Elon Musk doesn’t help DOGE this time, but other SHIBa “jumps on”
The crypto project Shiba Inu reacts with an increase of over 300% to the Tesla boss’ latest dog tweet.
While the Dogecoin (DOGE) managed to gain over the weekend and climb back above US$0.06, it is apparently another “dog” that is benefiting from Elon Musk’s recent Twitter activity.
The Tesla boss tweeted today, 14 March, that he wants to get a Shiba Inu dog as a new pet. However, this is unlikely to be a mere water status report on the Musk family’s plans. It is much more likely that it is a joking “message” to the Crypto Genius investors among his followers. The background is that the Japanese dog breed is the mascot of the “joke cryptocurrency” Dogecoin.
Although the popular entrepreneur’s tweets earlier this year were instrumental in helping DOGE climb to a new record high of over US$0.08, the price has so far not reacted noticeably to Musk’s announcement today. Either the enthusiasm of crypto investors is limited or they are interpreting it differently than expected.
They may see it as an advocacy for the crypto project Shiba Inu (SHIB), which is literally named after the dog breed. SHIB’s share price rose by more than 300% in the hours following Musk’s tweet, seemingly proving this thesis.
Price chart for Shiba Inu. Source: CoinGecko
Researchers were able to prove in early February that the activities of the notorious entrepreneur on social networks have real effects on the crypto market. The “Musk effect” has not only moved Dogecoin, but also market leader Bitcoin. The Tesla boss even sent out more tweets about the DOGE today, but they have not yet caused a massive price increase, as was the case a few weeks ago. In the last 24 hours, the price has only gained 4.6%, while the SHIB has in the meantime risen to a new record high of 0.00000008 US dollars.