Elon Musk, the enigmatic CEO of Tesla and SpaceX, has once again sent ripples through the cryptocurrency world with a humorous Dogecoin (DOGE) tweet. The post playfully depicted the mainstream media grappling with DOGE’s continued presence among the top ten cryptocurrencies by market capitalization.
— Elon Musk (@elonmusk) April 15, 2024
Dogecoin Price Sees Brief Bump
This latest endorsement from Musk triggered a temporary price increase for DOGE. However, the daily chart reflects a volatile trading period, with the price meeting resistance around $0.0165 before settling near a support base at $0.0155. Despite these fluctuations, DOGE has managed to retain its position within the top ten crypto assets.
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Musk: The Dogecoin Kingmaker?
The episode serves as another reminder of Musk’s undeniable influence on the cryptocurrency market. Since his initial endorsements in 2021, which propelled DOGE into the spotlight, Musk’s tweets have consistently impacted DOGE’s price performance.
While the meme coin reached its peak after his appearance on Saturday Night Live, it has since stabilized at a lower, but still respectable, market position. Currently, DOGE holds the eighth spot with a market capitalization of $22.7 billion.
Integration with Musk’s New Platform?
Adding further fuel to the speculative fire, Musk recently announced that his upcoming social media platform, X, will implement a small fee for posting and liking content to combat bot-generated spam. This has sparked rumours about the possibility of DOGE being used as a payment method on the platform. However, there’s no official confirmation from Musk or the X team.
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Shiba Inu Chases Top 10 Glory
Capitalizing on the meme coin frenzy, Shiba Inu (SHIB) seems to be aiming for the top 10 once again. Lucie, the Shiba Inu ecosystem’s content marketer, responded to Musk’s tweet, hinting at SHIB’s potential to follow a similar trajectory.
Currently, SHIB sits in 12th place with a market cap of $12.8 billion, trading at $0.00002177. It did manage to briefly break into the top 10 last month during a significant surge that saw its price reach $0.000045, surpassing Avalanche. However, it has since fallen behind its competitors.
The Dogecoin and Shiba Inu Show
While the long-term impact of Musk’s tweet and the X platform speculation remains to be seen, one thing is clear: the meme coin space continues to be a fascinating battleground. With both DOGE and SHIB vying for investor attention, it will be interesting to see how their narratives unfold in the ever-evolving cryptocurrency landscape.