggest proponents of Dogecoin (DOGE) and is also partly responsible for setting up a massive craze around meme cryptocurrencies. Last year, DOGE had a major bull run by becoming one of the top ten cryptocurrencies.

The battle of memecoins

Undoubtedly, Dogecoin (DOGE) has been one of the top-performing memecoins and also the largest by market cap. However, it was challenged last year by rival Shiba Inu (SHIB). The SHIB memecoin had registered a strong rally in the second half of 2021 becoming investors’ favorite.

It also managed to grab the limelight away from DOGE away for a few months. Now, in the battle to gain supremacy, Shiba Inu is betting on the Metaverse. Dubbed Shiberse, Shiba Inu’s Metaverse will feature 100K land plots which will have Ether (ETH) as a land pricing token.

Shiba Inu has released a detailed guide as to how users in its Metaverse will be able to buy land plots. However, the Dogecoin founder has lashed out at Shiba Inu calling its Metaverse project just another ploy to make money with no utility. In a tweet last month, Dogecoin (DOGE) founder Sibetoshi Nakamoto said:

How is making a random metaverse and selling fake land with Ethereum adding utility to their project. I mean whatever if people wanna give the devs even more money go ahead but if i was a shib holder i would be annoyed.

In other news, the Dogecoin founder has shown interest in having a DOGE tipping feature on Twitter. This happened after Twitter introduced the Ethereum tipping feature on its platform.

About Author

Bhushan is a FinTech enthusiast and holds a good flair for understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In his free time, he reads thriller fictions novels and sometimes explores his culinary skills.

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