Dogecoin and Its Copycats Quickly Erase Elon Musk-Driven Gains
Tesla CEO Elon Musk, the richest man on the planet, recently posted a photo of his charming Shiba Inu puppy named Floki.
Floki Frunkpuppy pic.twitter.com/xAr8T0Jfdf— Elon Musk (@elonmusk) October 4, 2021
Despite announcing that he would publish the picture in advance, Musk’s tweet had very little impact on the prices of some canine cryptocurrencies.Dogecoin, the largest meme coin that was actively promoted by Musk, added 3.49% following the centibillionaire’s tweet but quickly gave up its gains due to Bitcoin’s renewed weakness. It is currently trading in the red.
Shiba Inu, the Dogecoin offshoot that managed to enter the top 20 of the largest cryptocurrencies in May, also barely budged.
The meager gains posted by the canine coins show that Musk’s influence is gradually fizzling out. During the peak of the Dogecoin mania in mid-April, DOGE spiked 100 percent in a single day because of his tweet.Source