While the price of Dogecoin (DOGE) rose over the weekend to exceed $ 0.06 again, this time another token based on a cute canine benefited from the hype surrounding Elon Musk’s social media posts.
In a tweet on Saturday night, Tesla’s CEO said he would be buying a Shiba Inu dog for his home. The dog – whose breed is native to Japan – was at the center of the popular meme on which Dogecoin was based in 2013. The meme shows the dog looking at the camera with an apparently confused expression, as the floating text represents its internal monologue.
While Musk’s tweets probably contributed to the DOGE price hitting a record high of more than $ 0.08 earlier this year, the symbolic price has apparently not decreased with the billionaire’s purchase of a new pet. Tesla’s CEO may be joking, or he may also be referring to Shiba Inu (SHIB), a different token project.
According to data from CoinGecko, the price of SHIB rose 300% in the hours following Musk’s tweet:
Musk’s social media activity may be partly responsible for changing the price of DOGE in 2021. Although Tesla’s CEO also compound a series of Dogecoin-themed tweets yesterday, the price of the token did not take off as it did in early February, having risen just 4.6% in the last 24 hours. However, the SHIB price set a new historical record of $ 0.00000008 before dropping back to $ 0.00000005.
It is unclear whether the billionaire plans to add a Shiba Inu to his family or whether the tweet was another attempt to raise the price of certain tokens. Musk already said he has “a big dog named Gatsby, a puppy named Marvin, the Martian and a cat named Schrödinger”.