Elon Musk isn't done with his new puppy content - or with inadvertently altering the Dogecoin price.
Elon Musk, the CEO of Tesla and the owner of SpaceX, has been blamed on countless times for inflating Dogecoin price and prices of other cryptocurrencies by tweeting numerous references and memes on his Twitter timeline, as he is well-known for his enthusiasm in digital tokens and remains a person who believes in cryptocurrencies. And now, according to Mint, his new tweet has boosted the prices of some unknown cryptocurrencies.
Dogecoin, alongside Bitcoin, has been used as digital money for e-transactions and allows peer-to-peer exchanges through a decentralized platform. The word Doge is a spin on the 'doge' meme, which portrays a Shiba Inu.
Since its introduction, the said digital currency has been used to send money to charities. Dogecoin had reached its high in 2018 before collapsing along with the rest of the cryptocurrency market. Before 2021, it was worth a fraction of a penny.
As reported by Firstpost, Elon Musk's statements on cryptocurrencies have frequently resulted in price increases, immediately accompanied by a subsequent drop. Musk would still not stop tweeting about Dogecoin earlier this year, causing the meme cryptocurrency's price to rise. The tweets ignited a Dogecoin fever. Many investors and traders later criticized Musk for putting in their money in Dogecoin just to watch its value drop.
Dogecoin originated as little more than a pun. The joke looks to have turned on individuals who decided not to take the meme cryptocurrency seriously in early 2021. Elon Musk's meme-cryptocurrency, something that he couldn't stop tweeting about, hit a new high in mid-April, surpassing the 10-cent level for the first time. It is the cryptocurrency's highest price ever, and it's the product of a semi-ironic movement including thousands and thousands of online posters and the world's wealthiest man, Elon Musk. Each token was worth less than a penny in early January.
When both the GameStop and Dogecoin movements were in full swing in late January, the value of Dogecoin soared to 7.5 cents, a 10-fold increase, before plummeting to 2.5 cents.
Who and What Is Floki?
On September 13, Musk tweeted that his dog, a Shiba Inu, had arrived and was named after the cryptocurrency Floki.
My Shiba Inu will be named Floki— Elon Musk (@elonmusk) June 25, 2021
Floki has arrived pic.twitter.com/2MiUKb91FT— Name (@elonmusk) September 12, 2021
As reported by News18, with Elon Musk's tweet, also known by investors as the meme father of Dogecoin, the prices for Shiba Floki cryptocurrency went to an all-time high with just about 1,000% and gaining a substantial value of $0.0000000534. In addition, the crypto Floki Shiba took off and raised to 25% while, Floki Inu, another crypto in the market, also experienced a skyrocketing high of up to 60%, as reported by Mint.
Musk used to consistently post tweets on Twitter regarding Dogecoin and other cryptocurrencies, but for a short while, he stopped. However, Musk seemed to not get off Twitter and posted yet again, another entry and this time altering his post to puppy content on Twitter.
Floki Frunkpuppy pic.twitter.com/xAr8T0Jfdf— Elon Musk (@elonmusk) October 4, 2021
The CEO and Founder himself posted his dog Floki, a Shiba Inu breed. Floki seemed to be in the car seat, positioned as if prepared to go somewhere else. With that, as expected, cryptocurrency prices soared high after his tweet. The cryptocurrency Dogecoin was seen to have a slight leap in value. However, it was quickly followed by a decrease after 15 minutes.