Elon Musk’s latest canine-themed tweet didn’t pump Dogecoin as much as SHIB


Although the price of Dogecoin (DOGE) surged back above $ 0.06 over the weekend, another cuddly dog-based character benefited from the hype surrounding Elon Musk’s social media posts this time around.

In a tweet on Saturday night, the Tesla CEO said he would be getting a Shiba Inu dog for his household. The dog – whose breed is native to Japan – was at the center of the popular meme that Dogecoin was based on in 2013. The meme shows the dog looking into the camera with a seemingly confused expression as floating text represents its inner monologue.

While Musk’s tweets likely contributed to the price of DOGE reaching an all-time high of more than $ 0.08 earlier this year, the token price apparently didn’t go back to the billionaire’s takeover of a new family pet. The Tesla CEO may have been joking or referring to Shiba Inu (SHIB), another token project.

According to CoinGecko, the price of SHIB rose 300% in the hours after Musk’s tweet:

Source: CoinGecko

Musk’s social media activity may be partly responsible for the price increase for DOGE in 2021. Although the Tesla CEO also penned a number of tweets on Dogecoin yesterday, the token price has not gone up like it did in early February, as it has only increased 4.6% in the past 24 hours. However, the price of SHIB set a new all-time high of $ 0.00000008 before falling to $ 0.00000005.

It’s unclear whether the billionaire intends to add a Shiba Inu to his family or whether the tweet was another attempt to raise the price of certain tokens. Musk previously said he had “a big dog named Gatsby, a little dog named Marvin the Martian, and a cat named Schrödinger”.