As a result of Elon Musk’s haphazard tweets, another dog-themed meme coin has now taken off.
Some of the Dogecoin (DOGE) and Shiba Inudan (SHIB) inspired cryptocurrencies started to see strong gains as of Wednesday night after both Dogecoin and Shiba Inu experienced satisfactory rallies throughout the day. In fact, one of them experienced increases of up to 5000 percent with the contribution of Secondary Minister Elon Musk.
The FirstDog token, a BEP20 token whose ticker is FSD, is experiencing an incredible rise, following a tweet by Tesla CEO regarding the company’s autonomous driving software, Full-Self-Drive, and continues to rise even at the time of writing, reaching the highest level of all time in a row. reaches its high level.
Tesla FSD price rising to $12k on Jan 17
— Elon Musk (@elonmusk) January 7, 2022
As stated on its original website, FirstDog is described as a community-focused token that aims to create a trading card battle system where players can battle each other with playable non-fungible tokens (NFTs) and secondary NFT consumables.
Although it has been a few days since the tweet was posted and the tweet was not related to any cryptocurrency, its effects continue and provide incredible earnings to token holders. FirstDog Token (FSD) is trading at $0.00000003463, up about 1293 in 24-hour day trading.
Compared to the rest of the meme coins in the market, despite showing huge gains in the last 24 hours, the 2 most popular meme coins have also entered the correction phase and lost some of their gains. The original meme coin, Dogecoin, is up by about 1 percent to $0.16, while Shiba Inu, who describes itself as the “Dogecoin killer”, finished the day with a green start and is trading at $0.000029 with a loss of about 7 percent.
According to the data presented in a post on Twitter, the cryptocurrency became one of the top earners on CoinMarketCap after the tweet, again the same Twitter account; Tesla CEO stated that Musk will tweet again about Full-Self-Drive/FSD, the autonomous driving system of his company. And it’s something that almost the entire crypto community is conscious of, that the realization of this situation means the price of the meme coin will rise.
😍Top gainers in CMC and always GREEN
Elon will tweet FSD again! pic.twitter.com/UXDvGl2Fy8— FirstDog (FSD) (@FSDFirstDog) January 12, 2022
The popularity of Binance Smart Chain skyrocketed earlier this year due to its low fees. Due to the low barrier to entry, the smart contract blockchain has also become a breeding ground for token scams.
It is worth remembering that these types of coins are highly volatile and before investing significant amounts of money in any digital currency, it is worth spending time researching the technology. So you understand the value proposition and the risks. A cryptocurrency isn’t just about its price, determining the value of a coin means asking how and why the coin was created. What is the actual benefit? Who is working on it? How big is the developer community? It is very important to know how and why cryptocurrency was created.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.