What happened after the famous CEO’s tweet; It is thought to be the latest sign of Elon Musk’s waning influence on coins inspired by Shiba Inu dogs.
Tesla CEO Elon Musk, the richest man in the world, recently posted a photo of a cute Shiba Inu puppy named Floki.
Floki Frunkpuppy pic.twitter.com/xAr8T0Jfdf
— Elon Musk (@elonmusk) October 4, 2021
Despite earlier announcing that he would share the photo, Musk’s tweet had little effect on the prices of the prank cryptocurrencies.
Dogecoin (DOGE), the biggest internet meme cryptocurrency actively promoted by Musk, rose just 3.49 percent after the tweet from the cent millionaire, but quickly gave up on those gains due to Bitcoin’s renewed weakness. Currently, DOGE is trading in the red and continues to lose value.
Dogecoin spin-off Shiba Inu (SHIB), which managed to enter the list of top 20 cryptocurrencies in May, also hardly moved after the tweet.
Floki Inu (FLOKI), a low-market clone of the biggest parody cryptocurrency whose creation was directly inspired by Musk’s dog, saw a not-so-impressive 40 percent gain as a result of Musk’s tweet. quickly lost, even falling into decline. FLOKI is currently trading at $0.000054, down $13.4%.
During the peak of the Dogecoin craze in mid-April, even a tweet from Musk made DOGE rise 100 percent in a single day. But the meager earnings recorded by dog coins indicate that Musk’s influence is slowly fading.
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.