How Elon Musk Regulates Doge Inspired Crypto coins Through his Tweets

The SpaceX and Tesla founder- Elon Musk has been controlling and regulating the market rate of certain cryptocurrencies just with the onset of a tweet. His recent post on his official Twitter account flexed his pet, Shiba Inu. 

Musk had posted a picture of his pet, a Shiba Inu puppy sleeping calmly. The innocent creature doesn’t possess the idea that its picture posted by the self-proclaimed “Doge father” would be completely viral. Within 24 hours it caused an alteration in the market prices of certain cryptocurrencies, such as the Dogecoin and other obscure crypto coins which are closely associated with the Doge meme or Shiba Inu.

The post came on September 13, with the caption “Floki has arrived”. Floki became the reason for the major surge in cryptocurrency market prices. Obscure crypto coins which are related to either the doge-meme or the dog breed faced more than 100% price spike.

The Coin Market Cap revealed that crypto coins such as “Shiba Floki” prices rallied up by 958.09% within 24 hrs of the Twitter post. 

Other such crypto coins which are somehow inspired by the original meme faced a similar price hike. Floki Inu rallied up by 59.08% and Floki Shiba rose by 23.46%. Floki coin had a price surge of 250%. There were many “other alternative cryptocurrencies with similar names, including Floki Shiba and Super Floki” which had a spike of around 150%, as per the Independent. 

Elon Musk’s new puppy named Floki, its picture went viral on Twitter and resulted in the price surge of many obscure Shiba Inu-inspired Cryptocurrency. Source: Twitter

The official Twitter account of Dogecoin wrote in a post as a reply to Elon Musk’s post, “Mr. Musk sir, I just want to let you know that your doge is shaped somewhat like a small bean. Thank you. That is all.”

The official Twitter account of Baby Doge also did a similar act of acknowledgment and wrote, “We need the real thing now, please recreate.”

However, despite having such surge ups in market values of these obscure cryptocurrencies along with the meme-inspired cryptos such as Dogecoin, Shiba Inu, etc. the former are not recorded on the coin market platforms.

What is the Future of these Doge Meme-Based Fandom Crypto coins? Elon Musk Controlls Price Rates Through Tweeting

 

There are majorly two reasons behind the rise in the price of dogecoin and other similar meme-inspired cryptocurrencies. The two influential factors are Elon Musk and the Reddit users. Elon Musk’s overnight tweets supporting and mentioning the Dogecoin cryptocurrency and Shiba Inu have created a huge impact. With every tweet of Elon Musk, a subject of interest gains the trust of millions of his fan-followers and the similar can withdraw the trust from any institution or subject.

Source: Twitter

One must recall that Bitcoin was dominating the cryptocurrency market for years. Unless people started questioning its extraction process and its impact on the climate.

One tweet by Elon Musk is all it took for the crash of this pioneering cryptocurrency. 

He tweeted once, that Tesla would accept Bitcoin as a mode of transaction for its vehicles. However, his tweets favoring dogecoin were preceded by a tweet conveying that Tesla will discontinue the acceptance of Bitcoin as the company stands against fossil fuel burning. 

Similarly, his tweet “dogecoin is people’s currency” lead his fan followers and crypto-investors to gamble in all their funds behind this meme currency. Although they don’t have any real-world purpose. The value was once null of this particular cryptocurrency.

These coins have gained notoriety solely because they are being celebrated and widely promoted by influential celebrities.

Also Read: Dogecoin Shows A Green Candle After Musk’s Tweet

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