Elon Musk tweet triggers rally in meme coins, here’s what actually happened

  • Soon after Elon Musk’s tweet, the price of SHIB crypto went soaring by as much as 50 percent.
  • Dogecoin (DOGE) also joined the party with 10 percent gains today.

Whatever Elon Musk does, the crypto community is quick to react to it. Yet another tweet from Elon Musk sends meme coins soaring, especially Shiba Inu. Late Monday, October 4, The Tesla chief tweeted an image of his Shiba Inu dog Floki. This was enough to send Shiba Inu (SHIB) price soaring by as much as 50 percent.

As of press time, Shiba Inu is trading 54 percent up at a price of $0.00001317 with a market cap of $5.1 billion. Last month in September, Elon Musk announced for the first time, the arrival of his new puppy.

Shiba Inu has been witnessing growing investor activity recently. Last week, a Shiba Inu whale purchased nearly 6.1 trillion of SHIB coins worth a staggering $43.8 million.

Another meme cryptocurrency and Elon Musk’s favorite Dogecoin (DOGE) has also made good gains. As of press time, DOGE is trading 9 percent up at a price of $0.23 with a market cap of $30.9 billion. Dogecoin was the first to get a Shiba Inu logo, back in 2013.

Elon Musk has been an ardent supporter of Dogecoin for quite some time. But he’s not the only billionaire leading the support for DOGE. Tech billionaire and investor Mark Cuban praised the crypto during his recent interview. Cuban, who owns the Dallas Maverick team also accepts DOGE payments against the sales of merchandise. In his recent interview with Fox Business, Cuban said:

There’s a lot of people paying [with]Dogecoin. We sell thousands and thousands of dollars per month during the off-season, and once the season starts I expect that to happen per week in Dogecoin – and that’s really because it’s easy to spend, it doesn’t appreciate so much that people want to hold it forever.

NFTs coming to the Dogecoin Network

One of the most interesting developments ahead in line is the arrival of non-fungible tokens (NFTs) to the Dogecoin platform. Billy Markus, one of the two co-founders of Dogecoin has stirred this idea in his tweets last week. Markus was having a discussion on Twitter regarding the ideal future of Dogecoin. Much of the discussion, however, revolved around how to bring non-fungible tokens (NFTs) to the Dogecoin platform.

Another major proposal during the discussion was to move the Dogecoin ecosystem to the Ethereum blockchain. However, it isn’t easy enough but it would allow for the creation of the DOGE-ETH pairing. This further fuels the prospect of bringing NFTs to the Dogecoin blockchain.

Read More: An Ethereum-Dogecoin bridge and NFT utility “would help Dogecoin”: Co-founder Billy Markus

Markus argued to bring the DOGE-ETH token to popular Ethereum-based NFT marketplaces like OpenSea. This would increase the DOGE utility massively.

In another development, meme-based NFT project ElonVerse featuring over 10,000 funny Elons is ready for the launch on Binance Smart Chain. Investors in ElonVerse NFTs will be able to generate passive income in DOGE, getting 5 percent of the token value they hold in DOGE.

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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