Investors are piling into Shiba Inu after Twitter CEO Elon Musk shared an image of his pup Floki as the new head honcho of Twitter. According to CoinDesk, Dogecoin has surged 5.4% in the last 24 hours due to this meme-inspired frenzy.
Twitter Is Going Through Turbulent Times After Musk Acquires Twitter
When Musk’s acquisition of the Twitter platform closed on October 27th, he replaced Parag Agrawal as CEO. At first, they got along well; however, after Musk became the largest shareholder, their relationship slowly deteriorated throughout 2022. To show his discontentment with Agrawal, Musk unfollowed him on Twitter, yet surprisingly still remains followed by the ex-CEO himself!
After the survey results showed his potential dismissal from Twitter, Elon Musk declared that he would be searching for a new CEO – someone “foolish enough” to take on such an important role. He also confirmed that once they were found, he’d remain part of the company and focus solely on managing software and server teams.
Floki Inu Made a Jump by 50%
Floki Inu, derived from Elon Musk’s beloved pup, is making waves in the crypto world. Just last day, it rose by 41%, according to CoinGecko data! This spike came just after January when its price jumped nearly 100% due to a resolution passed by the Floki Inu DAO that initiated a $100 million token burn. This tactic of reducing supply works similarly to stock buy-backs and has successfully increased the value of each token as long as demand remains constant.
So Can Dogecoin Keep Up With Floki Inu’s Success?
Tonight’s surge in Dogecoin is not the first time Elon Musk has been connected to price variations. When Financial Times reported that Twitter was preparing to enable crypto payments, Dogecoin also experienced a rise. Santiment issued an advisory last December 2022, mentioning that significant rises for both Shiba Inu (SHIB) and DOGE could be forewarning signs of wider sell-offs across the cryptocurrency world.
In the last quarter, crypto markets have steadily regained their footing following the slump brought on by FTX. CoinDesk reported that Bitcoin had wholly reversed its losses in mid-January! The market recuperation has also led to an altcoin season, with a few of these coins seeing double and even triple-digit increases in value.
Bitcoin increased 34% during this period, while Shiba Inu rose up 40%. BONK was a massive success raking in 533%, and Floki Inu‘s gains were nothing short of impressive at 242%.
With other canine coins attempting to reach the moon, Dogecoin is still down 2%, even during this surge. If Santiment’s analysis holds up, we may not have hit a market-wide sell-off point yet.
You might want to read this: The 10 Cryptocurrencies On Avalanche Almost Tripled In The Last Month
