Elon Musk shared a new post and made the price of 3 meme coins peak. Meme coins DOGE, SHIB, and FLOKI have pulled back after seeing a spike. cryptocoin.com We have compiled the details for you, let’s see together…
Dogecoin and 2 meme coins quickly wiped out Elon Musk-based gains
Tesla CEO Elon Musk, the richest person on the planet, posted a photo of a charming Shiba Inu puppy named Floki. Elon Musk’s tweet had little impact on the prices of some dog-themed cryptocurrencies, despite Elon Musk’s announcement that he would release the image ahead of time. This rise was later reversed. Dogecoin, the largest meme coin actively promoted by Elon Musk, rose 5% after the billionaire’s tweet.
But due to Bitcoin’s renewed weakness, DOGE quickly gave up on its gains. It is currently trading in the red. Dogecoin clone Shiba Inu, which managed to break into the top 20 in May, also barely moved, gaining 7 percent. Even Floki Inu (FLOKI), the low-capital imitator of the biggest parody cryptocurrency, quickly lost the not-so-impressive 40 percent gain due to Elon Musk’s tweet. It is currently trading in the red.
Elon Musk’s influence in the market is slowly fading
The meager earnings from dog-themed cryptocurrencies show that Elon Musk’s influence in the market is slowly fading. During the peak of the Dogecoin craze in mid-April, DOGE rose 100 percent in a single day due to Elon Musk’s tweet. However, this effect seems to have diminished now. Dogecoin (DOGE) price and detailed market data from here you can see.
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