Although the price of Dogecoin (dog) rose over the weekend to surpass $0.06 yet again, This time another token based on a cuddly dog benefited from the hype surrounding Elon Musk’s social media posts.
In a Saturday night tweet, The CEO of Tesla said he was getting a Shiba Inu dog for his household. The dog – whose breed is native to Japan – was the focus of the popular meme on which Dogecoin was based in 2013. The meme shows the dog looking at the camera with what appears to be a confused expression, while floating text represents his inner monologue.
Although Musk’s tweets likely helped the price of DOGE reach an all-time high of more than $0.08 earlier this year, The token price did not seem to flinch with the billionaire’s acquisition of a new pet. The Tesla CEO may have been joking, or could be referring to Shiba Inu (SHIB), another token project.
According to CoinGecko, The price of SHIB rose 300% in the hours following Musk’s tweet:
Musk’s social media activity may be partially responsible for increasing the price of DOGE in 2021. Although the Tesla CEO also authored a series of Dogecoin tweets yesterday, The token price has not increased as it did in early February, only rising 4.6% in the last 24 hrs. However, The price of SHIB reached a new all-time high of $0.00000008 before retreating to $0.00000005.
It is unclear if the billionaire intends to add a Shiba Inu to his family or if the tweet was another attempt to pump up the price of certain tokens. Musk has previously said he has “a big dog named Gatsby, a little dog named Marvin the Martian and a cat named Schrödinger. “