Crypto Shiba Inu Rallies on Elon Musk’s Tweet
The cryptocurrency advocates are extremely responsive to Elon Musk’s tweets related to the sector. With another tweet from Elon Musk, Shiba Inu meme coins are on the rise, and this one is no exception. Tesla CEO Elon Musk shared a photo of his Shiba Inu dog Floki on Twitter late on Monday, October 4.
This was adequate to send the Shiba Inu (SHIB) stock price soaring by 50%. Shiba Inu has a market cap of $5.1 billion and is currently trading at $0.00001317, reflecting a 55% gain. In September, Elon Musk revealed the birth of his new puppy.
Recently, Shiba Inu has seen an increase in the number of investors interested in the company. SHIB coins worth $43.8 million were bought by a Shiba Inu whale last week. Even Elon Musk’s best – loved meme cryptocurrency, Dogecoin (DOGE), has risen in value.
DOGE has a market valuation of $30.9 billion and is currently trading with a 9% gain of $0.23 per share. In 2013, Dogecoin became the foremost cryptocurrency to feature a Shiba Inu logo. For a short span of time now, Elon Musk has been a vocal advocate for Dogecoin.
DOGE has the backing of a number of wealthy individuals, including one who is worth an estimated $1 billion. During such an interview, tech billionaire and investor Mark Cuban lauded cryptocurrency. The owner of the Dallas Mavericks, Mark Cuban, also welcomes DOGE payments in exchange for merchandise sales made by his company. On Fox Business, Cuban stated: “There are many people using Dogecoin to settle for the purchase of goods and services. It’s worth paying in Dogecoin because it doesn’t rise in value quickly to encourage people to hold on to it everlastingly. With Doge as mode of payment, we do business for thousands of dollars per month in the off-season, and then when the season starts, I anticipate the same to happen per week in Dogecoin.”
Floki Frunkpuppy pic.twitter.com/xAr8T0Jfdf
— Elon Musk (@elonmusk) October 4, 2021
The emergence of non-fungible tokens (NFTs) on the Dogecoin platform is one of the most intriguing changes in the future. Dogecoin co-founder Billy Markus sparked the plan a week before with a series of tweets. On Twitter, Markus and others were debating Dogecoin’s ideal future.
Dogecoin’s non-fungible tokens (NFTs) were a major topic of conversation, nevertheless. The idea of moving the Dogecoin ecosystem to the Ethereum blockchain was also brought up during the conversation. Nevertheless, it’s not simple enough, but if it were, the DOGE-ETH pairing could be created. Adding NFTs to the Dogecoin blockchain is now even more likely.
🐳🐳 An SHIB whale just bought 6,178,758,122,373 $SHIB ($43,838,916 USD)
— WhaleStats.eth – tracking the top 1K ETH wallets (@WhaleStats) September 30, 2021
Markus contended for the inclusion of the DOGE-ETH token in Ethereum-based NFT exchanges such as OpenSea. Markus was successful. The DOGE’s functionality would skyrocket as a result of this. ElonVerse, a meme-based NFT venture with more than 10,000 funny Elons, is also ready to debut on the Binance Smart Chain, according to the latest news. Investors in ElonVerse NFTs will be able to earn 5% of the token value they retain in DOGE as a form of passive income.
Two things I believe would help Dogecoin:
1) Completion of DOGE-ETH bridge
2) NFT platforms (e.g. Opensea) allowing for the DOGE-ETH token to be used for purchases
NFTs purchasing is high demand with crypto. Allowing for DOGE purchases of NFTs greatly increases its utility.
— Shibetoshi Nakamoto (@BillyM2k) September 29, 2021